Here are the benefits a Business acquires from branding:
- Enhances the value of the company and reputation.
- Increases the ability to attract and retain top talent.
- Helps businesses carve out a spot in the market.
- Supplements advertising.
- Communicates company culture.
To reap the above benefits, businesses need to identify potential threats to the brand and ensure no one exploits them for personal gain.According to MarketingTech, the average customer spends 13 seconds choosing which Brand to purchase in a store. Here are the reasons why it is important to protect your brand.
1) Prevents brand theft
Once an idea or product that has the potential to become the next big thing leaks, unscrupulous entrepreneurs will try to undercut you. When you protect your brand you not only discourage such traders from counterfeiting it but also make sure no one gets away with it.
2) Protects the business from unnecessary litigation expenses
Litigation costs can drain huge sums of money from the business especially in cases with longer timeframes. When a business is already protected, the business owner will be able to dedicate their time and money to achieving business goals instead.
3) Eliminates the need to rebrand
When counterfeits flood the market, it becomes difficult for customers to differentiate between what is real and fake.
This, in turn, affects business recognition and value. Eventually, businesses will face the need to rebrand and create a unique identity which costs time, money and the market position.
4) Leads to the development of an iconic brand
Companies with a genuine industry- breaking product accompanied with a consistent branding strategy stand a greater chance of creating iconic brands.
Once you manage to protect your trademarks for a long time, your business brand will be able to last ages as an industry leader.According to Adweek.com branding is the best way of hooking your consumer attention.
5) Boosts customer loyalty
Your customers are your number one priority because you are still in business because of the solutions you provide to their problems.
A protected brand shows your clients that you are a serious business that pays attention to value.
So how do you actually protect your brand?
Register brand trademarks. A trademark is a sign used to distinguish your company from competitors. It includes logos, pictures, slogans, letters, names, scent, sound or colors. While there is some protection for unregistered trademarks, it is usually costly to enforce. Registering a trademark gives you the enforceable right to stop other businesses from using your brand’s trademark to advertise similar products without your consent.
If your company has prospects of opening foreign subsidiaries, think globally and register your trademarks beyond your home country.
Get a patent
If your business invents new products, getting a patent from relevant government offices will give you the exclusive right to manufacture the product. You need to conduct a thorough patent research to make sure your idea is not infringing on someone else’s patent.
You should also develop a basic prototype to ensure you have the product design because changing the mechanics is difficult once your patent has been filed.
Copyright your content
The internet has made content marketing a key aspect of business growth. It is therefore important to take time to secure your content from copyright infringers. The steps you can take to protect web content copyright include making your copyright notice visible or by registering your website with the Digital Millennium Copyright Act and add one of their badges.
Protect confidential information
Businesses can follow the following steps to protect confidential information:
- A company should treat their own confidential information as confidential through proper labeling.
- It is good practice to have those with access to confidential information to sign non-disclosure agreements in their employment contract.
Create a legal division
The legal division unit will be responsible for fighting trademark thefts and the copyright infringements against your company. They will be able to send notices of violations on your behalf so that you can focus on meeting your business objectives.
Monitor your brand’s online reputation
Pay attention to what people are saying about your brand online.
Online entrepreneurs are able to track brand thefts using Google Alerts. It sends you a notification whenever someone publishes your copyrighted content and when your brand is mentioned on the internet. Google Alerts is not only free but also easy to set up. You simply register the keywords you want to monitor.
