Many nonprofit organization executives struggle with the idea of branding in general, and the commercialization of their organization and its mission through licensing specifically. However, brand licensing can provide a controlled opportunity for nonprofits to connect their organizational strategy with external audiences in a manner that builds greater awareness and trust for their mission. Here are three ways your nonprofit organization can benefit from brand licensing.
One of the most significant challenges for licensors is to keep the opportunity pipeline full. Regardless of the size of the licensing program, finding and qualifying prospective licensees can be a challenge. Some licensors need more opportunities to explore, while other licensors have the opportunities but do not have a defined qualification process. Unfortunately, some licensors have both challenges. To overcome those challenges a licensor might consider the following sales and business development techniques.
Some licensors may choose to focus primarily on new licensees who might generate higher royalty revenue for a short period, while others prefer the steady, long-term growth in royalty revenue. For the latter, a vetting process designed to create stronger alignment with a licensor's mission, vision, and long-term goals, ultimately provide greater success for the program and result in stronger, more prosperous licensing partnerships. Here are six ideas for improving the licensee vetting process.