Polaris, also known as the North Star, is the brightest star in Ursa Minor constellation, which serves as the guiding star for travellers.
THE POLARIS APPROACH
In this age of information overload, where every market segment is inundated with competition, ensuring that brands stand apart from the rest and realize their true potential, can be a complex task.
At LicenseWorks, we apply our proprietary Polaris Approach to help steer an organisation towards their objectives through successful brand extension into new categories, revenue growth and enhanced brand loyalty. Our proprietary approach, perfected over several years of successful licensing program executions, enables us to identify the right opportunities, select the right partners and manage every aspect of the licensor-licensee relationship, to ensure success!
We ensure the success of business by assessing possible risks to the brand.
We ensure brand
protection by adequately managing the risks
We ensure the partner is always the right fit!
We ensure that the extended products deepen consumers' trust in the brand.
4. Risk Management
After careful risk assessment, we ensure that these risks are adequately managed, eventually leading up to the success of the business, in addition to brand protection. For example, we manage business risks by organizing periodical business reviews, conducting regular store visits, to check on branding and marketing execution and undertaking royalty reporting and auditing among other things. We also mitigate brand risks by incorporating adequate control measures for product quality, ensuring all marketing and packaging collaterals follow brand guidelines and are pre-approved. Additionally, we also review product warranty and customer feedback processes, among other things.
3. Risk Assessment
A brand is the most valuable asset of any company and we fully understand the risks associated with licensing the brand to a third party (licensee). Hence, we assess a variety of possible risks to the brand from the products/ companies licensing the brand, to ensure adequate management of the risks. This is critical to maintain brand reputation and value.
2. Meticulous Screening Process
Due to our deep domain knowledge and strong industry connections, we excel at identifying the most suitable partners for the brand. Our exhaustive screening process allows us to evaluate partner capabilities in product development, manufacturing, sales, marketing and distribution. We also determine portfolio fit, eliminating any chances of cannibalization. In addition, we carry out a thorough licensee financial due diligence and seek market feedback to ensure the licensees have adequate resources to invest in the business and deliver the expected results.
1. Brand Extension Strategy
Brand Licensing ought to be an integral part of the marketing mix, given the high stakes and the opportunity. The first step however should be to develop a well-thought-out brand extension strategy to ensure that the extended products deepen consumers’ trust in the brand. We begin by carefully evaluating the fit between the proposed categories and existing brand associations. We ensure that the proposed extension offers a clear distinction from the competition yet stays true to the brand’s core values. Our strategy also involves an assessment of the market size and degree of saturation, in order to determine the chances of the brand extension’s success.