Make your IP work for you
You can turn your trade mark into a revenue-generating asset through its commercialisation. This can be done in the form of assignment to your mark, where you sell your monopoly rights in relation to the brand to a third party. However, another option would allow you to retain the ownership of the trade mark whilst licensing it out to third parties who obtain the right to use the trade for their respective goods and services. License fees can vary depending on factors like exclusive or on-exclusive licenses.
Monitor your mark
It’s crucial to monitor your registered trade mark carefully. If you’re not paying attention, you may be unhappily surprised by events in the market, such as new and existing trade marks being used in your industry.
Monitoring your trade mark enables you the following rights…
- Oppose the acceptance of another trade mark if it infringes upon yours
- Ensure your trade mark continues to be regarded as a trade mark. If your trade mark becomes known as the generic name for your goods or services, a third party could have it cancelled through the courts.
- Ensure your trade mark usage keeps you clear of the risk of removal from the register. If a registered trade mark is unused for three years, it can be removed from the register, resulting in the loss of your right to that trade mark.
Defend Infringements and Dilution of your brand
As a responsible trade mark owner, it’s important that you act immediately upon being made aware of an ongoing infringement or dilution of your mark. Allowing other competing brands or businesses the use of an identical or similar brand name in relation to identical or similar goods/services can cause great confusion within the marketplace, resulting in a significant decrease in the value of your brand amidst your consumer base. It could move from a monopoly to a commonly used descriptive term, leading to the death of your intangible asset. It may also result in the loss of customers, as they could fall for the deception of believing your competitor, who may be using a brand similar to yours in sound, spelling or meaning, is in fact your business. Instead of buying from you, your customers may begin to deal with your competition, which leads to loss of profit and a dilution of IP ownership and value within the marketplace.
Continue to build your reputation
Any experienced business owner knows that earning the trust of customers and clients isn’t easy, and can take years of relationship before that asset develops. It’s even harder to maintain high standards in order to carry that customer trust with you for decades to come. By focusing on your business passion and having the peace of mind of knowing your nurtured IP is protected in order to provide you with an ongoing income stream, you’ll be able to continue to grow armed with your hard-earned assets. Remember this key: what you invest into a brand in its early years will grow through metaphorical compound interest to return to you as the years go by. Setting your brand, and yourself, up for ongoing success is crucial – and IP protection is one of the pillars of this success.
