Protecting your brand has become even more critical now than it was before. You need strategies due to disputes posed by brand abuse, infringement, and fraud. The current process involves more than a static aspiration or goal.
LLOY LAW LLP understands that online protection, intellectual property, and technology issues affect modern businesses, both large and small, on a larger scale. Any threat that may affect your sales requires you to ensure protection at all costs.
Consequences of Brand Abuse
An ineffective brand protection strategy can cause your business a lot of damages. You can lose customer trust and revenue, and suffer reduced customer loyalty. Worst, you could suffer a damaged reputation. Always bear in mind the effects on a larger scale, so understanding the problem in a broader scope is necessary.
Brand protection shifts based on the changes that go about in your business. You need to watch out for the changing behavior of cybercriminals. Many brands have gone through a lot of these problems. This calls for every business to intensify their brand protection strategies.
You need to exert concerted efforts to protect your reputation. The same goes for safeguarding your customers, revenue, and your ability to mitigate the risks tied to management.
Problem with Counterfeiting
The Organization for Economic Cooperation and Development says the global trade in counterfeit goods continues to expand briskly. The rapid spread of counterfeiting accounted for 2.5 percent of world trade – $461 billion in 2016.
Unethical trading made it to the front pages of newspapers, urging socially conscious consumers to take to social media to voice their opinions about a brand. Companies now ask procurement officers to make sure the supply chain does not involve questionable actions, which can stain a brand’s name.
Measures of Success
The U.S. Supreme Court issued a ruling that supports the constitutionality of a process that allows bad patent reassessment by the country’s Patent and Trademark Office. The National Retail Federation approves of this, saying it lessens the number of cases by “patent trolls.”
The ruling can work to your advantage in protecting your brand. Patent trolls, after all, attempt to commit extortion against other businesses and brands.
Brand protection, at its best, works to give your business the necessary shield it needs against other elements that may damage it. You may want to consider going beyond five or six layers of protection that may negatively impact your brand. After all, prevention is indeed better than a cure.