Assess the current trademark landscape as you finalize your initiatives for the remainder of the year. In this article, we’ll examine an important trademark trend that could impact your name development strategies.
Running Out of Trademarks?
In the brand name development industry, we continue to observe a significant increase in the number of trademark applications submitted year over year. In 2014, there were roughly 350,000 trademark applications filed; in 2020 that number grew to over 650,000 applications. Considering this exponential growth and global trends, it stands to reason this trend will continue.
However, this massive number of applications raises an important question: will we run out of trademarks? In the last few years, many companies have had to settle for their second choices when it comes to a mark, resulting in less competitively viable names hitting the marketplace. A large percentage of these trademark applications originated in China. Increasingly global markets are affecting brand name availability.
The total number of global trademarks in force is approaching 60 million. Existing marks will block the registration of new ones, even if the person or organization who initially registered the mark has abandoned it. The trademark registry has become somewhat backlogged, though audits have decreased the number of blockages in recent years.
How This Affects You
Be confident that it is still possible to acquire trademarks that are also on target from a branding perspective. Your creative methodologies must be intertwined with effective trademark vetting. Your brand development agency should be equipped to overcome the challenges of increasingly crowded markets.
When appropriate, consider challenging an inactive trademark. The USTPO provides tools to allow registrants to challenge existing trademark registrations on the basis of non-use.
Our brand name development services are here to help your business get your ideal trademark. Get in touch with the Brandsymbol team here to speak with our trademarking experts.