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value of intellectual property

How Much Is Your Brand’s Reputation Worth?

When we talk about your brand reputation, we’re referring to your intellectual property, specifically its value. That’s why ‘how much is your brand’s reputation worth?’ is a question worth asking.

Hopefully, it makes you stop and think about what you could lose if something when wrong.

You might think your brand is untouchable; it’s your baby, and no one else can take it away from you.

The problem is, if you don’t have the right protections in place, that’s precisely what could happen.

Protecting your intellectual property value

Intellectual property is an intangible asset. It covers things such as brand recognition, goodwill, patents, trade marks, and copyright.

If we look at trade marks as an example, their protection comes from registering them with the UKIPO. Anyone can do this; however, only qualified trade mark attorneys understand all the potential pitfalls.

There is a growing DIY culture within the business world that’s storing up all manner of future problems for companies. A quick chat and brain-pick of an attorney at a networking event makes them believe they can do it themselves and save money.

However, without full knowledge of the law, it’s almost impossible to get the full protection your brand deserves.

Benefiting from the value of expertise

Without expert help you won’t know:

  • Which trade mark class or classes you should register in
  • If your trade mark is registrable
  • The strengths and weaknesses of your chosen trade mark
  • If your chosen trade mark is clear to be registered
  • How to optimise your application to gain the broadest rights
  • How to asses the ‘prior rights’ to your proposed trade mark

An amateur application (i.e. one not done by a qualified trade mark attorney) could end up costing you dearly in time, money and lost reputation due to contentious issues.

The contentious issues you could face

Get your initial application wrong, or fail to ‘clear’ your proposed trade mark effectively, and you could get into some seriously hot water.

You could end up being the recipient of a Notice of Threatened Opposition. If you are a DIY addict, you could attempt to resolve the situation by yourself. However, it is unlikely you’ll have an in-depth understanding of the law, which is why it’s best to call in the experts.

They know the law and are experienced at finding the pathway to amicable settlements. Therefore, they can make the problem go away (or make it more manageable) quickly and with less stress in your part.

Let’s face it if you were dealing with any other legal matter (such as divorce, property purchases, or business acquisitions) you wouldn’t attempt to do it yourself, would you? Of course not, you’d call in the experts to make sure it was done correctly with the optimum outcome.

The value of a trade mark attorney

Costs are your top priority, so you’re looking to trim them wherever possible. However, when it comes to protecting your intellectual property and ostensible savings from going DIY, it could cost you and your business dear.

By attempting a DIY trade mark registration, you’re putting your reputation in jeopardy. After years of brand building, one error or omission could see your business tumble down around your ears.

Is it worth the risk?

The training and experience of a professional trade mark attorney means that they:

  • Know and understand the law
  • Keep up to date with case law
  • Can apply the law and case law to the facts of the particular case in hand to give a professional opinion on the strengths and weaknesses of the matter
  • Will recommend and implement the right strategy to solve the issue

Isn’t it time you invested in your business’s future?

 

Make sure your IP is fully protected by contacting Rachael Ward at Ward Trade Marks on +44(0) 1284 774841.

Ward Trade Marks Limited is a Bury St Edmunds-based specialist trade mark attorney firm.

 

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November 13, 2018 Rachael