If you have a well known logo, name or character set, you have an opportunity to increase your fan-base, build on their affiliation with you, and generate some extra income too.
It all comes down to licensing your brand to be used on products not previously associated with your business. By doing so, you’re giving consumers more opportunities to integrate your brand into their day-to-day lives. Some great examples are kids’ TV characters on everything from lunch boxes and drinks bottles to swimming trunks and bed spreads, as well as drinks brands moving into clothing lines.
The children’s market is a hugely successful area for brand licensing because of how popular certain TV programmes or movies are amongst kids. They’ll pretend to be the characters and want everything they touch to be associated with the programme in some way. As a result, that brand has a huge opportunity to license their brand to be used on a large range of products that parents can buy for them. Then cue the birthdays, Christmases and other occasions to buy them new things and brand licensing shines. Obviously Paw Patrol branded gardening gloves won’t sell but if you produce products used by your target market then you are likely to do well.
For non-kid facing brands, the ones that work best are those with strong clear values. If your brand is known for its sustainability measures, or its policy towards gender fairness, or against cruelty to animals then consumer groups who share those values may be likely to spend their money on other products of yours too.
But is it really worth the hassle? Well, the other great thing about brand licensing is that it allows brands to create new products without having to invest heavily in new manufacturing processes. In fact, when done through a licensing agency like ours, you don’t even need to do research into manufacturing partners because we do that for you. We tell you which products work well for which types of consumer groups and we even help you with securing retailer deals to secure spots in stores and help with the marketing too.
If your brand is sooooo hot right now or is experiencing a bit of a revival, take advantage and investigate brand licensing. With retail sales of licensed goods reaching £280.3bn last year (link to the 2019 Licensing International Survey), it could be one of the best things you ever do.
But don’t just take our word for it. Hear from some of our clients how it transformed their business on our Case Studies page thepoint1888.com/case-studies.