Guest Article - Did You Consider Your Brand Equity?
This article was submitted to Legal Growth by multiple award-winning IP Specialist, Céleste Reumert Refn - https://www.grandipr.dk/
Did You Consider Your Brand Equity?
Many entrepreneurs, when starting a business, focus on building their services, products, relationships, and internal structures. However, they may not realise the importance of their business name and other names associated with their products and services in terms of trade mark identification and brand equity.
Investing resources in finding a really good business name is imperative, however choosing a name that is too descriptive, generic, or even worse already in use can lead to rebranding and the associated costs of re-filing documents, creating new marketing materials, and spreading the word about the new name.
This can be a costly and time-consuming process for any business. Not to mention making the customers see this as a positive move, which can be, let’s face it, challenging.
To avoid these expenses, a proper clearance search, also known as due diligence, and trade mark protection for the name or logo can protect your brand equity. This process can help ensure that your business name is truly unique and not already in use by another company. It can also give you peace of mind knowing that your business name is legally protected, and you won't have to worry about rebranding in the future.
Even without a search, consulting with a professional can give insight on the difficulty of protecting a business name, some might even be able to successfully guide you when it comes to finding a trade mark. They can also guide you through the process of trade mark registration, which can be a complex process and can be different depending on the country where you are based. Or you might just want to stay in your zone of genius and spend your precious time doing what you love and let professionals handle the things you know, would waste your highly valuable time.
Let me share a real life case:
While I was in the process of registering his trade mark, a client of mine came to me, letting me know that there was someone infringing upon his rights.
In order to handle the issue, I asked him to provide me with all the proof he had in his possession related to his use of the trade mark. In Denmark the legislation is a bit different to the rest of the world, because when you begin consistently to use your brand and if it meets certain criteria then an exclusive right to that brand is established. I contacted the infringer and let them know of my clients rights.
To cut a long story short the infringer then contacted someone to help them out. It goes without saying that what I argued was correct and the infringer then closed down not just the use of that trade mark their whole business. Their dream was shattered in a million pieces, because their business plan hinged upon that one particular name. They hadn’t done due diligence. My clients business is still building up and up.
When it comes to your business or empire, a few thousand pounds today can save you tens of thousands pounds tomorrow. Investing in trademark registration protection can be a smart business move that can help protect your brand equity and avoid the costs associated with rebranding in the future.
In conclusion, a business name and other names associated with products and services are critical assets for any business. They are a reflection of the hard work, time, and other investments that entrepreneurs put into building their business. A proper clearance search and trade mark protection can help ensure that your business name is unique and legally protected, and can save you from the costly and time-consuming process of rebranding in the future.
