Developing a brand licensing strategy for a product involves a series of steps and considerations to ensure that the licensing arrangement benefits the licensee. Let us share our proposal for a strategic framework for implementing a brand licensing strategy:
Define Your Objectives: Clearly outline your goals and objectives for the brand licensing arrangement. These could include a product launch, a re-branding, revenue generation, brand exposure, market expansion, or complementing your existing product line.
Market Research: Conduct comprehensive market research to identify potential product categories and assess market demand. Analyze consumer preferences, trends, and competition in the target market.
Select the Right Product Category: Choose a product category that aligns with the brand and resonates with your target audience. Ensure that the selected category is a natural fit for your brand identity.
Legal Protection: Ensure that your brand is legally protected with trademarks and copyrights in relevant jurisdictions. Work with a well established brand licensor who safeguards intellectual property rights.
Licensing Agreements: Pay much attention to a clear and comprehensive licensing agreement that specify the rights and responsibilities of both parties. Find a flexible licensing partner who offers various options in duration, exclusivity, and territory.
Marketing and Promotion: Collaborate with your licensor to develop marketing and promotional strategies that support the licensed product. Coordinate marketing efforts to maximize brand visibility and consumer engagement.
Retail Strategy: Determine the distribution strategy for the licensed product. Decide whether it will be sold through existing retail channels, online, or through exclusive outlets.
Consumer Engagement: Engage with your customers to gather feedback on the licensed product. Their opinions can help you refine your marketing and product development efforts.
Exit Strategy: Develop a plan for exiting the licensing arrangement if it doesn't meet your expectations. This could involve renegotiating terms, terminating the agreement, or seeking alternative licensing opportunities.
Long-Term Vision: Keep a long-term perspective in mind when pursuing brand licensing for a product. Evaluate how the licensing arrangement aligns with your brand's overall growth and sustainability.
Learn from Experience: Continuously learn from your brand licensing experiences, both successful and unsuccessful. Apply these insights to refine your licensing strategy for future products and partnerships.
A well-executed brand licensing strategy for a product can be a mutually beneficial arrangement, allowing your brand to extend its reach and generate additional revenue while providing consumers with new and appealing products that align with your brand's values.
The case of Schaub Lorenz International
The Brand has a history of over 140 years of innovation and German quality standards. It is already well known for it's smart and flexible Licensing Model. The company is now offering a range of advanced services which help licensees to fully expand their success.
The brand has developed marketing strategies which can be adapted to any product line in consumer electronics and to any market. It uses all available media and techniques tactically placing them within a successful conversion funnel.
An expert team helps every licensee to to find the best strategy in order to best leverage on the power of the SCHAUB LORENZ License. Partners can even contact the Consulting Team before entering an agreement.
Learn more about getting started
The SCHAUB LORENZ team is ready to consult manufacturers and distributors of quality products on how to succeed in markets in over 99 territories all over the world. The services offered go far beyond licensing and include consulting and implementation of modern marketing and sales strategies.