Intangible assets are the most valuable of most businesses. On average, 70% of the purchase price paid to acquire U.S. businesses is for these intangible assets, with over 50% being for the brand. Yet, they are often the most neglected.
These intangible assets, often referred to as “goodwill,” are extremely valuable and need to be legally protected. Registration of trademarks is only one step in the process, not the final destination.
To ensure your brand is protected, follow the 6-Step INSURE process:
- Investigate. Don’t waste precious advertising and marketing dollars only to learn your chosen term is not available to use or register.
- Navigate. Develop a strategy and plan based upon who and what else is in your brand space. Avoid needless encounters with potentially conflicting brands.
- Selection. Make your selection based upon sound legal advice. A common mistake is choosing a term which is not legally protect able. Look for the intersection where selection can meet protection.
- Use. Proper use in marketing and advertising is essential. Inattention to these issues can cause complete loss of rights through inadvertence or neglect.
- Registration. Registration may seem simple. However, a wise choice of classes, crafting proper descriptions of goods and services, and proper entry points with a logo and/or words is vital to a strong portfolio of trademarks.
- Enforcement. Brands are made and lost virtually overnight on the Internet. Brandjacking and cybersquatting take many forms, including domain hijacking, typosquatting, pay-per-click ads, purchase of trademarks as search engine terms, and competitor use of brands in meta data.
Use the INSURE process to ensure the equity of your brand’s future.