Data is transforming the way companies from all corners of brand licensing do business. Whether it’s retail analytics helping companies understand their customers or social media analysis helping nostalgia brands reinvigorate old properties.
At Flowhaven, we believe that data can be a powerful tool for change. In that vein, we sponsored the Matchmaking Service at Brand Licensing Europe 2019, held Oct. 1-3 in London. The event, which brings together brand licensing leaders from around the globe with a focus on the European marketplace, shed new light on the way data is moving the industry forward. The Matchmaking Service played an integral role in that trajectory, using complex tools to help attendees identify and pair with potential partners. Over three days, the Matchmaking Service served more than 8,000 people.
In case you missed the event, or want to relive it again, here are some notable lessons we learned at BLE 2019:
Data is helping retailers fight storefront slumps
Data has revolutionized the way retailers serve their customers, helping them personalize experiences to entice buyers. At BLE, brands and retailers debuted new products informed by customer data including apparel designed around social media and web browsing trends. Some exhibitors made their booths stand out with personalization stations that let attendees place a brand name, their name or a select graphic on items including shirts and totes.
Data is helping brands identify new revenue streams
In the past, some brands have debuted their brand licensing expansions at BLE, hoping that the popularity of the core brand would make the product successful. This year, it was evident that new entrants were analyzing their figures and calculating their risk much more closely. New products were well thought out and showed a data-led understanding of who the ideal customer is and what his/her needs are. One successful example saw a classic food brand expand into the hair and beauty category, adapting the flavors of their famous foods into flavors and scents that users would want to use on their bodies.
Data is breaking down communication barriers
The European continent contains a rich mixture of languages and cultures. From Spain to Slovenia, the appetite for licensed products is growing, making it more important than ever for potential partners to be able to communicate effectively. Leveraging their personal insights and data, successful exhibitors were able to present products that appealed to geographically specific tastes and sensibilities.
We were excited to discuss the power of data with the event’s many attendees. As a data-first company, we believe that the future of licensing relies on comprehensive tools that help brands understand what their audiences want, and help manufacturers give it to them. A special thanks to the Global Licensing Group for inviting us to support the event.
To learn how data-led tools can transform your brand licensing business, schedule a free demo today.