2020 has forced licensing executives into an intricate dance of data analysis and relationship management as they navigate the global pandemic. With each move, leaders are steering their business toward success or drawing it closer to an end. Some licensing executives have made the procession look easy. But, visible ease requires a disciplined approach and engagement with modern tools that prioritize connectivity, information, and strategy.
Proven tools include comprehensive CRMs that refine the sales funnel, encourage cross-departmental communications, and aggregate data to make developing strategy simple. To make achieving success simple, we've written an ebook,‘The Licensing Executive's Guide to Pandemic Recovery'.
Tip #1 Create a Strong Relaunch Plan
As a person with decision making power, you know that the path forward relies on the ability to see the big picture. To overcome uncertainty, you'll have to make sure your financial statements are up to date and that you have clear insights into the status of your deals to develop a solid framework for action. Read more.
Tip #2 Thoroughly Align with Employees
Like most industries, the licensing industry experienced mass layoffs and a shift to remote work. While some employees have adjusted quickly to remote work, others are still working to adapt. To regain a sense of normalcy, companies need to ensure that all staff, regardless of preferences, feel fully supported. Read more.
Tip #3 It's Never Too Early to Renew Demand
Reigniting the demand for products will take work. If you're a licensing agent or licensor, you know just how severely limitations on raw materials, labor productivity, and constraints on consumer spending affect business. To regain interest, you'll need to understand their needs and make accommodations to make sure you can serve them fully. Read more.
Looking for more recovery tips? Download your copy of The Licensing Executive's Guide To Pandemic Recovery here.