Establishing a unique identity in this vast marketplace is not a cake walk. Businesses work very hard to create an identity that reflects the true essence of their core values, products, and services. An identity that even the stakeholders can resonate with. However, there are few companies which accidentally or deliberately use another company’s trademark and brand, thus potentially creating confusion among consumers. This also affects their overall marketing visibility. Therefore, companies need to protect their brand image and business with due diligent monitoring and careful preparation.
Following are a few methods businesses can use to safeguard their name, brand image, and innovative ideas from being deliberately utilized by other parties.
Registration of company name: Make sure to register your company name first. Once a company is registered online or offline, the company holds the exclusive right to the corporate name along with the designation such as a Corporation or Corp., Incorporated or Inc., Limited or Ltd., Company or Co., among many others. The registration acts as a foundation stone in building a great brand value of the company.
Domain Name Registration: The second method is registering the domain name of the website. When you register a domain name, it puts your business name on the global forum, i.e., the world wide web. It is through this medium you can get wide and easy access to a global market. This will also make it easier and convenient for the consumers to find information about your business such as products and services, contact details, information on founders and lots more.
Copyright: Copyright is the process of granting the creator of an original work all the exclusive rights of its distribution and uses. This applies directly to the songs, poems, any form of content in writing and recorded format from internet to software, drawing, film, photography, music and much more.
Companies having copyrights over original works can profit from royalty payments using licensing agreements. All the copyrighted works are marked with the symbol “©”, the owner and the year in which it was created.
Trademarks: Trademarks are very crucial in protecting the brand identity of the company. It helps to differentiate the business in the marketplace. Registering a trademark helps businesses to protect business name, logo, and brand.
Patents: A patent is a form of “industrial property”. It can be licensed, assigned and transferred by the owner. The patent helps protect the ideas and creativity of business from plagiarism and copy. A patent is granted for a specific period of time and the holder reserves all the right to use, make, sell and license the innovation.
Design: All the new visual designs of a product, company logos are protected in order to save them from being copied by another individual, companies, etc. This will enable your company to get a distinctive competitive advantage over other competitors.
Protect trade secrets: Trade secrets are confidential information as they help companies to protect their secret business deals, agreements, information from being stolen by other interested parties. This also helps companies to gain economic advantage over others. They hold great commercial value, and which is why companies need to protect them very carefully.
Protection – Proactive Approach: As infringement, theft, plagiarism is very much common in today’s competitive corporate marketplace, companies need to take a proactive approach in protecting information, what truly belongs to them. With laws varying from place to place, companies need to be aware of the legislation that applies to the markets in which they function. This will help protect their product, brand value and gain rights over protected assets.
A company’s brand image, idea, value acts as a foundation stone for the company visibility in the global marketplace. This is something every company must do to protect proactively.