Services
What You Can Expect From A Licensing Agency
A Licensing Agent has many roles and responsibilities when working with a client. As with nearly everything in licensing, it's all customizable to your needs. But traditionally some of an Agent's duties would include:
- Understanding fully the organization, goals, spectrum of products, marketing and advertising materials, website, and retail presence of the Licensor/Licensee.
- Developing, in concert with the Licensor, a list of target categories, potential Licensees, a tentative timeline and revenue goals.
- Developing, in concert with the Licensee, a list of target properties to acquire, a tentative timeline and expected revenue expenditures.
- Researching, prospecting, and pitching potential Licensees/Licensors and possibly Retailers.
- Acting as a liaison between the client and Licensee/Licensor.
- Presenting Licensee/Licensor deal points to client for approval.
- Generating contracts for Licensor or review contracts for Licensee.
- Managing the “signature” process.
- Working with Licensor and Licensees to develop art, product, and point of purchase material.
- Responding to changes requested by Licensor.
- Assisting or managing the royalty collection process (unless this will be done by the Licensor's Accounting Department) and ensuring that Licensee submits proper reports and remuneration for license.
- Submitting quarterly tracking reports (reports that list who the agency has contacted, their level of interest, and the status of the conversations).
- Meeting with clients on a regular basis to review progress.
- Representing your organization at relevant trade events and identifying new opportunities for client.
- Aiding in coordinating retail and trade events.
Your Responsibilities When Retaining An Agent
Before hiring an Agent, you and your organization should be prepared to fulfill (at a minimum) the following tasks. This will ensure that your program will have a better chance of success.
- Determine what type of expenditures your company needs to make and who needs to be involved in the licensing process - and get their “buy in.”
- Be prepared to assign a point person or liaison that can answer some organizational questions and who may know the history of some or all of the licenses to be available as needed.
- Provide an overview of where the licensing program stands and what your priorities are.
- Assemble the files and marketing material that will give your agent an insight into your existing licensing relationships and organizational strategy.
- Eventually you will need to set aside a regular time to review the progress of the licenses, raise questions, etc.
As hinted above, there will most certainly be other resources and sources of information that you will need to provide, but this is a good start.
Remuneration
Like most agencies, RJM Licensing, Inc. works on a retainer plus commission basis. Because each situation and company is unique, there is no set formula. After a free consultation, RJM will propose financials based on your needs.