There are few strategic business tools that can help grow your brand’s equity and revenue faster, with as limited necessary resources, as brand licensing. If your organization is focused on growing your brand, bringing in new revenue and increasing customer touch points, consider these two key benefits that licensing offers when implemented as part of your overall brand strategy.
One key factor that differentiates licensing from other brand-building initiatives is that significant growth can be achieved within a limited scope of time. Through licensing, a brand has the capability to enter new categories and channels of distribution, not in years, but in months. Rather than being held up by internal product design and manufacturing concerns, a brand can partner with an expert licensee that already has experience building out their product to ensure it is ready for market.
Additionally, licensee partners have strong distributor and retailer relationships already in place. This time savings for brands is hugely valuable. It means your brand will gain presence and exposure on store shelves quicker than with other avenues.
Licensing also allows brands to build potential new businesses and test different geographical markets with very low up-front risk. A licensee partner absorbs a majority of responsibilities for building out a brand extension licensing program.
By eliminating the need to build, pay for and staff a new business initiative, your team can focus on growing your core business. Gaining licensee expertise in a category new to your business is hugely helpful. Being able to supervise a program without needing to allocate money or sacrifice key personnel to execute it is even more beneficial.
Licensing your brand into natural product extensions offers your brand a faster path to market while requiring less resources to achieve it. It is a strategic tool that saves companies time and money and creates real opportunities to help grow a brand quickly, effectively and for the long term. As you consider your short and long-term brand growth strategy be sure to include brand licensing in the conversation.
LMCA was founded with the mission to help companies grow their business using strategic brand licensing. For over 32 years, we have been helping brands like yours build their core business and have built more top 100 licensing programs than any other firm. Today, our clients’ licensed product sales reaches $6.5B annually. Learn more about how brand extension licensing can expand your reach, your customer base and your bottom line. Contact Us Here
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