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DAThis is how you can work with the biggest licenses in the world.
I have done over $100 million in sales working with brands like Disney, Warner Brothers and Pokemon.
Licensing works well because you are connecting the emotion of your brand to a well loved brand.
You can get new customers who would never have considered shopping with you before.
Step 1 is you need to identify the correct partner for you.
If you have a small business, the big licenses might not be right for you.
This is because many of them insist on something called a minimum guarantee.
This is where you need to guarantee them a certain amount of sales in a year.
If you don’t make those sales, you will still need to pay them what you agreed upon.
If you are in a really niche category, they will be more lenient with the minimum guarantees because let’s face it, some money is better than none.
If you are in a big category, you may need to work with very niche licenses as the big players probably wont even reply to you.
Step 2 is reaching out to their licensing managers on Linkedin or via their website explaining that you want to pitch them an idea.
If it’s a really niche license, they may not even have a licensing department yet. This doesn’t mean that you can’t collaborate with them. Just reach out to their founder and have a call!
Step 3 is you will need to sign documents that determines the royalty. This means that a percentage of the sales you make will go to the licensor.
And finally, you will need to create the product and probably get the license to sign off on the designs as they want to protect their brand.
#Licensing can be quite demanding on all your #ecommerce teams, requiring regular forecasts and new products however it is a huge opportunity.
@daviefogarty
