Today, businesses even in the most niche industries have recognized the value of CRM software. But how helpful is such software in brand licensing and how can licensors benefit from using it on a daily basis? Here, we will provide answers to this questions and relevant insights into the value of CRM system to brand licensing businesses.
Tech Insights • Posted on
CRM (a.k.a. Customer Relationship Management) software have existed since the introduction of the concept of CRM in the 90’s. Nowadays, this term describes software specifically designed to manage customer relationships. One of the most profound stereotypes concerning CRM software across different industries is that it is only useful for salespeople. And while it’s partly true, other employees within organizations, especially those who are in direct touch with customers, are finding utilizing CRM software on a daily basis beneficial.
From the licensing perspective, there are several ways in which such software comes in handy. The ultimate consumers of the licensing production are the end customers in the licensing world. For brands that create this production jointly with licensees, management of the relationships with the end consumers is a critical factor. Licensees and agents, on the other hand, are both partners and clients to brands and organizations that license intellectual properties. Thus, licensing teams should manage partnerships with them in like manner. A brand licensing CRM software helps licensors to handle collaborations with all of the aforementioned parties, significantly simplifying the overall licensing workflow.
Regardless of its size, industry, and stage of development, every business seeks new opportunities to scale and nurture partnerships, which is never an easy process. When it comes to brand licensing, things get even more complex. Nurturing licensing development is challenging in that it’s hard to keep track of all its phases and milestones. Licensors need to constantly monitor the awareness of their brands among target consumers, the performance of their licensees, product timeline management, marketing launches, and other matters. To run a smooth licensing operations, a brand needs to regularly grant its partners fresh data and provide instant access to their account history. Ideally, this data should be transferred automatically, be available on mobile and desktop, and powered by visual dashboards. Here is where the power of a good brand licensing CRM software comes into force.
That said, it’s the customer experience that all challenges of brand licensing usually come down to. With today’s technical advancements, everyone is concerned about their privacy and safety of their personal information. Businesses must store and manage the user data with the highest level of protection against potential cybercrime or other types of security breaches.
The bottom line in the security matter is creating positive experiences of user interaction with a brand’s business. A brand licensing solution helps to attain this goal and improve the experience. Also, it makes the process of maintaining and managing customer relationships more efficient. The analytical features of brand licensing CRM software enable to predict specific customer needs, recognize behavior patterns, and optimize the performance goals.
Running an active licensing program generates a flood of data and touchpoints that licensors must monitor and analyze. First, licensing partners manage the agreements and the grant of right terms, further switching to the development of product concepts. Licensed products then move to retail, and their sales performance is consequently reported back to the licensor. If this process is interrupted at any stage, there is a great chance that the progress can be lost forever.
The danger typically manifests in the ultimate inability of a licensor to close important licensing tasks by deadlines. Prioritizing open items is more a matter of guessing than an attempt to close licensing stages based on their importance. Brand Licensing CRM software can educate licensors to separate useful information from superfluous and minimize duplicate or incomplete records for the sake of data quality.
It may be challenging to interpret the data correctly and stick to the right purpose of its utilization. However, being able to juggle the information they possess, brands get to see the real picture and make fact-based decisions. In the end, brand’s licensing partners rely on their accountability and responsiveness when it comes to generating revenue.
Does your brand exploit a brand licensing CRM software? If not yet, learn why it should here.
CEO and Founder at Flowhaven