Who could have predicted what we’re going through now?
Our world as we once knew it seems so distant, and we can’t predict what is going to happen weeks from now. No one knows this more than a business owner. Whether the person runs a mom-and-pop shop or a big box chain store, the future of retail seems uncertain. However, licensing offers a golden solution. Certain licensed product categories are more likely to thrive during the pandemic, as they aid consumers in dealing with their new normal. It’s important to recognize what content is being embraced during quarantine and what content will benefit people physically, mentally and emotionally during this difficult time. Products that consider these factors during development are likely to be sold at higher volumes. Brands that capitalize on these categories are also much more likely to thrive during and after quarantine ends around the world. That’s why when it comes to licensing partnerships, both licensees and licensors need to develop a strategic program that considers more than just product. The products that businesses choose to produce and market should, ideally, somehow benefit the well-being of their consumers.
More than anything, consumers want to experience the world as it was before COVID-19. There’s no telling when that will happen, as the impact of coronavirus across the globe morphs on a daily basis. Until then, it behooves brands to focus eff orts on helping consumers maintain as much normalcy as possible. Despite today’s challenges, one thing is for certain: the licensing industry is bound to transform from the pandemic. This is an opportunity for the licensing industry to shift its focus to lifting one another up, forging partnerships that not only will allow the industry and individual businesses to thrive, but it will also give consumers the much-needed relief they’re desperately searching for today.