On the 2nd of November 2022, BrandTrends CEO Philippe Guinaudeau took part in the ‘7 Steps to Find the Best License’ webinar hosted by License Global. Participants were given access to fundamental insights as well as the opportunity to:
- Learn how to distinguish between “excellent” and “best” licenses
- Discover specific analytics for cutting-edge sales prediction
- Learn about current entertainment licensing trends that will influence your decision-making
Missed the webinar?
Don’t worry, you can find the recorded webinar here !
Alternatively, below is a brief recap of what was discussed.
The objective of the webinar was to carry out an in-depth look at the 7 steps to predict what license will perform best for you at retail. The seven steps are as follows:
1. Master your brand identity
2. Know your customers (better than they know themselves) and identify their emotional journey
3. Understand the brand attributes of your target market
4. Assign value objectives to your product line
5. Search for potential licenses
6. Know your license selection criteria
7. Negotiate compensation and deliverables
Philippe Guinaudeau displayed key insights based on the brand engagement funnel. The brand engagement funnel consists of the following components:
Consumers should be aware of your brand, with or without purchase desire
Consumers must connect with your brands and understand what they are
The first level of engagement is past action, ex: past purchases
4. Purchase intentions
The second level of engagement is purchase intention, and purchase intention by product category
To efficiently distinguish brand licensing potential, a brand matrix of brand popularity vs. merchandise appeal was presented, indicating which brands were prime candidates for successful commercialisation, which brands had more/less merchandise potential than their popularity would indicate, and which brands were less likely to appeal to consumers.
The customer-based brand equity model (CBBE) was also referenced when discussing improving brand affinity. This model is “the differential effect of brand knowledge on customer response to the marketing of the brand” (Kevin L Keller). The four key components include awareness, loyalty, image, and perceived quality.
When discussing assigning value objectives to your product line, participants were presented with real data for the Pokémon brand, demonstrating the amount of kids who were aware of the brand, like it a lot, is within their top 3 favorites, own an item with the brand, and would consider purchasing one. You can find these insights here, in the recorded webinar. Based on this data, the consumer demand gap was analysed to discover the likeability of the brand, and how it ranks against the market average.
Viewers were then guided through a sample list of potential licenses selected based on a 45%+ purchase intention tag for apparel (meaning the purchase intentions for those brands on apparel products were above 45%).
The next step is to define your license selection criteria (For ex: cross-gender, 7-14 year olds, robust internationally, strong in apparel purchase intentions, does not belong to the big 4: Disney, WBD, Paramount, Universal).
The final step in predicting the best license for you in retail is to negotiate compensation and deliverables. This step consists of discussing the licensing contracts to get the property for your categories/countries, and ensure you get the best deal to know which license would work best for your products.
BrandTrends can help you evaluate each phase of the consumer’s journey, from discovery to purchase intentions, in a full competitive environment. BrandTrends reports include the recommended insights discussed in the ‘7 steps to predict the best license for you’ webinar.
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