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What is Trademark?
A trademark is a form of intellectual property comprising an identifiable sign, design or expression that helps recognise the products or services of a specific company. However, a trademark used to identify service is termed a service mark.
A trademark helps differentiate your product from competitors, which act as a company’s protective shield because organisations usually register their logos/brand.
Is trademark registration mandatory?
It is advisable to obtain trademark registration because it provides wider business opportunities, legal protection, unique identity to an organisation, and more. Thus, trademark registration is necessary to recognise the organisation.
Presently, the trademark registry works as an operational and functional body of the Trademark Act, or it can be said that it works besides the Trademark Registration Act.
Also, being a functioning body trademark registry is responsible for implementing the rules and regulations of trademark laws in India.
Benefits of Trademark Registration
Legal Protection
Trademark registration provides exclusive rights to the registered trademark owner as it prevents other companies from copying your logo, slogan, or brand name. On the contrary, if a company does so, a registered trademark owner holds the authority to sue the unregistered owner of the trademark.
Wider Business Opportunities
A registered trademark builds trust among the customers in the market. That assists in enduring customer loyalty and makes them choose the same brand by ensuring quality and reliability.
Thus, it provides a unique identity to the business compared to your competitors, primarily when you sell your products on online platforms such as Flipkart, Amazon, etc.
For instance, if an individual is looking for a pair of shoes, he would prefer to buy registered brands such as Reebok, Puma, etc., then shoes of unregistered brands because unregistered brands do not guarantee exceptional quality, trust, and reliability.
Therefore, it provides a unique identity to the products under a registered trademark that helps to attract new customers and create regular customers.
Create Intangible Assets
A registered trademark helps to create intangible assets that are the business’s intellectual property, which can be sold, assigned, franchised, or commercially contracted
Provides Global Reach
A trademark registered in India can be trademarked in other countries that provide your brand with a global reach, trust, and reliability in a worldwide market.
In the present highly competitive economy, it is imperative for business firms, organizations, conglomerates, and startups to know and understand the importance of Trademark Registration for flourishing their businesses.
