All brands irrespective of the industry they are involved in use trademarks. The purchasing decisions of buyers are to a great extent influenced by trademarks. Therefore, it is essential for entrepreneurs to have a clear understanding of why trademarks are vital assets and how they can help in the growth of their businesses. Here are some reasons why trademarks are vital for your business-
A Trademark Is A Highly Effective Tool
Through a single logo, trademarks can express rational and emotional qualities and messages about your organization, its reputation, products, and services. It is not necessary that you will have to use a word as a trademark. Designs can be easily recognized irrespective of the alphabet or language. For instance, the Nike ‘’Swoosh’’ design is recognized across the world, whether the native language is Japanese, Korean, German, English, French or Russian.
Trademarks Make It Easier for Buyers to Find You
The market is crowded with companies which offer the same type of products and services. Trademarks are a highly efficient tool of communication for drawing the attention of customers and to make your products and services stand out from the crowd. For instance, if you are one of the leading VAT consultants in town and have a distinctive trademark, then your clients will have a clear perception of whom they are dealing with and will have minimal chances of looking for alternatives. Your brand might be a major factor in determining the purchasing decision of a client.
Trademarks Enable Companies to Make Good Use of Internet and Social Media
Your brand name is the first thing that customers enter in a search engine like Google or social media platform when searching for the products or services that you offer. Higher traffic on a site or social media platform can ensure higher rankings, generating a greater amount of traffic, more clients and greater brand recognition.
They Are A Really Valuable Asset
Trademarks may appreciate in value over a period of time. Trademarks offer value beyond the core areas of your business. Trademarks can help you expand from one business to another, such as from footwear to apparels. If you want to, your trademark can lead to your company’s acquisition by a bigger corporation. Trademarks are a type of property asset, which is similar to real estate, and can be licensed, bought, sold or used as a security interest to acquire a loan for expanding your business.
They Make Hiring Easier
Brands can create positive feelings in the minds of people. Therefore, employment opportunities are more lucrative for candidates. Employee retention within your organization can be higher in case employees have positive feelings for your brand as well as products and services offered.
Trademarks Are A Bargain Which Can Be Easily Obtained
The existing patent and trademark office charges in UAE are quite nominal. Therefore, you will need to spend a few hundred dirhams to acquire a trademark registration, a nominal sum after a period of five years and a few hundred dirhams every ten years.
Trademarks Can Be Renewed
Your trademark can be renewed after a period of every ten years as per existing laws in the UAE. You can ask for a trademark renewal 12 months before the date of expiry. You can also request it during a grace period of 3 months following expiry, on payment of a late renewal fee. Brands are an important asset. You will have to spend a considerable amount of time and money in order to launch a new brand. Be sure that the new brand suits your organization. Get a clearance search done to ensure that your new brand is available and doesn’t overstep the prior rights of anyone.
If you don’t perform research, you may be denied registration by the trademark department of the Ministry of Economy of the United Arab Emirates. You may also get a desist letter from the owner of another brand. Spending your time and money to find out whether a brand is available will help you to avoid getting into any type of dispute or litigation. The more you are able to distinguish your brand from others within your industry, the easier will it be for you to protect it. Select a name and logo which offers a distinct identity to your brand and protect it from your competitors.