Developing Your Licensed Brand

 

The old adage “you have to make hay while the sun shines” has never been truer at any time in history than today.  Living in a culture dominated by the 24-hour cable news cycle, the public has a dramatically diminished collective attention span.  The “news” becomes “old” at any increasingly rapid rate.  And, as a result, the nature of fame or celebrity is fleeting.

Should you find yourself in the public eye because of your achievement in the arts, entertainment, or athletics, your opportunity to “cash in” on your celebrity is brief.  To do so, you must effectively market your personal brand.  But, how?

This is the point at which engagement of an experienced, reputable brand licensing agency is vital.  The licensing agency will establish the strategic relationship between the brand owner (“Licensor”) and the manufacturer or retailer (“Licensee”) to which the Licensor grants the right to manufacture and distribute specific products or services under the Licensor’s brand name.  In exchange for the use of the brand name and image, the brand owner receives royalties—a percentage of all sales.

In a typical licensing partnership, the manufacturers and retailers bear all manufacturing and distribution costs, requiring little or no investment from the brand owner.  They collaborate with the brand owner to develop a product or service that evokes the brand personality and resonates with consumers.  These branded products and/or services are marketed and distributed as part of an integrated consumer marketing program designed to increase brand awareness, build excitement, and maximize sales.  Unlike product endorsements, brand licensing agreements produce continuing streams of royalty income that provide ongoing rewards to the Licensor.

As a potential Licensor, your selection of a licensing agency with which to affiliate is critical.  The right licensing agency will manage all phases of the licensing process, including market research, brand marketing, deal negotiations, contract administration and royalty reporting.  It will bring the licensor and licensees together, forming a partnership and handle all aspects of negotiation, including product categories, distribution channels, and royalties (as well as advances and guarantees).  Your licensing agency will facilitate product development and secure placement with the right distributors and retailers.  Perhaps most significantly, it will strategize with licensees to design consumer marketing programs that optimally position products in the marketplace through advertising, public relations, packaging, and more.  Ultimately, your licensing agency will provide ongoing management of the licensing partnership, including royalty accounting, contract management and renewals.

So, if you are among those who may be considered celebrities, you have little time to waste.  Work with a licensing agency today to develop and market your personal brand!

 

Tags: , , ,

1 Response to "Developing Your Licensed Brand"

Leave a Comment