A trademark is more than just intellectual property. It is a symbol that represents the business’s quality, reputation and service. It differentiates a company’s product from any others.
That is why California businesses must protect their trademarks. And it seems this is especially important in the current state of the business world.
Report: A significant increase in trademark infringement cases in 2019
According to a report by CompuMark, 85% of brands had to contend with trademark infringement in 2019. That is an alarmingly high rate.
Several businesses across the country reported that they suffered significant consequences from infringement as well, such as:
- 38% of businesses experienced a considerable loss of revenue;
- 37% reported damage to their brand;
- 46% had to rebrand their business to make up for the damage; and
- 75% of these cases led to litigation.
It is critical to note that not all of these cases involved infringement of their business’s name or symbols. Businesses face evolving kinds of infringement involving their:
- Web domains;
- Social media accounts; and
- Advertising practices.
Businesses must take trademark protection seriously
Business owners should take aggressive action to protect their trademarks, including:
- Registering their trademark and/or trade name(s) properly;
- Monitoring the use of their trademark, especially online; and
- Issuing a cease and desist letter.
If a business needs to escalate their effort beyond a cease and desist letter to protect their trademark or trade name, they should consult an experienced attorney to seek injunction relief and perhaps even to pursue litigation to recover damages for the infringement, while in the process attempt to negotiate a permanent resolution.