Have you ever come across a watch with Mickey on it and wondered when Disney got into the watchmaking business? How about phone cases with Winnie the Pooh at the back?
If you’ve seen this, then you’ve had a brush with brand licensing. If you’re not sure and you’re still asking, “What is brand licensing“? I have an answer for you. In simple terms, you can define it as the use of trademarked creations of one company by a third party.
How It Works
Allowing other companies to use your creation is a great marketing strategy that all business owners should apply. Let’s see how licensing works for entrepreneurs or business owners.
Say you’ve made an excellent product for kids, for example, a pencil case with different compartments for use.
You know you need to increase your revenue and sales; otherwise, your business is going down.
So, what do you do? Your product works well, but it looks too generic. You approach Nickelodeon, ask them to license your product, and just like that, you have a brand for your product. Doing this will not only increase your sales, but it also gives Nickelodeon a great marketing edge.
One of the best ways to make your brand stronger is through the use of sports teams. Here’s how you can do it.
- Engage The Fan Base And Build A Stronger Base
If you’d like to build a stronger brand while working with a sports team, you should engage the teams’ fan base. And thanks to the internet and developing technology, you can do this with a simple notification.
You will need to develop an excellent engagement strategy that will not leave fans feeling like they’ve just gone through a sales pitch. Your engagement strategy should stir emotional connections within the fan base to preserve their decision of making orders from you.
As a brand, you should also make your user experiences easier by providing emotionally gripping messages to the fans of the sports team at the best times. Stronger emotional bonds with the fan base will help you to build a more significant fan base.
- Reward Customers
As you make new customers from the sports team fan base, it is essential to make sure that you reward them. Even if the rewards are small, you should always make sure that they can be redeemed easily and quickly.
When fans become loyal to your brand, you must try to reward them for their business continually. Rewarding is done by upgrading their experiences by providing constant perks and giving incentives to ensure you keep their business.
- Listen To The Fans
When working with sports teams, it is essential to listen to the fans; otherwise, you might lose a lot of business. Understanding the information that fans give out is a necessary process that marketers should always try to take part in.
For instance, many fans attend sporting events during midweek for business entertainment purposes. However, they will try to keep weekend games for family outings. Being in touch with such vital information can help brands to understand how to communicate with the fan base better for business success.