Many brand owners are now learning that there is great money to be made from licensing of brands. Licensing growth can be rapid and sustainable if you take the time to plan and manage. There are just a few rules that can help you navigate the process.
1. Get your intellectual property protected
Your brand is your greatest asset. You need to have your brand elements registered as trademarks in the territories that you expect to expand into. Hire a trademark attorney for your brands and a patent attorney for your innovations.
2. Develop a Licensing Strategic Plan
Leasing your biggest asset requires meticulous planning as to what brand extensions are required and how this will be managed
3. Develop Your Licensing Assets
You are allowing a third party to leverage the attributes of your brand. They need to understand the rules so your brand remains consistent
4. Get educated
Intellectual Property licensing education is a mix of marketing, sales, finance and law. You need to have your head around all of these elements as they support your licensing management. Iptium offers courses for company leaders.
Licensing, when carefully constructed and managed, can be a very lucrative long-term revenue stream. At a fraction of the cost for developing non-core product or service extensions and growing globally, a licensing programme could be your ticket to fast-track growth and profitability.
To successfully venture into licensing, control of your brand is mandatory. Untapped Agency offers Trademarks Attorney services and is a Licensing Agent for Brand Owners, Licensees, Manufacturers and Retailers. We extend iconic brands, copyright, fashion, designs, innovations and trademarks into innovative, new consumer products, services and promotions.