Businessmen of New Jersey may be aware that the business landscape is a vibrant ecosystem with millions of new businesses budding every year. However, what they may not be aware of is that more businesses showing up means that there is a commensurate rise in trademarks: In comparison to the year preceding it, the year of 2017 saw a rise of 30 percent in the number of trademark applications filed, or about 9.11 million applications in total for that year. This ever-growing number of trademarks means that lawyers and brand strategists need to work harder than ever to protect their brand.
In the event that a business doesn’t protect its brand well, it could get into some real trouble, including the inability to secure a mark, accidentally infringing on another business’s brand or having their mark infringed upon. Trademark infringement has been increasing over the past several decades to such a degree that more than four out of every five brand experts have reported experiencing infringement during the past year; even social media names and web domains aren’t safe.
With that picture in mind, it is worth knowing that the effects of infringement can be disastrous. For starters, businesses may be forced to change the name of their brand, confounding their customers and damaging their brands permanently. This is not to mention that some customers start to distrust the business, which may lead them to decide to shop elsewhere. If a business decides to take legal action, this can prove costly.
Fortunately, there are a few solutions on the horizon, starting with technology: Experts believe that better technology can be the key to making trademark research easier as well as facilitating the process of protecting one’s mark. It would also make the process of creating a name easier.
At the end of the day, protecting a brand is hard work, which is why businesses defer to the expertise of trademark professionals. Nevertheless, should a business find itself in the unfortunate position where another business is infringing on its mark, it might be beneficial to reach out to an attorney who is experienced with trademark law and may help the business explore all its options.