Chapter 3 – The Power of Trademarks in Modern Marketing
Swapping Thor’s Hammer for Thor’s Lunchbox
So how can trademarks and by trademarks, open up new revenue streams.
Before we talk about revenue streams, to take a minute to think about your brand.
Where would you rank your brand in your sector in terms of:
- Visibility – How well known and recognised are you? How many people see your brand each day?
- Credibility – How do people know that you are a brand they can trust? Are they likely to choose you over your competitors?
- Business Channels – What are your primary sources of business? Is it referrals, online sales, social advertising, press advertising, mailshots, email campaigns, or maybe even networking?
When protecting your brand, we always recommend that you don’t just protect the business you are today but the business you plan or aspire to be.
So here are 2 ways a Trademark can expand your revenue streams
1-Diversification
Diversifying, when done correctly, helps you tap into new markets and revenue streams beyond your core products or services.
Think about the last branded item you purchased… Did the brand only sell one type of product, or did they have a variety of products, many that you may not have thought of when you first thought of that brand?
Let me give you a quick example.
Think about a coffee shop, whether it’s Starbucks or your local independent coffee shop. Did they just sell coffee?
Most likely they sell a wide range of merchandise, including clothing, mugs, coffee tumblers and flasks, and much more.
Could you apply this to your brand?
If there is something you might one day choose to branch into with your brand, then it makes sense to at least try to lock that sector down today.
Even free merchandise is a step in the right direction, especially when you are a referral led business as it never hurts to keep your brand in the minds eye of your clients and introducers.
2. Distribution Channels
People looking for products and services online still go to Google. When people look for your brand online, they will still likely search on Google.
People used to primarily use eBay for purchasing products online (and many still do).
Today we have Amazon dominating by making next-day delivery with Prime an expectation now as opposed to a bonus.
Over the past couple of years, TikTok, the fastest-growing app in the world, has brought with it TikTok Shop and a new range of sellers. And these are just three examples of huge distribution platforms.
However, when Ebay and Amazon started out, they were full of counterfeit (knock offs and fakes) goods.
I’m sure if you think about it, you probably are aware of some offshore sites which are still full of fake goods.
What’s the main way that Amazon, Ebay and Google regulate against this now?
Trademarks!
Trademarks aren’t just about protecting your brand; they are a legal confirmation of ownership allowing customers access to their platforms.
So, whether you do it with us or somebody else, it’s a business need if you don’t want to rebrand and want to expand your reach.
The Marvel Studios Example:
Who likes Marvel movies?
Marvel is a really good example of diversification that may surprise you…
Did you know that Marvel makes more money from merchandise than it does from its movies?
Before Marvel Studios launched Iron Man, Marvel was on the brink of bankruptcy, comic book sales were on the decline, and they were surviving on licensing movie rights to superheroes like Spider-Man and The X-Men to Fox Studios (where sales on merchandise were most likely shared).
Fast forward to today, on the back of the Marvel Cinematic Universe, Marvel has successfully expanded its income by putting trademark characters (their heroes) on clothing, toys, and a multitude of other products. Suddenly, the grandparent who never watches the movies is buying a Thor lunchbox for her grandson, and these days she’s probably buying the lunchbox on Amazon.
So, what are some easy ways to start applying these lessons to your brand?
Make sure your brand is on point for today and your future. That means focusing on today’s customers whilst keeping an eye on tomorrows. This is why brand, messaging, values, and vision are so important and should resonate through everything you do!
Get it right, and you should find yourself with a broader market of not just customers but fans, allowing you to offer a wider range of products or services, which they will be eager to not just purchase but to promote for you!
You may not know that the minute you apply for your trademark application you are already protected, you can even put a ‘TM’ on your logo and an ‘R’ when it’s registered.
What’s more, you can make amendments to registered marks so don’t worry if you plan to change your logo at some stage, and if you have the word mark you can change your logo as many times as you want.
Any queries about this article get in touch, we’d love to hear from you.
