Are You Missing a Vital Licensing Tool?

April 18, 20160 Comments

In the age of the internet, one of the most important tools for licensing is a web page or website featuring your IP and details about the licensing opportunity. For licensees, it’s one of the first places to find information quickly about the IP. It’s vital marketing tool that generates qualified leads and ultimately licensing deals.

A licensing website can speed up the deal making process. It is an efficient way of providing all timely information about the IP which means less time spent updating the potential licensee about the IP. A licensing website also explains how the licensing process works, who to contact and what forms to fill out.

If your IP is complicated or is often updated with new designs or additions, a website is the best and fastest way to keep your licensing information up to date.  I had a client whose IP was a new frequency technology used in the non-medical treatment of stress, post surgery recovery, addiction and a host of other types of physical and emotional issues. They had reams of research data (both in written and video format) with new reports coming out weekly. And the details on the use and applications of the IP was extensive. Sending (and updating) this information to each potential licensee would have added months to the licensing process.  They set up a website that made it easy to give licensees the latest information quickly. It significantly reduced the time to educate each licensee about the IP, and helped us close licensing deals in a much shorter time period.

Licensing is marketing and the licensing website is s a marketing communications tool. It’s created with the licensee in mind. For example, if you invented a new toy the audience would be toy manufacturers. The website provides all the information a toy company would be interested in knowing, such as how the toy works (i.e. videos or animation), who is the target market (boys, girls, toddlers, etc) the status of any testing or sales, and what rights are available for licensing. Include any news articles, product reviews, presentations, blogs and customers reviews.


If You Don’t Know Where You’re Going, How Will You Get There?

Trying to license your IP without a plan of action is like steering a boat without any navigational charts. You start in one direction, don’t get anywhere, then suddenly change course, but never get to where you want to go. You’ll wind up wasting lots of time money and resources doing the wrong things.  Creating a licensing plan doesn’t have to take weeks and months of work. All you need is the right tool to help you quickly organize and get your plan into action. That’s why the Quick Start Licensing Plan is one of the core tools of the Licensing Toolkit. Click here to get The Licensing Toolkit now.


A licensing summary includes all the important points about the IP and licensing opportunity. This summary should include the following:

  • One-paragraph introduction to summarize the story
  • List of benefits
  • List of how your IP is used or applied
  • IP details section
  • Why it is better than competitive technologies
  • Supporting information such as its status (development or in the market)
  • Links to published information
  • Call to action/contact information

Once your licensing website is up and running, social media outlets, such as Facebook, LinkedIn and Twitter can play a big part in your licensing initiatives. Tweeting test results or live updates from a trade show is one example. Through newsletters and blogs, you can create an ongoing dialogue with and get feedback from customers or product innovators. A large fan or customer following can make your IP much more appealing to licensees.

Once the licensing webpage is online, watch feedback from visitors. Update questions about more information or clarification on the webpage right away. The licensing webpage is a dynamic marketing tool, and keeping it updated with timely information is an important part of the licensing process.


Guerrilla Licensing: No Cost and Low Cost Ways to Promote Your IP

Getting the first licensee if often the most challenging. Sometimes it begins when you are approached by a potential licensee. Most often, it starts by promoting your licensing opportunity. During this 7 day e-course, you’ll learn about seven no-cost and low-cost strategies to promote your IP and create money making licensing deals. Read More about “Sign Up – Guerrilla Licensing”

 

Filed in: Strategy
Tagged with:

About the Author ()

Rand is President / CEO of Licensing Consulting Group, an intellectual property management and licensing company specializing in assisting clients in IP Management, Strategic Consulting, Acquisition of Licensing Rights, and Property Representation. Rand has licensed some of the biggest Hollywood blockbusters, including “Batman” and the “Mighty Morphin Power Rangers”, both of which generated billions of dollars in worldwide merchandise sales. He has lead various international licensing programs as both licensee and licensor, and through consulting projects focused on licensing strategy, brand development, sponsorship sales and property representation.

Leave a Reply

Back to Top