During a lively discussion entitled “Building a Long-Term Program: What Do Licensors Need to Do,” available on the Festival of Licensing Platform, moderator Richard Pink, managing director, Pink Key Licensing spoke to Ruth Golightly, head of baby and maternity, Asda, Ashley Holman, managing director, Riverside Brands, Gabrielle Sims, head of licensing, FatFace, and Nikki Samuels, chief executive officer, Factory, to unveil long-term winning strategies for licensors.
The panelists discussed best-practices for achieving long-term licensing programs, pitfalls to avoid when developing programs and how best to protect a brand given today’s climate and challenges.
Panelists described the brands they think are using licensing in a smart way. Samuels highlighted the BuzzFeed’s prolific and growing Tasty brand. Holman selected the iconic Coca-Cola brand for not over-licensing the brand and smartly limiting the program. Sims selected Ted Baker and highlighted the brand’s extensive licensing program that isn’t easily identifiable as a licensed brand by the everyday consumer.
“You’ve got to know who your consumer is and be obsessed with it,” Samuels offered as the most important tip for licensors to apply.
Holman emphasized limiting brand extensions to be most effective and not going too broad. According to Golightly, from a retailer’s perspective, licensors are best advised to limit what they are pitching to retailers, adding that although some items are hot temporarily because of social media, licensors are best advised to pitch to retail for the long-term. Sims also emphasized the crucial need for licensors to understand their brands, understand their customers and stay true and loyal to those insights.
To learn much more, watch the entire session here. All Festival of Licensing content will be available online to registered attendees until Nov. 6.