Global licensing campaigns are critical tools for anyone who seeks to financially profit by allowing others to legally use the intellectual property over which they have rights. These campaigns are a method of patent monetization which has been shown to bring positive outcomes to the related brand in all the regions where the campaign is active.
The benefits of a global licensing campaign related to a patent are not only financial. A well-planned global licensing campaign protects a patent owner from litigation, strengthens the business’s standing in the minds of its customers, and helps the business enter new markets without increasing either ongoing expenses or capital expenditures. For these reasons, if the intellectual property in question is a patent, the patent owner should use certain strategies to ensure the success of the global licensing campaign.
Brand awareness is the most important factor in determining the success of any global licensing campaign. This is equally true when such campaigns are used for patents. If a patented product does not have a sufficient level of brand awareness, it will not be able to succeed in the current market no matter how well-planned the campaign may be. To establish brand awareness, a patented product must play to the current trends of the market in order to establish a form of rapport with potential customers.
To determine the level of brand awareness for a particular patented item, quantitative and qualitative research should first be conducted by the patent owner. In addition to consumer awareness, other points to research include market dynamics, competitive landscape of the industry, expected market share in proposed new markets, and scope of opportunities for the patented item. After every element of brand awareness has been determined through the results of such research, the global licensing campaign may use these results to become much more successful.
Every global licensing campaign must be backed by a sound strategy. For such to be the case, several factors must be considered. These include consumers’ expectations of the patented item, primary brand attributes, any other existing patented products marketed under the same brand, and the campaign’s overall goals and objectives. In most cases, a brainstorming session will be held in order to properly discuss these points.
Following the brainstorming session, the patent owner will often proceed to the creation of a strategic plan. Such a plan ought to be designed to provide the brand with additional exposure for the patented product by expanding its retail presence. The plan should also reflect the brand values related to the patented item without compromising the product’s commercial viability. This way, the patented item will become much more likely to take advantage of a variety of market opportunities.
Strategic Processes and Tools
A well-planned global licensing campaign for a patent should make use of certain processes and tools to refine its strategies. To do so, a patent owner may choose to dedicate certain resources to licensing sales, licensee management, a brand asset library, and a contract administration system, among other possibilities. These can all be used to facilitate the general success of any global licensing campaign.
An approval team should also be formed in order to assess the patented products to be sold by any licensee. If the products are approved and comply with the brand’s style guide, the licensee may then submit a pre-production sample prior to final production. The approval team is a crucial tool which allows the business behind the brand to operate smoothly, allowing the campaign to proceed seamlessly in this way.
After the campaign has begun, it is necessary to optimize it to obtain the best possible results. Optimization may take the form of cross-promotions among licensees, management of the campaign’s daily operations, the sharing of best practices among licensees, and evaluation of licensees relative to the brand’s standards for success and general corporate plan.
Through campaign optimization, resources can be invested more appropriately and licensees can live up to their financial potential. Licensed patented products can also be improved; it will additionally be possible to refine channels of distribution. Campaign optimization may even provide brand owners and licensees with the most suitable methods to promote the campaign itself.
This article is brought to you by Exy Intellectual Property Malaysia and Singapore.