How to Let Your Customers Sell Your Licensing Deals

August 2, 20170 Comments

Your invention is new, but is it really better? Is it really different? You need objective opinions, and it shouldn’t come from your friends and family. They won’t give you honest, objective opinions. It’s likely they’ll say only positive things to avoid conflict or simply to show their support.

So how do you confirm your intellectual property is really better and customers love it? By testing it on social media.

Social media is a quick and easy a way to get feedback. Crowd sourcing customer feedback on websites such as suggestionbox.com or Feedbackify.com are of the best ways. You can get retail buyer feedback for new product inventions at websites such as buyerly.com.

You can also do your own test marketing and give away products or services to get customer feedback, testimonials and proof of your IP’s market potential.

One of my clients invented a biodegradable material for making umbrellas. They would produce samples and give them away at outdoor events, green events and especially at rainy day events. Customers loved the umbrellas and they wound up attracting the attention of several umbrella manufacturers interested in licensing their IP.

If your intellectual property is still in development, or you are just getting started, then sampling is a low-cost strategy that is one of the best. If your IP is a tangible product, such as a new invention or software, then  consider giving away samples at events. If it’s intangible such as a process or systems, let customers experience it or use it in some way.

Licensing partners like IP that has customers ready to buy. Nothing sells a license better than customers who want to buy your products, services or technology. Think about what you can do with your IP to get it in your customers hands. Get their testimonials and let your customers help you transform your IP into money-making licensing deals.

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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.

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