How To Stay Competitive In A Hot Licensing Market
If we were to make a day-in-the-life vlog for our work in licensing, it’d be jam packed. The world of licensing is busy and doesn’t like to wait for answers—especially considering that licensing professionals work all across different time zones.
Gathering accurate, up-to-date data has always been a challenge. Not only does it usually take a village, it takes a considerable amount of time and expenses to procure.
That’s where Licensing Analytics by Flowhaven comes in. We explain the challenges and consequences of gathering data too slowly, as well as how our newest innovation, Licensing Analytics by Flowhaven, tackles that.
What happens when traditional analytics lag behind market speed?
Licensing is a fast-paced industry. So many things happen in just a single week or day, such as:
Progress made on deals in the pipeline
Products being submitted and revised
Partners inquiring on anything from custom letters to changes to agreements to faster approvals to updates on schedules
Waiting for data on channel performance, sell-through rate, and royalty revenue to arrive
That last point is fairly common–most managers prefer to give executives and team members updates once they’ve collected and processed enough reports. However, this is typically very. time consuming.
With traditional analytics, an individual or a team is responsible for producing spreadsheets that answer a specific question, like “what is revenue performance quarter over quarter broken down by territories or categories.”
One of the major drawbacks of the data that gets collected this way is that it only represents snapshots of the business during a particular time frame. Getting updated data to answer the same questions will require the same person or team to go back and pull numbers all over again.
Manual data gathering is slow, inefficient, and not future-proof. When a certain teammate leaves, for example, their data gathering process sometimes leaves with them!
How Licensing Analytics by Flowhaven can help
With Licensing Analytics by Flowhaven, you no longer need to compromise between getting accurate, timely data and delaying a project. Our Licensing Analytics tool lets your team:
Make and set ready-made dashboards that are updated in real-time
Set alerts and reminders for certain dates or numeric thresholds, so you never miss a milestone
Save time and get back to other important tasks
Licensing Analytics by Flowhaven can answer your most important and most trivial questions within seconds. That means you won’t need to refrain from asking your team or partners to dig deeper. Having more transparency and visibility into your performance will help you catch problems before they get too big to solve, double down on what’s working and profitable, and scrap what’s not serving you.