Branding and Licensing Trends
The business of selling is an increasingly fluid method, and keeping up with trends can be difficult to master. Especially when the shelf life of inventory gets smaller and smaller, timing becomes everything. Through our own recent research and case work, CONSOR sees the following trends in branding and licensing.
Affinity Brands
Products that tie in a consumer’s emotional attachment can be a licensor’s dream. Universities, sports teams, and professional groups all have one thing in common–undying loyalty from those who affiliate themselves with those groups.
Sometimes the product doesn’t even matter. It’s the affiliation that is being bought. University alumni will fill their homes with mascot-printed bed sheets, towels, dishes, and cups. If their teams go to a championship game, watch the tailgaters load up with affiliated lawn chairs, coolers, pop-up canopies, and board games–all charges with their university credit card. Find that emotional edge.
Global Licensing
In the increasingly important global atmosphere, brands must target emerging markets to stay competitive. Look to the East–China, India, Philippines–and realize they all look back to the West for consumer inspiration.
On streets in those countries you will see people wearing Levi’s jeans, carrying Louis Vuitton bags, and eating at the local KFC. These KFCs also sell rice along with those mashed potatoes, and KFC’s success has been adjusting to those cultural tastes. Mattel’s success in the eastern markets has been in adjusting to the shape of their Barbie dolls. Brands need to focus on those global markets and assimilate with those cultural styles.
Brand Extension
As businesses co-brand and delve into additional product categories, you never know how far brands can extend. Popular TV shows and movies naturally extend to products. The final episode of the Harry Potter series is creating an influx of Harry Potter products–books, clothing, video games, and toys. Staying on top of your market is not easy, even for those who hold a significant market share.
Look at Lego. Founded in 1932, Lego is now owned by a grandchild of the founder. Lego has promoted itself into a global household brand. From building block toys, to books, clothing, videos, and theme parks, Lego is everywhere, and has co-branded with Disney, Harry Potter, and Nickelodeon.
Parents endorse Lego products since most consider them to be educational, especially the robotic and Design by Me products. Even Lego’s Bionicle toy line eventually evolved into video games and a movie. Product to entertainment is a new trend in brand extension. Licensors should always be on the lookout for innovative ways to extend the brand.