How do you scale up your licensing strategy and enter new markets?

1 Find the right licensees

The first step is to identify potential licensees that have the capabilities, reputation, and reach to sell your product effectively. You can use various sources of information, such as trade shows, industry publications, online databases, and networking events, to find potential partners. You can also approach companies that are already selling complementary or competing products in your target markets. You want to look for licensees that share your vision, values, and goals, and that can offer you favorable terms and conditions. You also want to avoid licensees that may dilute your brand, infringe on your rights, or cannibalize your sales.

3 Support your licensees

The third step is to provide ongoing support and assistance to your licensees to help them succeed in their markets. You need to communicate regularly with them, monitor their performance, and provide feedback and guidance. You also need to provide them with training, materials, and resources to help them market and sell your product effectively. You may need to adapt your product to suit different customer preferences, cultural norms, or regulatory requirements in different markets. You also need to resolve any issues or disputes that may arise with your licensees in a timely and professional manner.

5 Protect your intellectual property

The fifth step is to protect your intellectual property from unauthorized use, copying, or infringement by third parties. You need to register your patents, trademarks, copyrights, or trade secrets in the markets where you license your product. You also need to enforce your rights and take legal action against any infringers or violators. You also need to educate your licensees about your intellectual property and how to protect it. You also need to audit your licensees regularly to ensure that they are complying with your licensing agreement and not misusing or disclosing your intellectual property.

6 Evaluate your licensing strategy

The sixth step is to evaluate your licensing strategy and measure its results and impact. You need to track and analyze various indicators, such as revenue, profit, market share, customer satisfaction, brand awareness, and social good. You also need to compare your performance with your goals, expectations, and benchmarks. You also need to solicit feedback from your licensees, customers, and stakeholders to identify strengths, weaknesses, opportunities, and threats. You also need to review and update your licensing agreement as needed to reflect changes in the market, technology, or regulations.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?