First published in Inside Small Business
How much is your brand worth?
While it's complicated to ascribe a monetary value to a brand, it's clear that the brand is the most valuable asset many businesses will ever own.
- Your brand name simply and instantly communicates your business values to your customer.
- Your brand name assures customers that the product or service originates from your business and therefore has a certain level of quality or performance.
- Your brand name is a symbolic repository for the pull factor that is your business reputation and goodwill.
Protecting your brand name
The best way to protect your brand name is to seek registration as a trademark.
Unfortunately, many business owners believe mistakenly that a business name registration provides them with exclusive rights to that name. However, only a trademark registration provides you with a statutory exclusive right to the use of that mark for the goods or services for which it is registered, and the ability to enforce rights in that mark against infringers.
Also, be sure to use your brand in a way that ensures it distinguishes your goods and services from those of your competitors. For example, use it as an adjective and in a way that sets it apart from surrounding text.
'Your business brand name is extremely valuable.'
Protect your brand name to build successful and enduring brand value
- Register the trademark
- Use the mark or name correctly
- Police the marketplace.