By: Gavin Strube, Esq. and Sharon Urias, Esq.
There is a lot that goes into starting and running a business. Planning, funding, staffing, production, advertising, distribution, and the list goes on. There is one aspect of a business, however, that is sometimes left to address later – branding. Who has time to develop a brand when you have to raise capital and ensure that you can get a product out the door or advertise your services?
Any business would be well served by not putting off discussions of branding. The sooner you start, the sooner the brand itself can build value and become an asset in and of itself. Take Trader Joe’s as an example. The grocery chain started small in the 60’s, and even now isn’t as large as major chains. It is, however, a prime example of the power of branding. Through its system of acquiring name-brand products directly from suppliers and marketing the products under its own private labels, Trader Joe’s has become a recognized brand not just across the United States, but globally.
The strength of the Trader Joe’s brand is such that simple canvas totes sporting the Trader Joe’s logo are in high demand in international markets, sometimes being listed on auction sites with prices of up to $5,000 for those who can’t pop down to their local store and pick one up for $2.99.
This type of brand recognition and strength is one that often grows organically. While it may seem to be at the whims of social media influencers and good publicity, a strong branding strategy is the most important component. Of course, the lynchpin to a branding strategy is a strong trademark.
Deciding on a trademark or trade name at the outset of your business venture allows you to ensure that your mark is unique and distinctive while providing valuable time to pivot before you’ve invested heavily in that name if the commercial landscape is too full of obstacles to use of the mark. But even if you have waited, it is never too late to reinforce your brand. In the United States, trademark rights are gained through use, and a trademark registration can be seen as a way to legitimize those rights. If your brand has been going strong and building steam, there is no time like the present to leverage that brand into the valuable asset that it is.
The IP team at Greenspoon Marder has decades of cumulative experience in counseling clients on protecting and exploiting their brands as well as developing new ones. Contact us today to discuss how we can assist you in ensuring that your trademarks make the transition from great idea to invaluable intellectual property.
