When starting a business, you need to think about how to establish your brand.
Your brand is what drives your business, a set of promises and assurances that customers should think of when they see or hear your name. It is your unique identity that resonates with your target audience and differentiates you from your competitors.
With the correct strategy, your brand will gain in value over time. This value will come from the positive reputation your business develops.
Brand establishment should be considered as a long-term goal and essential to your overall business strategy.
The following tips will help you consider how to establish your brand.
The first step is to establish your brand strategy.
This should be considered when you first come up with your business idea, and should be kept in mind as your business develops.
As part of the strategy ask yourself what are the promises I want to be associated with my brand and how can I ensure my brand becomes a reflection of these promises? Also, consider what you want as your brand identifier; a word, logo, or both?
Businesses naturally evolve over time, so your brand strategy will need to be reviewed as your business develops.
It’s probably not worth spending a lot of money on designs in the early days.
Once you have the basis of your brand strategy, you can then take steps to clear your chosen name for use.
A good starting point is to carry out an Internet search for the name. If you find a business using the same name or something very similar, this may cause problems from a trademark perspective.
So, once you have a name you think may be available, you should consider having a final check by a trademark lawyer and get a legal opinion on the name. They can carry out comprehensive searches https://azrights.com/?s=trademark+searches even on an international level, to ensure your chosen name is available for use and stands the best chance of being registered as a trademark.
Your brand name is an intangible asset and one of the most valuable assets your business will own. When you have chosen your brand name, and cleared it for use through a trademark search, it is essential to protect it through trademark registration.
Registration will help secure the rights in the name and the goodwill your business generates, increasing the overall value of your brand. Trademarks are split into 45 categories (or classes) of goods and services. This means a name can be used even if it already exists, provided there is no overlap in the goods or services being offered. Trademark drafting is a specialist skill, and should be carried out by an experienced professional or with instruction. This will ensure you aren’t faced with a worthless trademark, or are subject to a legal dispute later down the line.
Once you have secured protection for your name, you can then start to apply your trademark as your brand identifier. When applying your trademark to your business, you need to remember that this is what consumers will associate with your brand, so avoid anything which may reflect negatively on your business. Remember, once your trademark is registered, you can use the ® symbol to denote to your customers and competitors that your name is a registered trademark.
As you start to apply your brand to your goods and services, the reputation and goodwill behind the brand will start to gain momentum. This is the time to start building on your brand awareness, promoting the benefits of your business over that of your competitors. The sooner you build on the reputation and recognition of your brand, the quicker your brand will gain value.
It is important to constantly monitor how your customers perceive your brand and whether this perception aligns with your brand strategy. Once your business has been running for some time, this is the point when you may want to revisit your brand strategy and learn what works and what doesn’t. The next steps involve improving your brand and securing additional intellectual property protection, such as for a tagline, so remember the lessons you’ve learnt from past experiences.
Complacency can be dangerous and may damage the reputation of your brand. As a business, you will need to constantly improve your brand to stay competitive in the market. As you have learnt what works, this is a good time to review your brand strategy and consider what improvements can be made. Perhaps the business can offer more competitive pricing, or the quality of your products has improved, in which case these factors need to be communicated to your customers so they become associated with your business.
You now have an established brand and a reputation to protect. This is a good stage to carry out an IP audit, and an IP risks test, to see what other rights your business should protect. Since establishing the brand name, there may be a host of other rights which have accrued and should now be protected, consider;
By securing the rights in your IP which develop over time, you can continue to increase the value in your brand and ultimately, your business.
Finally, consider has your brand strategy worked and does it align with your original intentions for the business? If your strategy was to create a promise of lost cost, high-quality goods, does your brand reflect this and is this what customers associate with your brand name?
Having a strong brand strategy and good knowledge of brand protection will help ensure the success for your next product launch, business idea or even just help continue building on the value of your current brand.
By signing up for Legally Branded Newsletter, You will gain insights every week on intellectual property. Paying attention to IP is the way to discover what steps to take to preserve the value of your assets, to grow your profit margins, create new income streams, protect your market share, and prevent competitors from copying your ideas.