Back in early 2016, after I have become active in the brand licensing industry, my image of it quickly changed. The realization that this marketing extension strategy, which I had previously seen as rather conventional, was exactly the reason of my love for brands and branded products made me curious about the business and its future. This curiosity brought me to the LIMA's Licensing Essential course held in London earlier this May.
Primarily, the impact that this association has had on my professional development in the industry is incommensurable. LIMA engage with all stakeholders and provide them with objective data that helps to understand their industry better.
The Licensing Essentials course that the association organizes yearly covers the most vital subjects of brand licensing. The world's leading licensors showcase the best practices of collaboration between the stakeholders and discuss the hottest industry trends. The program highlights some of the trickiest aspects of licensing, such as the legal and the financial sides.
This year the event gathered over a hundred of the licensing professionals that wanted to expand their existing knowledge of the industry.
In attending the course, I was hoping to gain a better understanding of the licensing partnerships and the key supporting roles of the service providers. I am proud to have achieved these goals at the event, which also turned out to be one of the most exciting learning experiences in my career.
Below is my perspective on why attending the course is a good idea for the licensing professionals of all levels.
Understanding the role of the business in the brand licensing chain
Knowing the entire value chain is important for every stakeholder within the brand licensing industry. Being a professional in this industry means understanding both the organizations and the private stakeholders involved in the workflows. Successful partners focus on creating win-win deals, raising the awareness of the brand, and creating better consumer products.
Understanding the stakeholder roles
Stepping back from the everyday routine might be essential for a business to gain a deeper understanding of its mission in licensing. Many industry professionals showed up at the event in hopes to clarify the goals that their teams seek to achieve. Attending the Licensing Essentials has helped me understand how I could be more efficient in my role and understand my customers' and partners' needs better.
Learning from the industry experts
They say wise men learn from their mistakes while geniuses learn from the mistakes of other people. This saying might as well be the golden rule of brand licensing. For the industry beginners (who constituted the largest part of the course attendants, myself included) there's no better way to learn the underwater rocks of licensing than by absorbing the knowledge of experts. Fortunately, the practices presented by the LIMA professionals helped attendants to grasp the most recent industry standards and trends quickly.
Excellent networking opportunity
The course's afterparty presented itself as a great networking possibility for the attendants seeking to acquaint with their prospective partners. Numerous licensors, licensees, agents and service providers among the guests exchanged their opinions about the course's material as well as the hottest licensing trends and ventures. The attendants could also meet LIMA ambassadors, the industry's most advanced experts, and enjoy the stunning Lord’s Cricket Ground area.
Ultimately, the reasoning behind attending the LIMA Essentials Course is quite simple. Essentially, it's an opportunity to boost the professional growth of brand licensing stakeholders. Many of the attendants gained better insights on the course’s key topic, which can be concluded in the following question:
How can licensing stakeholders become more helpful to their partners and consumers within the scopes of their roles?
And that is why you should be a part of the LIMA UK’s Licensing Essentials course next year.