How to Find a Winning Property for Licensing

In last month’s column, we discussed the basics of licensing and how licensed products can propel your sales. As you start to understand licensing and follow the industry, you may consider entering into your own licensing deal or seeking out more licensed products for your store. But, what should you know before you sign your first licensing deal and how do you get connected with the right licensors?

Network

As with any business, networking is the best way to connect with licensing professionals who can help you grow your business.

Licensing Expo 2014, taking place June 17 to 19 in Las Vegas, is the world’s largest and most influential trade show dedicated to licensing and brand extension. The show is attended by more than 15,000 professionals, and more than 400 exhibitors represent upwards of 5,000 brands. Registration for Licensing Expo is free and retailers will have access to the Retail Buyers Lounge where they can network and hear brand strategy directly from brand owners.

You may also consider joining the Licensing Industry Merchandisers’ Association, the leading trade organization for the global industry. As a member you’ll have access to a global directory, extensive educational programming and worldwide networking events.

Have a Plan

Before diving headfirst into networking, put together your plan. Identify what you want to accomplish at Licensing Expo 2014 and prepare before the show starts:

• Review attendees and select who you want to meet with.
• Set meetings. Licensing Expo is an appointment-driven show.
• Review brand owners’ news so you are prepared to ask questions.
• Identify which seminars and events you want to attend. Consider registering for Licensing University.
• Bring a stack of business cards, an open mind and comfy shoes. Walking the show floor is the best way to discover new brands and companies.

Identify a Good License

As you meet with brand owners and contacts, have a discerning eye toward brands that are:

• Relevant to your customers’ interests
• Consistent in brand image and quality
• Credible, a brand that consumers believe in
• Inspirational, leading the way in innovation, design or technology
• Unique & different
• Constantly refreshed

In addition to looking at the relevance of a brand to your customers’ needs, be prepared to ask the right questions, such as:

• How much marketing support will I receive from your company?
• Many companies will make a claim that their brand is “number one,” ask for specific time periods, competitors and context.
• What product success are you already enjoying?
• Who are your top competitors?
• What are the content drivers for this property and how often will they be refreshed?
• Who is the brand consumer? (If they say ‘everyone’ it is a red flag) How did you select this target consumer?
• How have you selected the licensees to represent the property? Are they experienced in licensing? Are the leaders in design?
• What are the best practices you’ve seen from other licensees?

Next month, we’ll take a look at what trends will be hot in 2014 and beyond. To review last month’s licensing article titled “What Every Retailer Should Know About Licensing”, please click here.

Learn More 

To learn more, visit www.licensingexpo.com. Leading up to Licensing Expo 2014, taking place June 17 to 19 in Las Vegas, we’ll be telling you more about licensing – how to find a winning property and what trends will be hot in 2014 and beyond. Licensing Expo is the meeting place for retailers, licensees and manufacturers to network with licensors and hear brand strategy directly from the brand owners themselves. Visit www.licensingexpo.com/registertoday to register now!

Contributed by Jessica Blue, Vice President of Licensing Expo.