Brands are how clients and customers recognise you.
Whether it is a logo, or the name of your company, products or services – brands are signs which alert the buying public that what you're selling originates from you and no-one else.
Brands act a "seal of quality" and origin that are empowered by goodwill your business has built up over the course of its operation.
Consider a pair of Nike trainers placed alongside an identical pair – except the identical pair does not display any branding elements. No “Nike”, no “swoosh”. For most consumers, at the same (or even a discounted) price point – the branded trainers are more attractive.
This is because Nike’s branding adds value to the consumer, including but not limited to:
- A promise of quality
- Association with culture surrounding that product (e.g. association by many of the world’s best athletes)
- Expression of these qualities to others
This value is absolutely crucial to Nike, in fact, in 2019 Nike’s brand alone was valued at $32.4 billion. It is the same for all companies who become known for their products and services and using branding to differentiate themselves from competitors. Especially when others will use marks or signs used by these companies to redirect trade or take advantage by using signs illegitimately.
Protect your brands
Simply put, brands need to be protected, not only to stop infringement, copycats and counterfeits – but also in order to secure brands in a way where they can be licensed, franchised and primed for business growth.
Brands are protected by registered rights in the form of trade marks and can attract protection through unregistered rights under the tort of passing off.
As a business grows it is vital that they have a proactive brand protection strategy in place in order to secure and grow the value of these assets in line with their business. Virtuoso Legal’s team has a storied history in partnering with international businesses to secure and develop their brands.