Dave, can you maybe explain what types of products would be good to license out? I don't think many of us have a clear understanding of what licensing actually means. I think a small example would open the eyes of people who never thought that the product that they are selling could be actually licensed.
In every category, and every store, a significant percentage of the "branded" items that you see are the result of overnight branding using licensing.
If you see a Harley Davidson product, other than a motorcycle itself, it is a licensed product. Someone paid their parent company a percentage to put the Harley logo on a tee shirt. A coffee mug. A cigarette lighter. A deck of cards. A baseball cap. ANYTHING you see with the Harley Davidson logo on it that is not a motorcycle... is a license paid to the parent company for use of the logo.
Susan G. Komen. You see it everywhere, with their iconic white ribbon promoting Breast Cancer Awareness on everything from jewelry to apparel, batteries, clothing, anything. Everywhere you see the Susan G. Komen logo or the pink packaging with a white ribbon or pink ribbon logo, that's a license deal.
Barbie. Nickelodeon. 100% of ALL Nascar products ever made. NFL. NBA. MLB products. Collegiate products for all Universities. Kids toys from Marvel, Mattel, and others.
As someone mentioned, we did a deal with Larry the Cable Guy. He puts his name on EVERYTHING, from TV Dinners to soap-on-a-rope. Imagine using Larry the Cable Guy soap on a rope. Get-Er-Done.
Brand licensing can be complicated, like when we licensed the Samsung brand for categories Samsung doesn't participate in (very expensive).
Brand licensing can be very simple, like licensing The
Millionaire Fastlane for a board game. (not available... it's just an example).
See a Ford keychain? License. See an ESPN set of poker chips? License. Weight watchers food? Some licensed. Ferrari parking only sign? Licensed. Bugs Bunny slippers? Licensed. Sesame Street kids soap? Licensed.
The bigger the brands (like Pokemon today) the more you pay. The more you target niche brands, personas, celebrities, or smaller prominent brands, the easier the licensing discussions. Remember you're creating FREE MONEY for them if you license Snoop Dog's image and put it on a beach towel.
See your favorite NFL team on a cooler? License. WWE action figures? License.
The Price Is Right, Family Feud and Let's Make A Deal card games? All licensed.
Pierre Cardin cologne? License.
PGA Tour golf gloves? License.
Cinnabon oven pans? License.
All the Frozen kid's toy shit that is EVERYWHERE? All license.
We put the Akai logo on televisions. Samsung logo on CCTV/Security Systems. Susan Komen logo on everything. Daewoo logo on microwaves. Dale Earnhardt Jr. and NASCAR on a GPS. Emerson logo on all kinds of things.
See infomercials for flashlights with logos like Briggs and Stratton? License.
John Deere can cooler? License.
Motor Trend tool set? License.
Toby Keith restaurants? A form of a license.
Trump University? License.
Smiley squeeze ball? License.
Nintendo alarm clock? License.
Lamborghini sun glasses? License.
Polaroid brand televisions? License.
Jim Beam lamp? License.
My kid got a Talking Tom action figure from McDonalds the other day. License.
KISS (the band) bar-b-que apron. License.
Pepsi playing cards. License.
Budweiser bottle opener. License.
Girl Scout candy bars. License.
The list is endless. Probably a third of the consumer products you have in you homes in the United States are license. Ever have a Motorola phone? A Tommy Bahama furniture set? A kermit the frog tooth brush? Barbie band-aids? A Ford coffee mug? An Emerson microwave?
It's all around us, but as consumers, you don't care. You buy based on brand recognition, when in fact what is behind the products in a lot of cases is a company that used licensing... to create an OVERNIGHT BRAND.