When done right, licensing a brand for your product can open up a world of opportunities, introducing it to new markets, new customers and enhanced revenues.
Here at Broad Street Licensing Group, we’re all about making this process smooth and effective, so that you know exactly when your product is ready to partner with a great-fit brand.
Getting to the Core of Licensing
Before we dive into the nitty-gritty, let’s circle back to the fundamental idea of brand licensing. Picture your product carrying the face of a beloved Disney character or the logo of a massively popular NFL team, immediately capturing the eyes of consumers who stop to put your product into their cart.
Behold the magic of brand licensing – a strategic (and savvy!) partnership where a brand owner (licensor) grants another company (licensee) the rights to use its well-known name, logo, or character. This not only boosts the licensee’s product but also expands the brand’s audience reach, creating a mutually beneficial relationship for both parties.
Steps to Get Your Product Ready for Licensing:
1. Make sure your product has a clear and distinct identity and position in the market. Does your product fill a specific consumer need? Is it providing added value to consumers’ lives or following a trend? It’s crucial for your product category to really connect with consumers, making them want to reach for your product again and again. Licensing a popular brand can make your brand stand out on shelves, but make sure its consumer selling points are strong.
2. Your product needs to showcase top-notch quality and unwavering consistency. Be prepared for licensors to carefully examine your product to make sure it matches their brand’s image. Quality is a must in the licensing world.
3. Think about whether your product is scalable. Getting that license can really boost demand, so make sure your production capacity can keep up with the increased orders without sacrificing quality.
4. You’ll need to have existing distribution already in place. While licensing a brand will expand and grow your distribution and shelf space, potential licensor partners need to know that your product is already on store shelves and that you have solid relationships with retailers.
5. Make sure your product matches the potential licensor’s brand values and audience. Having a strong connection between your product and the licensed brand is crucial for a successful partnership. Find and pinpoint brands that resonate with the same target audience and values.
Setting off on the Licensing Adventure
It’s essential for your product line to meet these criteria in order to be attractive for the right licensor partners. Securing a license can open up new markets, bring excitement to consumers, and really amp up your product’s sales. It’s essential to tackle this journey with both product readiness and a solid strategy to bring these new licensed products to market.
At Broad Street Licensing Group, we’re here to assist you every step of the way. We’ll help you find the perfect licensing partner, nail those agreements, and smoothly integrate the brand into your product line. With our expertise, we’ll help your products jump off retail shelves and into consumers’ shopping carts.
