During the 1930’s Great Depression, board games were a smart way to pass the time since most people didn’t have much money to spend on entertainment. During that time, Charles Darrow, who, like many Americans, was out of work, patented and popularized the game Monopoly (although he isn’t the original inventor). His self-promotion and sales of the game eventually paid off when he caught the eye of Parker Bros, who bought the rights for it from him.
Promoting your IP is one of the essential activities for attracting licensing partners (or, as Charles Darrow did find a buyer for your IP). But it takes more than just owning a patent, trademark, or copyright. You must do something with it to make it a compelling IP to attract potential licensing partners. And today, you must create a compelling story combined with the right marketing tools to get the word out about your IP.
Unlike the 1930s, today, there is a myriad of different ways to promote your licensing opportunity. Marketing your IP requires creating a licensee marketing program that tells your IP story, provides the right kind of information, and is delivered through the right type of marketing channels. And each channel requires something different based on your target licensees.
Personal social media sites such as Facebook and Twitter are person-oriented, whereas LinkedIn is primarily business-oriented. Each of these sites allows you to target your outreach to specific fields or industry groups and connect with potential licensing partners. For example, if you’re IP is artwork, these sites let you focus on those with interest in selling and using artwork, such as artists, designers, home textile manufacturers, and more.
Plus a host of websites, blogs, tradeshows, and industry trade associations where you can connect with companies, customers, and other entrepreneurs in those industries.
And to successfully capitalize on these marketing channels, you must have the right information tools. These include websites, videos, documents, research, and a host of other information necessary for a potential partner to educate themselves about your IP. Most important, it must be easy to access and share. Nothing puts the breaks on an interested partner faster than having to weed through confusing information, long videos, lengthy presentations, or dozens of download links to learn about your IP.
When it comes to promoting your licensing opportunity, it’s all about getting the word out. The goal is to attract the interest of potential licensing partners. Remember, it takes more than just a few emails. It takes a marketing campaign targeted to the right type of partners. And it requires using the right kind of marketing tools to provide the right information in the right way.
Do you lack the marketing skills to promote your IP? Then sign up for the upcoming live free coaching clinic, Marketing Secrets of the Licensing Pros. Click here to reserve your spot today.
