Transforming Traditional Licensed Goods with Technology

Are you aware of the untapped potential in the world of traditional licensed goods?

At the recent Licensing Expo, it became evident to me that many IP brands and owners are not fully capitalizing on the monumental opportunity presented by the integration of digital technology into traditional licensed products. This has the power to revolutionize the market, opening up new avenues for monetization and engagement.?

Picture a world where your licensed products are more than just static goods. Imagine bringing these products to life by crafting and telling their unique stories in unprecedented ways.

A New Era of Storytelling

Today billions are spent on quick one-and-done license products - the best example is toys where over 80% of toys end up in landfills and most of them are only enjoyed for a short period - I am talking days in some cases even just a few hours.

With technology, you can bring these products to life where they can grow and evolve into more sticky and meaningful products and experiences. For instance, a child's book could record special moments throughout its lifecycle, creating cherished memories for families and be one that gets passed down to generations.

Fashion apparel could have a digital chip documenting its upcycling journey, adding depth and authenticity to the consumer experience; or clothing owned by famous people can be authenticated digitally and then sold in the secondary market with immutable proof of prior ownership.

Dynamic storytelling of verified events and persons who interacted with a digitally connected product not only enriches the consumer experience but also builds a deeper, more authentic connection with the brand.

Engaging Customers Like Never Before

Establishing a digital connection to your customers of physical goods from your brand opens up unparalleled avenues for customer engagement. Today’s consumers crave interaction and personalization, and digital goods technology delivers just that. Products can offer exclusive content, rewards, and customizable experiences.

Imagine purchasing a branded fashion accessory or sports product that unlocks special promotions, access to virtual events, or personalized messages from your favorite characters or celebrities.

But beyond receiving rewards, customers can actively participate in the product’s journey. For instance, a toy could allow children to add their stories or designs, making the toy uniquely theirs. A digital art print could invite owners to contribute to a collaborative digital gallery, celebrating their interpretations and experiences with the piece.

This continuous engagement not only enhances customer satisfaction but also fosters a vibrant community around your brand, turning passive consumers into active participants and co-creators.

Unlocking New Revenue Streams

Transforming traditional licensed goods into living digital products enables ongoing two-way interaction where other products, experiences and digital assets can be offered and upsold to your superfans.?

These digital touch points can drive additional sales by offering personalized recommendations and exclusive merchandise directly to consumers.? From a big data perspective, companies can assess where their strategic focus should be.? For example, an NFC-enabled sports jersey might suggest complementary accessories or future game tickets, turning every product interaction into a sales opportunity.

The Path Forward

A timely and win-win “future of IP” opportunity lies in the seamless integration of digital technology with traditional products.? By embracing this opportunity, IP owners can transform their products into dynamic, engaging, and profitable assets, paving the way for a new era of digital commerce.