Many companies have discovered that a wonderful way to promote their brand is by selling licensed merchandise, or merchandise that has the official logo or name of the company on it. Licensed merchandise can be a broad category that includes products like mugs, calendars, clothing and stickers. While this can be an expensive process, there are many advantages to having licensed merchandise. From building a brand to increased revenue, here are four reasons that your company should sell licensed merchandise.
Building Your Brand
The brand of a company is critical. Basically, it is a way to represent the identity of your company. Brand Equity is another name for the way that a specific brand brings a monetary value to a specific company. This is built up in a variety of ways, one of which is selling licensed merchandise and using your company’s logo on products. Licensed merchandise helps to build awareness of your company in the public eye. The products that you sell should represent your company’s goals and priorities, which will help customers relate to your company. In addition, this merchandise can help customers recognize your brand.
While one of the best ways to advertise a company is through word of mouth, with satisfied customers sharing their stories, licensed merchandise is another great way to advertise your company. In 2013, an article was published on PR Marketer that discussed a recent program undertaken by The Blue Oval Store. The Blue Oval Store is the official site where Ford merchandise can be purchased, and by selling their own merchandise, they are able to promote their brand in a variety of ways. With their customers able to purchase shirts, hats, and other products with their label, these products will be worn and used. As a result, the brand will be more visible to even more people than they were before.
Having your company’s name and logo on products is a wonderful way to get the word out about the services you offer, but it is also a way to improve PR, or public relations. A company can give their merchandise to charities that need it, like donating tee shirts to clothing drives. Your company can also give out merchandise at events, like fans or water bottles with your label on them at summer concerts. By being an active part of the community and having some well-placed merchandise, a company can gain even more positive public perception.
It may seem simple, but some experts recommend not focusing all of your company’s advertising power on attracting new customers. Rather, they suggest that you send customers of the past and present objects that they can use. This is important, because it keeps your company in the front of their minds. It also encourages them to purchase products advertising your brand. Many large companies, like Ford, do this very effectively, having merchandise that can be purchased by customers in addition to the vehicles.
By having a successful line of licensed merchandise, your company can grow in ways that might not be possible otherwise. Licensed merchandise is a wonderful way for a company to help build their brand, keep customers invested and interested, increase positive public relations and to advertise the company.