Are You Effectively Managing Your Trade Mark Portfolio?
Trade Mark portfolio management wasn’t the first thing on your mind when you started your business. You probably only had one
However, as time passes and your business grows, you’re beginning to amass new trade marks as your product range and services diversify.
How are you dealing with them?
As your trade mark portfolio grows, how are you managing it?
Brand protection doesn’t begin and end with trade mark registration. There’s a lot more to it than that. It’s vital you adopt an effective trade mark portfolio management and development strategy to maximise your brand’s protection. It’s a bit like herding sheep – you need eyes everywhere to make sure nothing goes awry.
Without a strategy in place you could potentially:
- Face an increased risk of infringement claims and other objections
- Be unable to exploit value for your trade marks fully
- Have trouble enforcing your rights against infringers
- Lose your rights altogether
As a result, your intellectual property will be vulnerable, and you don’t want that.
Trade mark portfolio management options
What are your options?
There are only three options available to you.
You could do-it-yourself. The problem with this is that it could (and most probably would) cause all manner of issues. You see, trade mark registration and management are not as straightforward as you might think. If you get it wrong, it could cost you dearly in financial terms, in time, and reputation.
The second option is to use a series of trade mark attorneys as and when the need for a registration arises. Cost is a priority for any business owner, so it’s tempting to shop around every time you need some help to get the cheapest deal. However, not all trade mark attorneys are equal – some will be good, and some will be not so good. Plus, you will also be left to monitor your portfolio to ensure no infringements occur because no single person has worked on it making it tricky to track it effectively.
The last, and in our opinion, the most appropriate option, is to partner with one trade mark attorney to work with you on a long-term basis. Over time you will build a strong and trusting relationship and always have someone on your side to fight your corner.
One trade mark attorney is all you need
Working with one trade mark attorney is by far the easiest and most effective way of monitoring your growing portfolio.
They will get to understand your business and marketplace making it easy for them to monitor your trade mark protections. By taking on the registration of your marks, they will make sure each trade mark s
Working with you, they will:
- File registrations for new marks
- Monitor the marketplace for infringements and misuse
- Take appropriate actions against infringements as and when they occur
- Conduct regular trade mark audits
Through the use of specialist software, they will log all deadlines to ensure you are fully aware of what’s happening with your trade marks at all times. Also, by using a Watch service, any potential areas of confusion will be immediately identified, helping you nip any issues in the bud.
In essence, your trade mark attorney will take the worry and responsibility off your shoulders so you can concentrate on running your business knowing your intellectual property is protected.
Ward Trade Marks Limited is a Bury St Edmunds-based specialist trade mark attorney firm.BACK TO BLOG