Analytics matter: how data can help you rethink your licensing strategy
Believe it or not, your data tells a story. Every step you take in your brand licensing journey triggers actions that impact your efficiency, reputation, and profitability. Data analytics are a bit like cliff notes; they give you a comprehensive understanding of your business metrics and actionable insights to help you seize business opportunities in the moments that matter most.
Fun fact: According to McKinsey & Company, companies that adopt data-driven strategies enjoy 5% higher productivity and 6% higher profits than competitors.
If you’re sitting on a mountain of data and don’t know how to make sense of it, you’re not alone. The endless series of percentages and numbers can seem difficult to navigate to the untrained eye. But when you know what to look for, all those numbers not only become helpful but essential to your brand licensing strategy.
When it comes to analytics, time is of the essence. Have you heard of the phrase, “eat the frog?” It means doing the toughest job first without hesitation. Do not pass go. Do not collect $200 until you finish the task.
As a brand licensing professional, you might already be wearing multiple hats: accounting, marketing, HR, sales. You also have to answer to your clients (especially if there is a hiccup in your strategy). Analytics can be your friend. The numbers can tell you what is working, what needs work, and when to pivot.
Wouldn’t it be nice if software could sort through your data and help you keep track of important developments with simple dashboards and timely notifications?
Queue Flowhaven. The unique system puts contextual data at your fingertips with AI analytics powered by Salesforce, the world’s #1 CRM. Easily track deadlines and sales cycles and monitor individual SKU performance, territories, and categories.
Say you’re in the apparel business. You have a backlog of data about SKU popularity, territory earnings, and market caps into the app and results. Were they favorable? Now’s the time to make a decision about expanding. On the off chance that the analytics weren’t what you expected, you have enough information to improve and pivot to salvage the brand.
“We break numbers down into digestible analytics that can be modified by the user in the graphs styles that work best for their team,” says Philip Isles, Customer Success Team Lead.
Still, you may need to see your analytics from another POV. Perhaps you’re a more visual person? Flowhaven will help you understand what’s happening in your licensing program by providing real-time charts and sorting out highlights to show your status, identify bottlenecks and red flags, and helping you track work like an in-person project manager.
How does all the data Flowhaven tracks benefit you? By using Flowhaven’s program, you can apply filters within the platform to retrieve information specific to your business strategy. “It can be agreement-specific, approval-specific, and royalty-specific data,” says Isles.
Now that you know the brand licensing software can help you navigate data tracking, retrieving the data to streamline your overall licensing marketing strategy can help you make business decisions quicker, which is crucial if your business is licensing product categories. “Once data is input by users or by licensing partners, it is instant,” says Isles.
Flowhaven is continuously updating its platform, and its analytics will only get more specific, which will help you and your business in the long run.
Want even more tips on mastering analytics? You can learn them in our new ebook!