It cannot be denied that theft has become a major concern for businesses, as losing property usually results in a significant loss of profit. For online businesses, though, the greatest issue is not actually the theft of physical goods; it is none other than the intellectual property or IP.
This is most especially true with small- and/or medium-sized company owners. They are those who really depend on designs, logos, and trademarks, among many others. But unlike giant businesses, the small ones can suffer greatly even from a small financial loss.
To put it simply, there is a need for you to safeguard your brand and business. Here are ways you can protect your brand from the looming threat brought by IP theft.
1. Trademark your brand
Intellectual property is not really that complicated. It basically includes images, designs, software, literature, and musical works, just to name a few. It is meant to help you develop your reputation in the industry you are in. More importantly, they are essential in building customer trust in your brand or business.
One of the most effective ways to protect your brand is to register a trademark. It could be meant for your logo, design, or brand name, depending on your need. By obtaining a registered trademark, you will not face any legal issue when using it to your advantage.
2. Hire a lawyer
There are many reasons why hiring a lawyer has become a fundamental strategy in building your business. For starters, he can help you draft contracts that are usually difficult to manage and complete. Keep in mind, too, that these drafts require the utmost attention, as they can be a make or break for your company. There are different types of lawyers out there, though, ranging from OUI lawyer to general business lawyer to family lawyer, and etc.
What you will need to do is hire someone who completely understands the brand or the industry you are in. He should also be willing to determine the different complexities involved. Otherwise, he will not be able to protect you and your brand legally.
3. Link your brand to a source
The thing about generic intellectual property is that it can always be replicated easily, let alone stolen or copied. As a result, it is usually the main target for theft. It is very possible for you to make your brand stand out and, more importantly, reduce the chances of falling victim to IP theft. How exactly? It is by way of creating branding material that comes with greater complexity, and the best way to achieve this is by linking it directly to a source.
Your brand can always be linked to a certain attributional source, such as locations, styles, or names. By adding a source to your brand, you can change the name completely; hence, it would not appear generic. For instance, you are selling fidget spinners and chosen a name like “Real Spinners.” As you can see, the latter is very generic. You can link it to a source and come up with something like “Silly Roger’s Real Spinners.”
Of course, the concept here is not just about changing the name of your brand. It could also be used in your designs, slogans, logos, or anything that is directly associated with your brand.
4. Stay vigilant
Apart from legal implications, intellect property theft can bring a deluge of negative effects on your brand. If gone unnoticed, your stolen IP could have the potential to bog down your customer base and review. So, as much as possible, you must stay vigilant and check your competitors for possible thievery. There are different tools out there that could help you in the monitoring task. They are really essential, especially since the said task can be time-consuming and arduous.
