Bob Diee created the baseball cap-shaped computer mouse, which brought him $1.5 million in sales in 2007 alone. A success by all measures; however, the product’s success was due to more than just the concept. His other concept, to get licenses from minor, major, and even university baseball teams and put their logos on the mouse, was equally significant and crucial to his success. Therefore, a baseball fan might use it to show their support for their favorite team in addition to enjoying the novelty of a mouse designed like an item of sporting gear from their favorite sport. It helped the product get into a lot more retailers, received a lot more publicity, and served as a general launching pad for success.
It’s a motivational tale that raises the straightforward query: is it possible to employ licensing similarly to boost sales of your product? Let’s examine…
Does Your Product Fit Well?
Consider whether your product is appropriate for this type of licensing before you begin searching for license agreements. Does it have anything to do with the sport? Will there be someone who is prepared to spend money on it? Is it a straightforward product with a distinct market? Is there a convenient place to print the name of the team? Additionally, keep in mind that licenses are not limited to sports teams; you may also obtain licenses from TV series, video game characters, theme parks, and more. However, make sure the license is pertinent to your product and that it is well-known and well-liked enough to help your product.
Getting to Know the Teams
Diee attempted, but failed, to approach the larger teams when he originally came up with the mouse idea. He was allowed to enter the major leagues after his plan was approved only after he made an approach to the lesser leagues. It’s important to keep in mind this when attempting to obtain your license: don’t put all of your hopes in one group or business (it doesn’t have to be your team on that product), and don’t give up easily. This could give you the proof-of-concept you need to convince the larger fish if you can first land a relatively small deal.
Additionally, you should make sure that your pitch is strong from the start and that you can effectively communicate your enthusiasm for the concept and how it will benefit all parties—not just your product, not the team or the sport. To demonstrate the popularity of your idea, have a working prototype to display, figure out the RRP and production costs (you need a good business plan that includes a percentage for the organization), and conduct market research. You will need to talk to the account manager for licensing for each organization, so attempt to find out as much as you can about them as well.
Promotion
The next stage after landing a deal is to try to sell your product and get it into the appropriate stores. In this regard, your new license will lead to a lot more opportunities, so be sure to have contacted hardware stores, sports stores, etc. Additionally, you can sell at stadiums or through team magazines. The branding you place on your items should make them far more appealing and desired, making the work you put in to close the purchase worthwhile.
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