It is the licensor’s responsibility to ensure that they provide the licensee with the information they need to be successful. With over 30 years in the business, I can tell you that conducting a formal orientation with a particular emphasis on the approval process is critical to the success of a long-lasting licensing program.
You wouldn’t build a house without a blueprint yet every year I see brand extensions built without one. There are significant pitfalls to licensing and if you don’t develop a plan to address all of them you are doomed to failure.
That’s why I created Breakthrough Licensing for Licensors. It’s a blueprint for brand managers to make sure the foundation of the “home” they want to build is sound and that every “room” they build adds value.
Before I show you some thoughtful product line extension strategies, let’s talk about the pitfalls of brand licensing that even some of the largest brands have ignored to their peril.
This guide answers just about every question you, as a manufacturer or licensee, might have about finding prospective brands, winning, and profitably running a licensing program.
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A brand strategy serves as the foundation for your product, your business, and your story. Without a foundation, one opportunity becomes indistinguishable from the next. This means that every opportunity must be pursued.
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By finding out who we are, why we exist and what we are meant to do, we become a brand that is alive. When we have a story to tell, a purpose to convey and a target to engage, we become worthwhile to our customers. That's when the real adventure begins!
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