Trade Mark Portfolio Management
Managing your portfolio
A solid trade mark portfolio management strategy is vital when you own several trade marks, especially if you have overseas trade marks as well.
As your portfolio grows, so does the responsibility of managing the portfolio successfully to make sure your rights are maintained and not infringed by other businesses. Equally you must ensure that the portfolio as a whole supports your business goals, otherwise it is not doing its job.
Coming up with a portfolio strategy is therefore a daunting and time consuming prospect for any business owner. This is why the team at Ward Trade Marks will help you by taking that burden away, giving you peace of mind that your trade mark portfolio is in safe hands.
Protecting your trade mark portfolio
Brand protection isn’t just about trade mark registration, which is why it’s essential you invest in a trade mark portfolio management strategy from the start.
Without a strategy in place, you could:
- Find yourself unable to exploit the full value of your trade marks
- Confuse or even miss important deadlines for applications or for renewal of trade mark registrations
- Run into issues when trying to handle multiple contentious proceedings, leading to loss of rights
- Be at an increased risk of infringement claims and other objections
- Encounter problems when enforcing your rights against infringers
- Lose your rights altogether
What are your options?
There are three trade mark portfolio management strategies that you could potentially use. They all offer different levels of protection and risk.
Each strategy option is outlined below; we’ll let you decide which is the best option for you.
The DIY strategy
Doing it yourself could be attractive because there are no professional fees involved – at least not at the start. The main issue with this approach is that trade mark management is a complex area. Get it wrong you’ll end up spending far more than you need, not to mention wasted man-hours, lost rights and ugly trade mark disputes.
The biggest headache for the DIYer is keeping the portfolio coverage suitably sized as your business changes. What if you start trading in a country where you don’t have trade mark cover? A nasty overseas trade mark dispute is something that no business owner wants.
The other major headache is keeping track of all the trade mark deadlines, and these will be numerous and complicated. Missed trade mark deadlines usually means losing hard earned rights which could be disastrous. To do the job properly, you need specialist software to track every deadline and a sound training in how trade marks work and interact across borders.
Using multiple trade mark attorneys
Cost is one of your top priorities, so it’s tempting to shop around every time you need to register a trade mark to make sure you get the cheapest deal. However, tracking your portfolio will be almost impossible because of the number of attorneys involved, and they won’t be talking to each other. The advice that you get will not be joined up if different professionals are looking after different fragments. This strategy is better than DIY but not by much.
Using one Chartered trade mark attorney
Your final option, and in our opinion, the best, is to partner with one Chartered trade mark attorney firm to work with you on a long-term basis. You will not only build a strong and trusting relationship and always have someone on your side to fight your corner, but you’ll also have the best strategy to monitor your trade mark portfolio.
Working with you, we will:
- Get to know your business needs and how you operate
- Conduct regular trade mark audits
- Suggest portfolio improvement and adjustments based on your business needs
- Ensure no duplication of efforts between different advisors
- Co-ordinate any international oppositions or cancellation actions so that your global approach is cost-effective and efficient
- Help you monitor the marketplace for infringements and misuse
- Monitor the Trade Mark Registers by using our WARDWATCH® trade mark watching service
- Take appropriate actions against infringements as and when they occur
We take the worry and responsibility off your shoulders so you can concentrate on running your business, knowing your trade mark portfolio is protected.
To talk more about how we can make sure your trade mark portfolio is protected.
Free Guide: Everything A Business Owner Needs To Know About Trade Marks
The guide will explain to you in detail the essentials of trade mark protection including:-
- Choosing a distinctive brand name – why a good choice will resonate with your customers and reduce your advertising and marketing spend.
- The importance of avoiding the descriptive/ generic trade mark trap.
- The importance of pre-filing searches – done the correct way – to avoid future legal action against you and the risk of having to rebrand.
- Strategy on when to time your application.
- Realising the value of your trade mark – why your trade mark is considered an asset on your balance sheet.
- The importance of maintaining and enforcing your registered trade mark rights once your mark is registered.
Simply enter your details below to receive this guide instantly:
Make an Enquiry
To make a no obligation enquiry, please either call us on 01284 619000 or make an online enquiry and we will be delighted to help you.