The past 15 months of the global pandemic have brought substantial changes and challenges to the business of licensing. At the same time, it has also reinforced the power of brand licensing as a powerful marketing tool. Learn How the Pandemic Reinforced the Importance of Branded Culture here.
Licensing is a must in today’s world. It opens you to more retailers, more marketing opportunities, more consumers, and potentially more sales.
But how can you tell if the license you have is working for you? The only way to know for sure is to dive deep and analyze your data to get key insights into what’s working and perhaps even more importantly, what is not.
Finding Rich Data
Sifting through lots and lots of data can be overwhelming. There can be so much data that it’s hard to find what to focus on. lets you sift through all your data to find key insights and crucial information that can help you make strategic decisions.
Is a License is Working or Not
To see if a license is working or not and if you’re getting the most out of that license, you’ll need to examine more than just sales. It takes a deeper dive.
- Are you in the right product categories?: Rich data can help you see which categories are working and which are dropping off. Spot the trends in real time to focus on the categories that are working and analyze the categories that are not. Does a course correction need to be made or is this category simply not a good match for the license?
- Do you have the right mix of SKUs?: Finding the right balance in a mix of SKUs is important to retailers, consumers, and especially to the licensee. Taking a deeper dive into how your SKUs are performing can help you see where there are areas of opportunity as well as areas of oversaturation.
- Are you in the right retail channels?: How is the license doing in each retail channel. Does it do well only in e-commerce? Does it do better in a physical location? Are there more sales in specialty? Have the discount store sales skyrocketed? Where your license is doing well and doing poorly at retail can open up a whole new world of understanding in where and how to sell and market your licensed product.
- Are you in the right territories?: By diving deeper into territories, you can unlock lots of opportunity. Territories where a license is doing extremely well could benefit from more SKUs and/or categories. Territories where a license is doing poorly require a more in-depth look. Sometimes it’s not the license but the execution. Not all artwork and color palettes work the same in all territories. Not all territories have the same affinity for all brands. This is where a deeper dive into rich data can help.
When you can get valuable performance insights in real time you can use this rich data to strategically improve your operations, allowing you greater success in the licensing arena.
Learn more about Dependable Solutions’ automated brand licensing solutions that help you dive deeper and get smarter business analysis and understanding into your licenses.