Three steps to solid brand management
Consider this: if your company were to be sold today, what would be its most valuable assets? Nowadays those are usually intangible, and they can be captured by means of a solid protection and enforcement strategy.
- Register your valuables
Registered trademarks and other intellectual property rights (IPR) are property, just as tangible possessions. They can be sold, bought, licensed, or pledged. And, just like any other asset, they need appropriate protection and exploitation.
Furthermore, trademark registrations can add a continuous revenue stream to your company through licensing. Strategic licensing usually results in increased goodwill and brand distinctiveness. Needless to say, by ensuring availability for registration and following a well-planned registration policy you ensure your freedom to operate without being accused for trademark or other IPR infringements.
- Choose wisely
The way you protect your signs and products – words, slogans, logos, or layouts – is important and may be decisive for your chances to win in case of a conflict. Make sure that you have chosen trademarks that distinguish your products and services from those of your competitors.
Take a look at the next five years in terms of brand management: what are the prospects of your company expanding? The sign should be protected accordingly. Otherwise you might end up having to use different brands in different geographical markets.
Do also make sure that your trademark is in compliance with relevant sector specific regulations and consumer laws.
- Stand strong!
Constant monitoring of the registration and use of your trademark or similar trademarks will strengthen your brand. Without that the trademark may become weaker or more difficult to enforce. Develop and execute a strategy on what and when to monitor, and how to react.
Weak trademarks are hard to enforce unless they have gained a strong reputation!