Selecting a brand with the right attributes is crucial to the success of your retailer-exclusive brand licensing strategy. Here are 5 critical questions to ask about any potential brand licensing arrangement:
- Does the brand complement your existing brands?
Is it compatible with your product set, without being redundant?
- How does the brand reflect on your store's overall brand?
Does it add excitement while reflecting your store's core values?
- Does the control label brand have star power?
Does it have the recognition and positive consumer associations to drive sales? Does it enjoy exposure in other categories, effectively multiplying the value of your marketing investment?
- Does the brand offer the potential for joint marketing opportunities?
Are there opportunities for leveraging marketing synergies with complementary, win-win partnerships and promotions?
- What is the brand's true value?
Do you know how to assess the value of a particular licensed brand...and how to negotiate the most advantageous licensing deal?
There's a lot more to brand licensing for proprietary brands than meets the eye. Selecting and licensing the right brand and developing a comprehensive retailer-exclusive brand strategy takes specialized skill and knowledge.
Learn how Constellation Management Group takes the guesswork out of building brands with exclusive licensing through our Constellation Brand Analysis.