A trademark is a legal tool that you can use to protect an identifying mark for your business. This could be something as simple as a word or a phrase. Many companies have slogans that are trademarked, as this is part of their branding. They want the audience to immediately think of their company when they hear that slogan.
Trademarking is a way of protecting your intellectual property rights. Name recognition is very important in branding, and you may invest years – and an incredible amount of money – into this effort. If another company then swoops in and uses similar branding efforts to steal your customers, you are directly losing revenue and it is undercutting your investment. This can also dilute your brand because you simply become less recognizable and your identifying marks do not stand out in a competitive market.
Can anyone else use similar marks?
Some companies can use similar marks. Often, it comes down to whether or not there will be consumer confusion. If the two companies are in the same industry or are in very close geographical proximity, then using the same trademark could be a violation. But if they are on opposite sides of the world or operating in many different industries, then it may not actually infringe on those intellectual property rights.
For example, say you own a clothing brand and another brand starts using the same slogan. They are clearly just trying to manipulate consumers into purchasing their products. They’re relying on your reputation to sell their goods. But if the other company is a fast food restaurant chain, they have probably never even heard of your clothing brand and consumers are not going to confuse the two.
It’s very important to understand all the legal steps you can take to focus on intellectual property protection.