How The Licensing Industry Is Rapidly Transforming

The licensing industry has undergone a significant transformation in recent years, thanks to the use of publicly available data. Specifically three types of data:

1. Pricing data of competitors

2. Models that can analyze billions of open text customer feedback and come back to you with specific findings.

3. Demographic data. Governments spend billions of dollars collecting this data, and it is available to the public for free.

The level of insight provided by these data sets have allowed experts to fine-tune the go-to-market model, making it more effective and efficient. This powerful combination of data sources has provided valuable insights into consumer preferences and trends, enabling licensing professionals to drive the business in the right direction.

Pricing data in retail is a critical component of the licensing industry, providing insights into which products are selling well and which ones are not. By analyzing this data, licensing professionals can identify market trends and make informed decisions about which products to license.

Customer feedback is also a crucial source of information, as it provides insights into consumer preferences and identifies areas for improvement. Leveraging this data, licensing professionals can develop licensing agreements in areas where the data shows are whitespaces. This could be the absence, scarcity or lack of quality of the product. All of that highlights the advantage you will have in the market.

Demographic data collected by government agencies is another critical source of information for the licensing industry. By analyzing this data, licensing professionals can gain insights into consumer demographics and preferences. This information is valuable when it comes to developing new licensing agreements or renewing existing ones. This allows the hyper-segmentation of the world and partnering with the best licensees in the world for specific markets.

In conclusion, the licensing industry has been modernized through the use of publicly available data. Pricing data in retail, customer feedback, and demographic data collected by government agencies have been leveraged to gain valuable insights into consumer preferences and trends. This data has enabled licensing professionals to make informed licensing decisions, develop targeted marketing campaigns, selecting the best licensees, understanding whitespaces like never before and driving transformational change in a competitive industry.