Brand Licensing For Dummies

Description

Your guide to profiting from the world of licensing The brand licensing business is everywhere, turning intellectual property in sectors like entertainment, sports, and fashion into consumer products. Brand Licensing For Dummies offers advice from a pair of the leading experts on licensing to anyone entering the business of connecting content owners with product creators. In this clear guide, you'll learn about the inner workings of licensing and how both licensor and licensee benefit. Discover how to identify opportunities, negotiate deals, market licensed products, and navigate the legalities of licensing. Licensing gurus Steven Ekstract and Stu Seltzer bring decades of experience to this guide, demystifying the world of licensing and teaching you all about the win-win partnerships that allow licensors and licensees to do the things they do best. • Discover why licensing is valuable to licensors and licensees alike • Explore licensing agreements and different types of deals • Learn how to spot a valuable licensing opportunity • Negotiate solid licensing deals using the latest strategies This book is a must for brand managers, licensing executives, intellectual property attorneys, product developers, marketing managers, and business owners. Whatever your role, Licensing For Dummies will give you practical guidance, legal insights, and strategic approaches to the dynamic landscape of licensing agreements and intellectual property management. Title Page Copyright Page Table of Contents Introduction About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here Part 1 Getting Started with Licensing Chapter 1 How Brand Licensing Works Getting a Bird’s-Eye View of Brand Licensing Seeing Why So Many Top Companies Love Brand Licensing Licensing as a marketing powerhouse Brand Licensing 101: How Coca-Cola capitalizes on its brand Step 1: Spend big to make big Step 2: Turn fans into free ads Step 3: Be selective Exploring the licensing of other brands Deploying a Brand Licensing Strategy Examining the different categories of brand licensing Understanding trademarks, copyrights, and patents Boosting sales through brand licensing Brand Licensing Includes Products, Services, and Experiences Consumer products: Recognizing the licensing everywhere Experiences: Selling memorable moments Navigating Digital Licensing: The New Frontier Bringing Together Brand Collaborations Chapter 2 Probing Branding: Why People Buy Defining Branding Investigating the Ingredients of Branding Breaking Down Why Branding Is Important Trusting in Brands Why trust matters in branding How brands build trust Emotional Branding: Creating Connections That Last Branding through pop culture Considering consumer psychology and brand desire Building Brand Trust with the Purchase Pyramid Tapping into the Power of Brand Licensing Noting Three Key Brand Licensing Principles You Can Apply Right Away Licensing can make a good product great Licensing can be your sustainable competitive advantage All licensing is risky; take calculated, manageable risks Chapter 3 Where on Earth Do Brands Come From? Recognizing Top Brand Licensors The Walt Disney Company ($62 billion estimated) Authentic Brands Group ($28 billion estimated) Dotdash Meredith ($26.4 billion estimated) Warner Bros./Discovery ($15 billion) Hasbro ($14.1 billion estimated) NBC Universal/Universal Products & Experiences ($11.5 billion) The Pokémon Company International ($10.8 billion) Bluestar Alliance ($8.5 billion estimated) Mattel ($8.5 billion estimated) WHP Global ($7.5 billion) Eyeing Entertainment Licensing for Consumer Products and Experiences Finding Opportunity in Entertainment Tapping into Brand Licensing for Products of All Kinds Getting creative with art and culture licensing Licensing nonprofits and associations Expanding licensing with artificial intelligence Bringing a Product Back to Life: Zombie Brands Chapter 4 Exploring Licensing Trends and Innovations Tracking the Rise of the Brand Collaboration Breaking down why brands combine Understanding what makes a great collab Drawing on the passion of superfans Digital Licensing: Finding Opportunity Online Looking at two examples of online licensing success Talkin’ non-fungible tokens Understanding phygital products Bringing brands to online betting Seeing How Video Game Brands Are Winning with Licensing Glimpsing the metaverse through sandbox games Discovering brand licensing in the metaverse Growing Opportunity in Cannabis Branding and Licensing Maximizing YouTube Celebrity through Licensing Connecting with a Brand through Experiential Licensing Part 2 Diving into Licensing Chapter 5 Navigating the Licensing Process Knowing Where to Research Licensing Opportunities Turning to online publications for intel Using AI and the Internet Understanding How to Match Product to License Retail intelligence Non-exclusive licenses Immersing Yourself in the Licensing Trade Leveraging trade associations Bringing in a licensing consultant Working important trade shows and conferences Developing Relationships in the Business Building trust Crushing the first conversation with would-be partners Determining your unique selling proposition Translating that trust into a pitch Practicing your pitch Chapter 6 Negotiating the License Deal Connecting with the Brand Owner (Licensor) Meeting licensors at a licensing trade show Hitting an industry trade show Turning to social media Leveraging industry directories Using Your Research to Your Advantage When You Make Contact Finding and Hiring an IP Attorney Crafting and Submitting Your Licensing Proposal Estimating sales and royalties Understanding the guaranteed minimum royalty payment Advancing to the Next Stage: The Licensing Agreement and Term Sheet Negotiating basic terms of your licensing agreement Creating the term sheet Discussing Additional Terms Knowing When to Walk away from a Bad Deal Finalizing the Long-Form Legal Agreement Chapter 7 Getting Your First Licensed Product Up and Running Designing Your Product Landing on how it looks Hiring a designer Wait for it: Being patient about product approval Building trust as a new licensee Finding the Right Manufacturer for Your Product Following a licensor’s guidelines Mass-market manufacturing for retail Print-on-demand Considering shipping and duty costs Crafting a Compelling Package that Meets Licensor Requirements Developing Your Pricing Strategy Getting the Word Out through Marketing and Public Relations Maximizing public relations efforts Letting the industry know your name: Trade advertising Advertising to consumers Tracking Sales and Royalty Reporting Hiring a Licensing Manager to Address Growth Chapter 8 Developing Retail Understanding What Retailers Want Comparing Wholesale versus Retail Following the Channels of Retail Distribution Finding the Best Retailer for Your Product Researching potential retail partners Breaking down who’s who at the large retailers Understanding the three-star process How the three-star process works Why the three-star process matters Getting your products placed at retail Becoming a preferred vendor Evaluating Brick-and-Mortar and E-Commerce Options Going for the Goldilocks solution: Hybrid retail Addressing Amazon’s 1P and 3P selling options Developing Marketing Promotions for Consumers Utilizing your partner’s existing marketing tools Knowing when to bring in an outside agency Working with your licensor partner Part 3 Forging and Maintaining Strong Licensing Partnerships Chapter 9 The Key Points in a Successful Partnership Building Strong Partnership Teams Developing and Maintaining Relationships with Licensors Staying connected with your licensor Troubleshooting product development obstacles Embracing ongoing communications Respecting the partnership Chapter 10 Keeping Your End of the Deal Reporting and Paying Royalties Sending your reports as agreed Paying your royalties on time and in full Identifying licensors’ common complaints Dealing with an Audit of Royalty Payments Understanding why your licensor decides to audit Going into an audit with the right attitude Pinpointing common audit issues Coping with confrontation when the auditor finds accounting errors Addressing Administrative Tasks in Licensing Part 4 Maximizing Sales through Licensing Chapter 11 Selling Your Licensed Products Peeling Back the Layers of a Licensing Business Understanding Aspects of Retail Business Development Recognizing the strength of existing licensed brands Qualifying your distribution strategy Preselling licensed products to retail Embracing marketing assistance from the licensor Capitalizing on the brand value of your products Aligning retail distribution and marketing strategy Setting Up Your License Agreement for Retail Success Planning an appropriate length of term Understanding your financial obligations: The minimum royalty payment guarantee Mitigating your risk Watching Out for Challenges in the Market Adjusting agreements for timing delays Playing it safe with franchise classics Carefully managing celebrity licenses Invoking a morality clause Canceling a licensing agreement for cause Chapter 12 Marketing Tools That Boost Retail Sales Taking Direction from Your Partners The licensor’s investment in your marketing Tapping into retailers’ marketing muscle Using Social Media Marketing to Reach Your Target Audience Embracing social media for product promotion Recognizing the scope of social media use Distinguishing Customers from Fans and Superfans Going from consumers to fans: The social media effect Sliding into superfandom Engaging with convention-al fandom Chapter 13 Globalization of Brands America: Land of the Free, Home of the Brand Advertising builds brand recognition Hollywood adds scope The United States bursts with brand power Setting Your Sights on the Global Market Responding to global demand for a unique product Dissecting the size and scope of the global marketplace Securing Licenses for International Markets Globalization of retail businesses Sublicensing Finding global properties Looking at a global IP phenomenon Recognizing popular trends related to IP Chapter 14 The Future of Brand Licensing Learning from the Past to Predict the Future Riding the Technology Wave Examining Emerging Tech Shaping Licensing AI-generated brands and IP Blockchain and NFTs: The future of digital ownership Virtual goods and the metaverse: Licensing in a digital world Print-on-demand (POD) Smartphones and apps: The mobile licensing revolution Culture Meets Commerce: Seeing How Trends Shape Licensing Business trends: The changing landscape of licensing Tracking the rise of licensing holding companies Bringing dead brands back to life Dealing with direct-to-retail (DTR) partnerships The off-price boom: Licensing for discount retailers Retail consolidation: Working with fewer but bigger players The sharing economy: Branding beyond products Cultural trends: What consumers want now Food, health, and lifestyle licensing Entertainment and media: From screen to shelf Fandom and experiential licensing: The age of immersion Part 5 The Part of Tens Chapter 15 Ten Do’s (and Don’ts) for Licensing Do Thorough Research on the Brand Opportunity Do Plan Properly Do Set Realistic Financial Expectations Do Walk Away from Bad Deals Do Leverage the Licensor’s Marketing Power Do Build Strong Relationships Do Stay Compliant with Licensing Agreements Do Invest in Quality Legal Support Do Consider Hiring a Licensing Consultant Do Consider the Risks Chapter 16 Ten Essential Tips for Licensors Develop a Strategic Licensing Plan Invest in Style Guides and Presentation Materials Join the Licensing Community Ensure Your Trademarks Are Protected Stay on Top of Tracking and Optimizing Licensing Revenue Consider Hiring a Licensing Agency Keep Your Brand Safe and Successful by Managing Licensing Risks Plan for a Long-Term Investment Strengthen Your Partnerships by Hosting a Licensing Summit Expand Your Licensing Program Globally Chapter 17 (Nearly) Ten Brand Licensing Areas Entertainment and Character Licensing Corporate Brand Licensing Sports Licensing Fashion and Apparel Licensing Celebrity and Influencer Brand Licensing Music Brand Licensing Art and Museum Licensing Nonprofits and Licensing Index EULA