#LicensingLeader – 8/13, Stu Seltzer
#LicensingLeader is a new event where LIMA works with licensing executives from various segments of the industry, opening dialogue between them and an eager licensing audience on Twitter. We kicked off our #LicensingLeader Twitter chats on Thursday, August 13. We were lucky enough to have Stu Seltzer, President of Seltzer Licensing, as our first expert, discussing the basics of licensing!
Here’s some key takeaways from the chat:
Factors to take into account when you look at licensing your brand? Consider the strategic fit of your brand with potential licenses. The wrong strategic fit can be harmful to your brand. Just look at Seltzer Licensing’s tagline: “The Right Alliance Makes All the Difference.” Make sure you have a plan before doing anything else! Determine your goals, and see how this deal fits into your overall strategy. Read more about Stu’s input on strategic planning for licensing your brand here on the LIMA blog. An important part of planning is to establish your metrics of measuring success of the license.
How do you determine which categories are best for your brand? Figure out your target demographic. Watch your competitors. See what they’re doing (and do it better). Ultimately, category selection is determined by the brand’s users – and research can show you what those users are demanding.
How can you get involved in licensing? Stu was on the LIMA Board of Directors for 6 years and chair of the LIMA Gala for 11 – so he knows a little something about getting involved in licensing. Go to networking events, talk to others in the industry. If you’re looking for a job in licensing, this is another great way to go about doing so. Networking puts you in touch with those who know what’s going on in the industry and who’s looking for a position you could be a good fit for. Be sure to check out LIMA’s jobs board as well – we update it frequently with relevant jobs.
Where does social media fit into licensing your brand? This was a hot topic during our chat! Social media should be a tool in your overall marketing toolbox, and you should absolutely be using it when promoting your brand. Stu suggests focusing on Twitter, Facebook, and LinkedIn. One point that came up during #LicensingLeader was difficulties with advertising via social media, and that sometimes licensors don’t allow licensees to do so. Stu recommends doing your homework and presenting something that fits with the licensor’s tone. It’s also important to communicate and work together – this should be a mutually beneficial relationship.
Other takeaways: Key characteristics in considering a licensing partner are trust, fit, experience, and management. Make sure to do your due diligence and do your research!
Co-branding is a great way to add value – for instance, this works extremely well in the food category, where you need the licensee’s credibility.
Mistakes happen, and you can learn from them – don’t stop, keep growing, learning, and selling. According to Stu, the biggest mistake he sees is believing the hype without doing your own homework.
Stay tuned for information on our next Twitter chat featuring Rick Mallow, Making Connections LLC, who will discuss the importance of networking in the licensing industry. And don’t forget to follow us on Twitter! @LIMALicensing