Date At Your Own Risk: Licensing in Branding
Becoming a “licensee” allows brands the opportunity to extend into a new category or industry, modernize, stay relevant and build upon their brand value. When choosing the right licensing opportunity and when implemented effectively, it can have tremendous benefits. As of late, we’ve seen this with Minion-mania. It’s been said that Universal will make more off of licensed products than the Minions movie that just came out in July. Sounds tempting, right? But before jumping in, let’s take a step back and evaluate licensing.
The way I see it, licensing is a very personal tool used by brands. I often think of it as a relationship. Two people joining as one and representing what each other stands for. You look to benefit from each other, you meet each other’s friends and as a couple you work together to make each other happy. But unlike a relationship, you have the opportunity to plan for success prior to creating the partnership.
Here are five guidelines for brands to keep in mind when thinking of entering a (licensed) relationship:
What are you looking to get out of this?
Licensing should be used as a strategic business tool. Brands that want to license someone else’s intellectual […]