Translate in another language

Crucial Role of Intellectual Property Management in Brand Creation- Part 1

Crucial Role of Intellectual Property Management in Brand Creation- Part 1
Shutterstock Image
audio-thumbnail
IP Wave 27 02MP3
0:00
/305.92

Brands are crucial in communicating the quality of products. A brand is not just a name or design that sets one seller's product apart from others; it's a term that refers to different aspects of business in various contexts. Traditionally, "trademark" and "brand" have been used interchangeably. However, a trademark is composed of names, terms, signs, symbols, logos, designs, or expressions that define and establish a particular company or product's identity, setting it apart from its competitors. A trademark is closely linked to a company's identity and, more importantly, to its "brand." A brand image encompasses more than just a logo that identifies a company's products or services. Unfortunately, entrepreneurs and small business owners often neglect their trademark or brand image until they face an issue with the image they are creating. A well-established and strong brand identity with a well-recognised and distinguished brand name and logo becomes very crucial.

Intellectual Property (IP) requires a significant investment in its creation and protection. The value of a well-established and well-protected brand, also known as "brand equity," represents the economic worth of IP. Brand recognition simplifies the decision-making process for customers, who rely on a brand's promise of quality to reduce the complexity of buying. Moreover, a strong brand not only boosts marketing campaigns' effectiveness but also enables companies to secure margins and potentially extend their offerings to new products or service lines. 

Source: visualcapitalist

In the highly competitive business world, having an IP can be a vital crutch for maintaining a business's position and increasing its value. As a permanent asset, an IP can act as a catalyst for diversifying products or services, branching into franchising through licensing, and even increasing the business's value for a potential sale. 

IP comes in many formats, from the name you use to copyright elements and final designs. Due diligence searches, legal agreements, and registered rights for trademarks and designs are ways to ensure that IP is central to the branding strategy. Consolidating the brand and bringing all the elements together is when designers take over to create a brand that's fully protected and gives you great visibility in the marketplace. If you're rebranding, doing an audit of IP could be invaluable in properly identifying where the company’s assets lie and creating a strategy that strengthens the business and brand further.

IP assets like patents, geographical indications, trademarks, copyrights, and trade secrets can significantly enhance brand image, instil confidence, and yield numerous benefits for an organisation. Patents and geographical indications offer a unique opportunity to bolster marketing messaging, positioning products as innovative or superior to competitors, and enhancing perceptions of quality. A brand backed by a robust IP portfolio signals a commitment to quality and innovation, instilling confidence and strengthening brand loyalty among consumers. 

Furthermore, IP assets not only safeguard a brand but also confer a competitive edge. By protecting innovations and unique features, an organisation can prevent competitors from diluting its brand image with inferior imitations, thereby preserving customer trust amidst a highly competitive landscape. 

A strong brand not only attracts customers but also empowers an organisation to command higher market power, facilitating greater revenue and resources for further research, development, and innovation. In today's interconnected world, brands must expand their presence beyond traditional boundaries to remain competitive. Intellectual property protection is crucial for safeguarding brand assets in diverse markets and online platforms, reinforcing brand credibility and facilitating broader customer reach, ensuring sustained success in an increasingly interconnected marketplace.

Brand Value: Leading Sectors in 2023 Source: visualcapitalist

Top brands like Nike, Apple, and Coca-Cola maintain their leadership positions despite the constantly changing world and disparities. Building brand recognition requires more than just a logo or slogan; it also involves creating associations with qualities like speed endurance, reliability, and quality, which later get associated with the trademark. 

Cred, Paper Boat, Parle-G, and Hidesign are some of the brands that have built their market position through effective IP management. Cred's ads are not just ads but engaging pieces of content designed to grab the attention of premium Indian credit card users. Paper Boat links itself to nostalgic and fond memories of childhood through its evocative brand idea, "Drinks & Memories." Parle-G has been creating memories since 1939 and is now branding itself as "Bharat ka Apna Biscuit." Hidesign's advertising tagline, "Real leather. Crafted the forgotten way," has positioned the brand as a quality leather accessories brand. 

Effective IP management can help a brand protect its investments, and drive growth, differentiation, and lasting success. Trademarks, copyrights, patents, and trade secrets collectively safeguard brand identity, creativity, innovation, and market dominance, fostering trust, loyalty, and enduring consumer connections.

💡
Written by Shivani

Great! You’ve successfully signed up.

Welcome back! You've successfully signed in.

You've successfully subscribed to IP Wave.

Success! Check your email for magic link to sign-in.

Success! Your billing info has been updated.

Your billing was not updated.