Your brand name is ultimately the most valuable asset in your business – learn about how you can best protect it
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How much is your brand worth? For Woolworths, the most valuable brand in Australia, it’s estimated at 8.96 billion. For Telstra it’s 8.7 billion and for Commonwealth Bank of Australia, 7.5 billion.[1]
While valuing a brand is complicated, it’s clear that the brand is the most valuable asset many businesses will ever own.
Your brand name instantly communicates your business values. When a customer sees your name or trademark, they instantly recognise certain qualities about your product or service and are more likely to bypass your competitors.
When a customer sees your name or trademark, they instantly recognise certain qualities about your product or service and are more likely to bypass your competitors.
Your brand name is a symbolic repository for the pull factor that is your business reputation and goodwill. Each time you use your trademark you are effectively drawing upon your business’s positive reputation.
What can you do to protect your brand/name?
Register your trademark
The best way to protect your brand name is to seek registration as a trademark. The Trademarks Act 1995 provides for registration of not only word marks, but for every aspect of your brand, from logos to colours to shapes and aspects of packaging.
Unfortunately, many business owners have the mistaken view that a business-name registration provides them with exclusive rights to that name; 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.
Use your brand name correctly
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 which sets it apart from surrounding text. If the brand is registered as a trademark, use the ® to indicate its status. If it is not registered, the letters TM can be used to indicate that it nevertheless operates as a trademark.
Police infringers
Monitor the marketplace for infringement or misuse of your brand. Failure to act against infringers may result in competitors cashing in on your brand strength.
Successful businesses appreciate the value of their brand names and go to great lengths to protect them.
Brought to you by Cheryl Hrvoj, Davies Collison Cave
[1] BrandFinance’s annual report on the world’s most valuable brands, February 2015, accessed at http://www.brandfinance.com/images/upload/brand_finance_global_500_2015.pdf
