September 16, 2021
The automated and AI-powered features available with licensing software will save you time, keep you organized, and protect you from expensive manual reporting errors. But there are even more benefits to brand licensing software than the convenience of creating royalty payment reports with the touch of a button. These benefits can actually help your business increase licensing revenue, brand licensing opportunities, and more.
Here are five benefits of brand licensing software that can have a lasting and positive impact on your licensing business.
Learn more by booking a demo with Brainbase, or read on below.
Bring Products to Market Faster
As any licensor or licensee knows, it can sometimes take months — or even years — to bring new licensed products to market. Besides ironing out the brand contracts and licensing agreements, there’s a lot of collaboration that takes place between designers and licensing agents before a product approval can take place.
However, the right licensing software will make it easy to create, collaborate on, and approve product designs. That means you’ll be able to bring licensed products to market faster. Here’s why!
With brand licensing software, you’ll be able to automate product approval workflow. In other words, everyone on all teams can see the step-by-step requirements and processes for submitting and approving consumer products designs. And, you’ll be able to comment and collaborate directly on designs within the licensing software, too. (Just imagine how many messy email threads can be avoided!)
Utilizing a brand licensing platform ensures all communications, creative assets, and processes are centralized in a single place. This will increase your speed to market, allowing you to focus more on licensing strategy and product innovation, and less on staying organized.
Get More out of Licensing Data
The key to optimizing your revenue performance is using your licensing data to its full extent- and licensing software is an incredibly efficient way to do that! With automated calculations and data visualization, your team will be able to make smarter decisions, faster.
Quickly identify which contracts are not pacing with your expected licensing revenue, which distribution channels are over performing, and other brand insights that can help you identify your next moves. Don’t wait for end-of-quarter results to start number crunching- instead, brand licensing software gives you real-time insights every step of the way.
Additionally, with well-organized data, you’ll be armed with evidence to back up your licensing and brand distribution strategies when approaching new partnerships and merchandising opportunities.
Increased Brand Protection
A licensing software can help you spot conflicts between your consumer product sales reports and your licensing agreements. This way, you’ll be able to control and protect your brand image and reputation by instantly noticing when a licensor or licensee operates outside their granted licensing rights.
The best part is these conflicts are spotted right away. It can take days and months to wait for a licensing team to manually audit sales reports, but with AI-powered licensing software, mistakes can be identified and corrected quickly.
Most importantly, licensing software provides you full ownership of your brand image. You have full insights into your global audience reach, with oversight only automation can provide. With this awareness, it’s harder to use your brand in an unauthorized manner- and your brand image, licensed logo, and reputation can be closely monitored.
Find Licensing Revenue Opportunities
Whether you’re an aspiring worldwide brand, or already participating in global licensing, your licensing software will help you recognize market trends and opportunities for new market entry. While this normally requires a lot of market research, brand licensing software makes it a lot simpler to identify how well your licensed products are selling, from both a holistic bird’s eye view and on a granular level.
From there, it’s simple to identify where you’re selling best, and like-minded markets to experiment with expansion. Licensing software will help you find new global markets to enter, help you fill out the dimensions of your licensing business model, and provide opportunities to increase your income streams.
Increase your Brand Awareness
Licensing is typically a great way for a brand to expand its brand awareness. As you make more deals and carve out a niche for your brand in the market, your ability to automate processes will increase the volume of opportunities you can take on, and your brand footprint grows. As more and more consumers are exposed to your licensed products, your brand equity- the actual value of your brand- will increase.
You’ll also have more time for product innovation, and to take on the challenges brands have to overcome to stay relevant (like maintaining a strong connection with consumers, for example). And, since licensing software will also help you protect your brand, you’ll be able to focus more on brand strategy and expanding your global licensing operations.
Brand Licensing Software is the Future of Licensing
Don’t wait to provide your team with the right tools for success. More and more licensing businesses are adopting software because, overall, it gives everyone more time to focus on the part of licensing we all actually love: making deals and collaborations happen between great brands. The key to success is the right brand licensing software to help you do it all.
Book a demo with Brainbase today, and learn how our licensing software can make an impact on your business