Do you really need an LRM? We don't blame you for asking. After all, you've managed to operate your business this long without one.
Well, does this sound familiar? You enter into a promising licensing partnership that starts with a few emails and meetings that are easy to track. The partnership grows to include agreements, assets, granted rights, and more. Making sure your finger is on the pulse of every interaction gets harder. If you have multiple deals on the table, you might even start to feel your head spin.
This is life without Licensing Relationship Management.
Professionals that use an LRM can't imagine a world without it. Why? LRM software keeps everything related to managing your partner relationships — data, notes, metrics, and more — in one place. And, keeps them focused on what really matters: delighting fans.
LRMs help companies target different partners, set alerts based on individual partner activity, proactively work with contacts, and maintain relationships. Best of all, you can use an LRM system across departments to ensure that your teams are armed with the data they need to create incredible partner experiences and even better consumer products.
Still not sure if LRM is right for you? In this article, we explore the pains of working without LRM.
Decisions without Data
Spreadsheets, inboxes, attachments, your brain. Data silos exist in every business. Data silos can undermine operational efficiency and create roadblocks—especially if not using an LRM. Where does your team go when they need up to date information? Their inboxes? Your shared drive? Without a single source for facts, your team probably spends more time looking for data than actually putting it to work.
Data should move your business forward—not hold you back from success. Without a central source of truth, you're guaranteed to fall behind.
LRM can give team members in the office and on-the-go instant access to centralized, real-time data. This includes partner performance, communication and activity histories, licensed product information, agreements, and granted rights and email history—all accessible from any location and on any device.
The more accurate and granular your data is, the faster it is to align operations and achieve your licensing goals. LRM can deliver freshly calculated data from last year or even one week ago. This keeps you on top of strategy building and helps you make decisions that have to do with real-time data, not irrelevant numbers you saw last quarter.
A Game of Guess Who
Stop and think about your three most important licensing partnerships.
How did you meet these companies? Was it the result of a successful networking event? Did they seek you out? Now apply that question across your entire operation. You may know the answers off the top of your head, but does everyone on your team?
If you're having trouble answering, here are some more stats to consider:
In the constantly changing business world, ensuring you have accurate information about your partners and a traceable contact record isn't just nice--it's vital. Without an LRM, your team might be relying on old data to push deals forward. Notes and retellings become a lot less reliable as you scale your business.
LRMs were designed to help everyone on your team track, understand, and strengthen business relationships, no matter what their role. Partner profiles and advanced reporting help you and your entire team know—with certainty—each relationship's source and status.
Do you know what your team is working on each day? How do you make sure they're focused on the tasks that have the most significant impact?
Without the right technology, there's no way for you to know.
Incorporating all of your licensing program data into an LRM gives your leadership team the clarity it deserves. Data-driven reports and task management modules let you know instantly who is getting work done and how they're moving the licensing pipeline forward. Notes and tasks deliver detailed insights into the health of each program. Progress dashboards offer an intuitive and visually accessible format for assigning tasks, flagging errors, and accomplishing more goals.
LRMs like Flowhaven, spotlight the information your team needs to develop powerful strategies. From detailed reports that forecast sales, measure partner service activity, and track licensing performance against contractual terms like minimum guarantee recoupment, you will always be the most informed person in the room. With that information on, you can refine your strategies and engage with your partners with greater confidence.
Pauses in Productivity
Your team can't be productive if they don't know what they're expected to do. When directives are spread across multiple inboxes, post-its, and watercooler conversations, your team can find it hard to focus and make progress.
Centralizing all of your work into an LRM built to manage licensing tasks alleviates this confusion, resulting in greater productivity and highly motivated team members. Since your LRM stores all of your customer relationship data, tasks can be easily linked to relevant partner profiles, providing an additional layer of transparency and accountability.
You can also use your LRM to drive shorter agreement sales cycles, improve turnaround times, and win rates. When organizations use the technology to create workflow rules, automate team-specific processes, and streamline brand management, they avoid most time-draining conflicts.
When your team can quickly access and share information, productivity comes naturally.
Licensing success can be a total mystery. Anyone who has been in the business long enough knows that. There are so many thorny issues licensing teams have overcome, retailers to entertain, customers to delight, and everything in between.
That's why you need a seamless Licensing Relationship Management tool that can help you successfully steer your team toward success.
Looking for the most user-friendly option? You'll love Flowhaven.
With superior data analytics, royalty, and asset management modules, and more, we'll make sure each one of your licensing programs sparkles.
Trust us. Once you invest in an LRM, you won't be able to imagine life without it.
Learn what it takes to change mindsets, connect business silos, and recenter around your customer.
Make LRM the Core of Your Partner-Obsessed Strategy.
Book a demo with a Flowhaven team member today.