You may not be aware, but trademark infringement is on the rise. A staggering 85% of brands experienced some form of trademark infringement within the last year. This is according to a recent report from CompuMark, which revealed this statistic has increased compared to 81% in 2018 and 74% in 2017.
There are various forms of trademark infringements. The most common forms are those that involve a business name or web domains. Other violations include those involving social media and advertising campaigns.
The effects of trademark infringement can have devastating consequences, not only to the brand, but the business as a whole. According to the report, the main consequences experienced by companies impacted by trademark infringement were customer confusion (45%), loss of revenue (38%), and damage to brand reputation (37%). Companies have responded by seeking remedies in courts, with 3/4 of the victims filing suit. If you decide to pursue legal action, it can be very costly. Almost half of the companies who seek legal remedy spend between $50,000 up to $249,999. Sadly, 46% of those surveyed were forced to rebrand as a result of the infringement.
With trademark infringement on the rise, it is crucial that you have your trademark protected, while ensuring that you have done your research to avoid being accused of unintentional trademark infringement. If you are considering registering a trademark, seek the guidance of a business attorney who can conduct a trademark search to certify no other company is using a confusingly similar trademark. Our trademark services include trademark searches and trademark registrations. We take pride in guiding our clients through the trademark process and making it as stress-free as possible. Give us a call today.