The Trade Marks Registry was Presented in India in 1940 and Now it administers the Trade Marks Act, 1999 and the rules thereunder. It acts as a resource and information centre and is a facilitator in matters relating to trade marks in the country.
The objective of the Trade Marks Act, 1999 is to register trade marks applied for in the country and to provide for better protection of trade mark for goods and services and also to prevent fraudulent use of the mark.
We all are means everyone deals with trademarks on a daily basis. “Trademark” is another way of referring to brands.
Consumers’ purchasing decisions are influenced by trademarks and the reputation such brands represent. It is important for business people to have an understanding of why trademarks are important assets and help grow their business. Here are the seven top reasons of why trademarks are important to your business
1. Trademarks are an effective communication tool. In a single brand or logo, trademarks can convey intellectual and emotional attributes and messages about you, your company, and your company’s reputation, products and services. Your trademark doesn’t need to be a word. Designs can be recognized regardless of language or alphabet. The Nike “Swoosh” design is recognized globally, regardless of whether the native language is Swahili, Chinese, Spanish, Russian, Arabic or English.
2. Trademarks make it easy for customers to find you. The marketplace is crowded and it’s hard to distinguish your business from your competitors. Trademarks/brands are an efficient commercial communication tool to capture customer attention and make your business, products and services stand out. Customers viewing a trademark immediately know who they are dealing with, the reputation of your business and are less likely to look for alternatives. Your brand could be the critical factor in driving a customer’s purchase decision.
3. Trademarks allow businesses to effectively utilize the Internet and social media. Your brand is the first thing customers enter into a search engine or social media platform (Facebook, Twitter, Pinterest) when looking for your products and services. Higher traffic on a website or social media platform translates into higher rankings, bringing even more traffic, more customers and more brand recognition.
4. Trademarks are a valuable asset. Trademarks can appreciate in value over time. The more your business reputation grows, the more valuable your brand will be.Trademarks provide value beyond your core business. Trademarks can lead the way for expansion from one industry to another, such as from personal care to clothing or eye ware. If you desire it, your trademark can lead to the acquisition of your business by a larger corporation.