The Fruit Worth 247billion
The Fruit Worth $247 Billion
The Apple brand is worth US$247billion, according to the 2015 Brandz Report. That is not the value of the company Apple, Inc, but the value of the brand.
How do you know if you have an Apple product? As well as the name “APPLE”, they also have a logo you may have seen:
The reasons why Apple has built up a brand worth $247b are myriad – innovative product functionality, aggressive protection of their Intellectual Property rights to preserve market advantage, excellent customer support and sleek styling. But none of that would matter, if customers could not identify an Apple product when they want one.
That is where trade marks come in. When you see an Apple product, you see the Apple logo. When you want to buy an Apple product, you look for the one with the Apple logo.
All of the goodwill established by positive customer experience, reviews, and advertising, is anchored to the products by the trade mark. The trade mark allows customers to recognise what they are looking for, and for Apple to convert all that goodwill into a sale.
Your company’s brand may not be worth $247billion (yet). But it is worth protecting. When you invest your resources into building up goodwill, by providing a superior customer experience, excellent value, and advertising to let your market know, the last thing you want is for your competitor to waltz in and steal away all your customers.
Trade marks are the anchors of goodwill – the way your customers recognise that they have found what they want. Registration of your trade mark in countries where you market or manufacture will give you a monopoly right to use your brand, and a legal tool to keep competitors away from your goodwill.
Recommendations:
- Choose a distinctive trade mark that will stand out from the pack and be easily remembered
- Protect your trade mark by registration
- Use your trade mark as you build goodwill
- Contact Saunders & Co for regular reviews of your trade mark protection strategy