Grow Brand Value While Accelerating Revenue Growth
Brands have become an essential component in how consumers purchase, perceive and learn about products and services. This means that increasing brand licensing value is critical to any brand's successful progression. Fortunately, there are three proven ways that will set you on the path to effectively increase the licensing value of your brand.
Related: Extend Your Brand's Reach With Licensing
1. Strengthen your brand's reputation.
When consumers are delighted by a particular brand experience, they begin to bond emotionally with the brand. They become brand loyalists and advocates -- buying the brand more often and recommending it to others. This behavior serves to build the brand's reputation. In fact, consumers will often purchase a brand for the first time because of its reputation. The brand, therefore, adds value and certainty to a product made with unknown hands.
The stronger a brand's reputation, the higher the value of the brand and the greater revenue it will drive for its owner. Prospective licensees want to gain rights to brands with the strongest reputation as these are the brands consumers demand and retailers prefer most. The stronger the brand, the higher likelihood that the licensed products will sell in and sell through.
2. Increase your brand's expandability.
Brand loyalists and advocates look to their preferred brands to deliver more and better products year after year. When this occurs, the brand gains permission to expand into categories that complement its original offering. For example, the Mr. Clean brand, owned by P&G, was launched in 1963 as the first household liquid cleaner. Over time, the brand gained a strong reputation for its ability to clean effectively on a variety of surfaces.
By delighting its consumers, Mr. Clean built significant brand loyalty and allegiance. When asked, consumers told the Mr. Clean brand team that they expected the Mr. Clean brand to offer additional products that simplified and enhanced the household cleaning experience. To satisfy these consumers, Mr. Clean developed a line of branded mops, brooms and brushes. These products were met with enthusiasm and over time, consumers demanded even simpler and more effective ways to clean their homes...
https://www.entrepreneur.com/article/324108
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by Idham Azhari
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