some key concepts

Some of the most basic concepts to remember when doing a licensing deal:

1) FIT & LEVERAGE

Make sure that not only does the new product fit within the compass of the core brand but it also leverages the brand in the new category

2) LICENSEES DON'T OFTEN UNDERSTAND MARKETING

That's why they're licensees... duh!

3) YOU CAN'T WIN'EM ALL

Whilst it would be great if all of your fantastically developed concepts flew off the shelves. Everyone gets it wrong. Any licensing deal is a triumph of persistence and deserves credit for taking the brand into a new category

4) MARKET RESEARCH

Nobody I've come across seems to value the role market research in new product development. I'm not saying that it's a way of making decisions but it would be nice if someone acknowledged the role of the final consumer from time to time.

5) COLLECTING ROYALTY SHOULD BE EASY

The last thing you want to be doing is chasing royalty. Get it in advance and credit it back!