Michael Stone Pens New Licensing Read
Beanstalk co-founder and chairman Michael Stone has written a comprehensive book on brand licensing that situates the industry in the current marketing and retail landscape.
In the book, titled The Power of Licensing: Harnessing Brand Equity, Stone explains that brand licensing can be an effective brand messaging and purchasing tool. Each chapter offers a case study, stories and illustrative examples of brands that have used licensing to achieve their goals. Stone also outlines ways that brands can go beyond “decorative licensing” to connect their licensed products to their core brands.
“The internet has not only diminished the effectiveness of traditional advertising but also complicated how brands (and retailers) engage with consumers and drive them to make a purchase,” says Stone. “Licensing has emerged as a major brand communications strategy. It has quietly become integral to many leading organizations’ marketing efforts, motivating consumers to invite a brand into their lives and to become brand loyalists. Unlike the recent past, where traditional advertising dominated, brand owners today have more strategic marketing options available, and a significant one is licensing. The rapid pace of change in brick-and-mortar retail and the explosive growth of online retailing, coupled with e-commerce, data collection and social media, have redefined brand messaging and the shopping journey.”
Case studies include:
- Weight Watchers
- Briggs & Stratton
“We are at a tipping point in the history of marketing and communications,” continues Stone. “After 150 years or so of traditional advertising domination, marketers must adjust to the new, transformative era where the Internet, technology and social media have gained the upper hand. Companies that recognize the potential of brand licensing as a pathway to consumers stand the best chance of thriving in a world that has been turned upside down by the disruptive force of digital technology.”
Stone also analyzes the popular retail exclusive strategy, revitalizing brands through licensing and more.
“Technology has raised consumer expectations and put more pressure on ‘brand promise,’” says Stone. “The consumer’s purchasing journey has many paths, and the number of those paths is increasing at an accelerated pace. No one can see around the bend in the road.” “Brands now have the opportunity to be regularly connected to consumers, to make shopping easier and more convenient and to deliver a personalized shopping experience both online and offline,” adds Stone. “In today’s world, brands need multiple messaging strategies, and brand licensing is one of the choices.”