Companies utilize licensing for a variety of reasons including defending market share and increasing awareness, relevancy and importance to consumers. As companies’ needs change and industry priorities shift, brands are using licensing in more strategic ways than ever before.
Here is a list of way companies are creatively using licensing as a strategic tool to help grow their business. They include:
- Testing affinity to new product or service categories
- Reducing learning curve, avoiding start-up mistakes and getting to market faster
- A first step to joint ventures or acquisitions
- Expanding into new territories, new technologies or new channels of distribution
- Boosting top-of-mind brand awareness
- Enhancing and contemporizing brand imagery
- Building and strengthening brand relevance among current or target consumers
- Acting as a potential takeover defense
- Filling product gaps and boosting channel clout
- Gaining technological, distribution and other insights into new businesses
- Helping to strengthen a brand’s legal registration or extending it into new territories and product and service categories
- Boosting brand valuation
To learn more about the ways in which strategic licensing can help grow your business, visit our Solutions Page.
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