This defines Trademark & Why You Need It In Nigeria. It answers such quetions as, do I need to register a trademark? Why is a trademark important? Trade Mark is an important marketing tool. It sets you apart from competitors. As a matter of fact, a registered trade mark gives you legal protection. By this it prevents confusion in the marketplace. In fact, it tells your customers who you are. It tells them where to return to if they like or dislike your product.
What is Trademark?
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A trademark an exclusive sign or symbol that identifies a product as belonging to a specific company. It exclusively recognizes the company as the owner of the brand. It’s a recognizable insignia, phrase, word, or symbol that denotes a specific product. All these legally differentiates a product from all other products of its kind. Similarly, a service mark is what identifies and distinguishes the source of a service rather than a product. However, the term “trademark” is often used to refer to both trademarks and service marks. But, Trademarks are generally considered a form of intellectual property. So, a trademark can be your company logo, a slogan, a brand, or simply the name of a product.
Trademark & Why You Need It In Nigeria Relevant Questions:
These questions are posed here like in a class room training. They are to help you read and understand this post. How to do it, is to spend time on this page identifying where the answers are.
- Why is trademark important?
- What is the use of trademark?
- And, what is trade mark?
- What are the three types of trademarks?
- What can and Cannot be patented?
Types of Trademarks:
There are three different types of trademarks that can be registered:
- A word or design mark – Product Names or Service Names or Domain Name Protection
- A certification mark – Logos & Designs
- A distinguishing guise/Shapes.
Benefits of Trademark:
As narrated above, a trademark is a unique symbol or word(s) used to represent your business or products. A registered trademark can’t be used by any other organization, forever. But it has to remain actively in use while proper paperwork and fees re paid. In other words, trademarks can be renewed indefinitely. In fact, Corporate Affairs Comission (CAC) can’t register any name that’s trademarked as another company. That’s a major benefit of trade mark.
In fact, patent, is granted for a certain period; say 20 years, But trademark never ends. So register yours today and claim protection from copycats.
Therefore, once a trademark has been granted, the owner receives immediate three key benefits:
- A notice of claim to any other businesses thinking of using the same symbol or word as its trademark
- A legal presumption of ownership, which can help fend off would-be users
- The exclusive right to use the claimed trademark
Trademark & Why You Need It In Nigeria – 5 Reasons for Getting a Trademark:
Furthermore, don’t risk your reputation. Here are 5 reasons why you must emdeavour to have your business trade mark immediately. So, don’t be sitting on the fence. If you do, you will be losing business and reputations. Now, take a look at these five reasons why you should consider registering your trade mark today.
Exclusive rights:
Exclusivity only comes through registration. That is to say, only you can use your trade mark in the territory/jurisdiction in which it’s registered. With this, if someone else try to cash in on your mark, you can sue the one for trade mark infringement. But remember, that you need to renew your registration periodically. So, don’t let it slip.
Don’t rely on passing off
The legal action of passing off is available. That is the only thing you have to fall back on if someone else used a trade mark that you’d not registered.
This is a common law right and to be successful you must prove:
- You’ve goodwill/ reputation in the trade mark
- The defendant has made an actionable misrepresentation
- And that the action has caused you damage
In fact, it’s better not to allow this to happen because it could be a difficult and costly action to prove. And, as you know these actions are often beyond the budget of most companies. In other words, where you can’t enforce it, you may have to give up your trade mark, regardless of how long you’ve been using it.
Registered trade marks add value:
In fact, this is a value addition process. It’s an Intellectual Property. That’s what your registered trade mark is. In fact, it has a value because you can:
- Sell it
- Licence it
- Franchise it
- Mortgage it
Above all, for the fact that it adds credibility to what you do, your trade mark is your brand that attracts customers to your business. Is this not value addition?
Identify the origin of a product:
On the other hand, by identifying the original of a product, your trade mark also prevents confusion in the marketplace. In fact, it tells your customers who you are, and where to return to if they like or do not like your product. That’s why it’s such a valuable marketing tool. Therefore, it sets you apart from your competitors.
Counterfeit goods:
Copycats are not orginal. And, no one likes them. A registered trade mark helps Trading Standards Officers or the police to bring charges against counterfeiters if they are counterfeiting your work/product.
Trademark & Why You Need It In Nigeria Conclusion:
If you have read through this post, you will agree with me that registering your trde mark is essential for your business growth. In fact, it’s another business protection against failure. So, do you now see why it’s essential you registered your trade mark from the onset?
Is it possible for you to be driving around in an unregisred or uninsured car? How possible is it for you to leave your home and contents unprotected? So, why leave your company’s reputation in hands of nature?
We suggest that the registration of your trade mark(s) has to be at the top of your list when starting business. We can help you fix it. This will then enable you go out into the business world with boldness and trade safely, having the confidence that your most valuable asset; your brand’s protected. So, don’t risk your reputation.
Our Contacts;
Find out more about getting your trademark registered. contact us on +234 8034347851 or email [email protected]
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Deacon Anekperechi Nworgu, a seasoned economist who transitioned into a chartered accountant, auditor, tax practitioner, and business consultant, brings with him a wealth of industry expertise spanning over 37 years.
