8 Reasons to Fall in Love With LRM
We've all had those days when our licensing to-do lists can't get to-'done'.
But a red flag should go up if every person on your team is experiencing that every day.
Thankfully, more and more teams are ditching antiquated systems for digital software that can automate tasks, centralize information, and create seamless workflows that help you work faster.
This is where Licensing Relationship Management comes in. The new technology was designed by and for brand licensing professionals to make running programs painless.
Forecasting, information gathering, communications, and approvals are only some of the tasks LRM simplifies.
LRM software exists to help licensing teams as they move through all of the licensing program stages. That is why full-suite platforms have so many advantages. Uniting brand management, product approvals, asset management, team collaboration, finance and time tracking and reporting, makes licensees, licensors and agents equally happy.
More key LRM Functions:
Improved partnership service
Improved partners' satisfaction.
Improved partner retention.
Generate new business.
Share and distribute information.
Collaborate on agreements and product development
Improved business intelligence
Better partner financial management
Or, as we like to say at Flowhaven, LRM gives you back your lunch hour.
Having a solution that can help everyone focus on the important work in an accurate, predictable, and profitable way is key. The benefits of Licensing Relationship Management software are endless.
A decade ago, licensing relationship management looked like: a pencil, a sheet of a few notebooks, handshakes, and blind faith. But, like the beeper and room-sized cellphone, times have changed, and technology has evolved. Maybe its time the way you work does too.
In this article, we offer eight benefits that will make you fall in love with LRM.
1. Better decision making
If licensing professionals have learned anything from years of negotiations and meetings, it's that they need to be able to make split-second decisions.
That's not always easy to do.
If you don't have a complete view of your data or the ability to see how your licensing deals are progressing in real-time, you're at risk of making a decision that can put your business in jeopardy.
LRM sheds light on important information. That gives users the power to generate detailed reports that forecast sales, measure partner service activity, and compare licensing performance to contractual terms. Having a clear reference within reach will help you track your team's progress against your base deadlines.
A decade ago, we could only dream about having a granular analysis of our data in our pockets. Now, LRM takes the guesswork out of decision making and puts the information you need to lead right in the palm of your hands.
Learn what detailed data reports can do for your business here.
2. Access real-time data
Licensing professionals who are always on-the-go, know that if they want to be the smartest person in the room at meetings, trade shows, and even living room video calls, they need access to data on the go.
The importance of access to real-time data can’t be overstated. It gives leaders an upper hand in negotiations and helps everyone on the team know if they're meeting the goals they've outlined for themselves.
LRM gives anyone, from remote-workers to road warriors, instant access to centralized, real-time data like partner performance, communication and activity histories, licensed product information, agreements, and granted rights and email history. The best part? It's all accessible from any location and on any device.
With a single click, you can access reporting and visual charts that can help you extract important information from the LRM system. And, make connections between data from other systems for internal use, partners, and auditors.
Modern LRM dashboards don't just give vague summaries. They display key information specific to each user. Whether you're an asset-obsessed coordinator or a royalty-minded apparel manufacturer, you can customize the solution to put the information you care about first. Solutions like
Flowhaven comes with pre-created templates that can be modified, shared with specific users, and exported in various formats.
Learn what data-led dashboards can do for your business here.
3. A Leap Forward for Productivity Tools
Licensing pros are constantly looking for ways to improve their speed to market. The faster you can get your products to the people who crave them, the more successful you'll be.
But, bad communication methods and siloed workflows create bottlenecks that throw to put entire projects behind schedule.
LRM was designed to fuel shorter agreement sales cycles, improve turnaround times, and win rates. You can also use the technology to create workflow rules, automate team-specific processes, and streamline legal management to avoid conflicts.
When your workflows improve, your product development processes become easier.
Flowhaven, for example, makes it painless to grant access to assets and style guides. With its well-defined product development funnel, collaborating from the concept of receiving approval confirmation for the new SKU (stock keeping unit).
LRM also provides superior features to help you transition between stages, like the ability to upload files, apply pins to the preview images, and compare modes to track changes.
Users love LRM because it provides transparency for teams on both sides.
Learn what automated processes can do or your business here.
4. Return the love
Who doesn't enjoy working with a partner who understands their needs and genuinely listens to their concerns? Another commonly cited benefit of LRM software is enhanced partnership satisfaction and service. The solution empowers partners to communicate well, report their progress, and track yours.
LRM makes it easy to assign tasks quickly, manage and resolve requests, answer questions with automated routing, queuing, and escalation. From agreements to royalties or product approval requests, no concern will go unchecked.
By applying fundamental LRM strategies as well as a specially designs tool, you'll narrow your focus, achieve your goals, and improve your deliverability. Not only will your partners walk away happy, but they'll also keep you top of mind for future projects.
Learn what happy partner relationships can do for your business here.
5. Identify repeat partners
The licensing industry is small. If you plan to launch multiple licensing programs or even breathe new life into an existing one, you'll probably need to form deals with partners you've worked with before. If you haven't kept good records about your past partnerships, you may be at risk of losing your next deal.
Having an LRM is like having a knowledgeable bookkeeper by your side. The solution will catalog the account owner, what area of the business they work in, and what activities they expect you to perform.
Once your workflow and rules are outlined, the LRM system can automate the whole flow and generate automatic tasks like booking quarterly review meetings. At the same time, it creates a single reference to help you understand each partner.
LRM applications can automatically identify phone calls from past partners by recalling data from the LRM system. This gives you the opportunity to re-engage and react instantly.
Learn how LRM makes it easy to engage with old and new partners here.
6. Keep tabs on customers
Customer satisfaction doesn't end once you have an in-depth knowledge of customer information.
To keep partners happy long term, you need to make sure that the solutions you use fully integrate all of the company stakeholders. When everyone on your team can submit status reports, confirm deadlines, and see where they fit into the big picture, you build a more engaged team all around.
With LRM sales, brand assurance, product development, royalty functions, and more can be submitted by anyone and seamlessly integrated with existing data. You can then quickly access and share information, supercharging everyone's productivity.
Learn how LRM helps you stay updated about partners here.
7. Secure customer loyalty
LRM allows teams to instantly access partner data to create and maintain hyper-personal relationships and tailor pitches and products to suit them. When your partners feel fully aligned with their vision of success, they're more excited to work with you.
LRM can help you keep track of important dates, such as your customer's business anniversary, brand milestones, and more. It can then send reminders when these events occur to reach out.
What partner doesn't want to know that you remember their character brand's 90th anniversary? Or that they unveiled new manufacturing technology last year? Using LRM to create a more personalized experience is a direct route to customer loyalty.
Learn what partner profiles can do for your business here.
8. Drive licensing strategies
When you have an LRM platform, you can organize and present data in a way that works for everyone. When your whole team can make sense of data, they get to know your partners better. The more informed you are, the better you'll be at creating strategies that fit everyone's needs perfectly.
Solutions like Flowhaven makes it easy to customize dashboard views and generate custom reports to ensure the data that matters is always in front of you. Say 'so long,' to missing of misinterpreting the information that drives strategies.
If one or more of these benefits made you jump up with joy, it's time to take the next step and start looking for an LRM solution for your business. The perfect system will help you find more customers, keep partners happier, and keep you in sync with your entire company--setting you up for growth.
Learn what a data-led dashboard can do for your business here.