This week, Festival of Licensing turns its attention to Asia, the world’s third-largest licensing market. On an upward trajectory fueled by brand-hungry consumers in China and Southeast Asia, the region’s licensed product sales have skyrocketed over the past ten years, creating an influx of new business opportunities for both new and established licensing professionals in the region.
The change has placed new pressures on local brand owners, licensing agents, and licensees who have been tasked with communicating across multi-lingual teams, maintaining precise accounting records, and managing tight deadlines to meet consumer demands.
Over the last year, the Flowhaven team has been hard at work, helping Asia’s best licensing teams solve their operational challenges. In a market with a deep interest in using technology to improve upon relationships, not replace them, the Flowhaven solution has helped teams enhance their communication skills to build more formidable partnerships.
Below, we speak with Suki Ying Ng, regional manager, Asia about Flowhaven’s dynamic growth in Asia and how our solution is transforming the way her clients do business.
Why did you join the Flowhaven team?
I’ve been with Flowhaven for about one year. I joined the team because I understood that the technology had the potential to empower, improve the quality of life of, and offer convenience to stressed-out professionals in APAC, a region that I am both from and have worked to serve throughout my career. The charm of our technology is that you can get so much from even the smallest bit of data.
What strides has Flowhaven made in the Asian market?
We have been working aggressively in Asia for the last few years. Last year we participated in the Hong Kong International Licensing Show and Licensing Expo Japan. By attending these events, we were able to meet local professionals up to ensure that our solution met their needs, market behaviors, and challenges.
In the East relationships are cherished. We demonstrated that our system is not a replacement for true, genuine connections. Instead, it helps deepen those relationships by improving your ability to share information quickly, keep assets open and available, maintain transparent sales pipelines and so much more.
What problems do your clients encounter most often?
Financial management is the most critical issue in the Asian market. Many clients struggled to keep track of all their payment due dates and make accurate financial forecasts. They hustled to gather billing information, hindering their communication with their finance departments, and the ability to get invoices out on time.
The Flowhaven system automatically sends payment notifications to team members to ensure payments are made in full, on time. Our system also makes it possible to make data-led revenue projections so goals can be outlined and tracked clearly. We are proud to say that we give clients a better understanding of their revenue streams so they can spend time focusing on making more deals.
What other modules have helped customers in Asia the most?
Our royalty calculators and agreement management tools are popular. The people who usually oversee these areas deal with a lot of paperwork. We help them reduce the number of files, emails, and attachments required to perform their jobs perfectly.
Asia is home to many licensees. How does Flowhaven serve this group in particular?
In addition to the helpful deal and financial management tools, our suite offers design approval and data analysis tools, which are extremely useful for manufacturers interested in producing the best possible products and ensuring their goods to do well at the market.
The solution also empowers licensees to track potential agreements, deal memos, and active agreements. Reminders can be set according to agreement specifies to remind licensees of important tasks such as renewing agreements, sending samples to licensors, etc.
For data analysis, licensees can better understand the opportunity gaps such as knowing which IP sells the most, which product categories are popular, etc.