Brand licensing is one way that businesses extend a brand, largely because brand licensing allows your business's brand to achieve new product introductions without gearing up operationally for the task. Instead, your brand licenses its name to a manufacturer that takes on all the production and marketing efforts of the new product.
You need to follow this procedure when brand licensing for your business:
Build, protect, and manage a strong and highly esteemed brand.
Otherwise, few if any licensees will find your name worth the lease price.
Establish licensing guidelines.
Include how far you’ll allow your brand to range — in terms of product categories, price range, and distribution channels — through licensed products.
License only to well-managed, well-respected, and well-financed companies.
Your business brand's reputation is on the line.
Limit licensing partners.
Allow them access to a limited number in each product category or geographic area.
Implement a comprehensive licensee training program.
This program ensures that all licensed products are developed and marketed to your brand standards.
Monitor and protect the way your brand is presented via licensed products.
Be vigilant regarding misuse of your brand identity or infringements on your license.
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Source:http://www.dummies.com/how-to/content/how-to-license-your-businesss-brand.html
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