demographic groups . Coca-Cola teamed up with DressX for a fantasy inspired digital space dreamland clothing collection that was launched in August 2022 . Working with top and leading designers Marc Jacobs , Tommy Hilfiger , Converse and others , the beverage brand will influence designs to be worn in the Metaverse . In a press release , the brand said , ‘ There ’ s no better way to bring the fantasy of dreams to reality than with Coca-Cola Dreamworld and our exclusive wearable collection … We hope that people will fall in love with Dreamworld … Dreamworld perfectly embodies the spirit of our community : happiness , optimism , and the magic of togetherness !”
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Organizations of all sizes are still expected to deliver profits and grow the bottom line despite the realities of the challenges in the market forces that they face . Marketing teams have been forced to find more affordable , innovative and efficient ways to drive sales and retention while customers continue to cut back on spending .
In the same breath , Coca-Cola took the opportunity to launch and announce its new fantasy mystery flavored drink for its customers . The purpose of this was for the brand to position itself to enter the Metaverse prominently through fashion and music through creatives without losing its core purpose and what it is best known for , its drinks . The brand has successfully managed to strengthen its relationship with its consumers and increase its consumer touchpoints with just one move .
Brand licensing is also a powerful tool to reach and acquire new consumers and educate them about the brand . Energizer , well known across the globe for its batteries has recently made moves into other related products that are used to generate power , lighting , products that are technologically driven and leading innovation . On this premise , the company has licensed for new categories of batteries including automotive batteries , portable power sources , audio / video cables , solar lighting and photographic accessories .
These associations strengthen the association of the brand with power and light which works to re-define the brand in the mind of the consumer . This places the brand at the forefront of growth and further cements the belief that it ’ s consumers already have about the strength and quality of the brand . While customers already believe that Energizer is a strong battery for household use , they would easily purchase any other product with the brand name simply because of the association .
Licensing can also give brands a new lease of life and allow the brand to easily stretch into a new market and play more effectively in markets where the brand is weak . Monopoly partnered with fast food giant McDonald ’ s in an instant win promotion through a brand licensing collaboration . This partnership has been so successful that it has been replicated in many countries over the years as the food chain expands outside of America and is a win-win for both brands as they get exposed to new markets simultaneously and enjoy exposure even in areas where they would not have been present .
The execution mechanic between the brands is also simple enough and needs no explanation to the consumers who already understand Monopoly . For Mc ’ Donalds , the catch is for customers to buy multiple times to increase their chances of winning the exclusive co-branded game board . Through this licensing deal , the food chain is also able to drive interest and purchase of new and underperforming food items through other instant rewards on Mc ’ Donalds products by offering perceived value .
Brands that have been engaging in licensing programmes have understood the benefits of this tactic and have reaped the profits over the years . With the current economic realities , licensing can be beneficial to move the brand name into new markets and expose the brand to new customers with a lower risk ratio through trialing . The holidays and particularly the festive season that is soon upon us is a good season to pilot licensing as it offers greater retail exposure and there is increased consumer spending .
Marmite , the famous British savoury food spread licensed its brand onto other products during Easter for savoury snacks , chocolates and even Easter eggs . This was a timely and effective tactic that offered Marmite good brand exposure without the company having to do a full launch of new products that they were looking to start producing in the near future . Through these collaborations , Marmite got a feel of the markets , and was able to gauge how customers would react if they found other snacks with the brand name on the supermarket shelves . The brand was able to stretch its existing relationships and acquire a new outlook in the mind of its consumer without cannibalizing its core business .
Brands can look to licensing as a way to stretch exposure without breaking the bank . By simply offering your brand name to a product that is weaker than yours or is a peer to yours in a new category , you can increase your chances of sales and increase trust among your customers for both brands . This can further work to shield the brand from unexpected market conditions and sudden disruptions which are now a common global feature , while giving an easy leeway into new markets .
With the current reduction on marketing spend , brands must continually be creative in how they execute . With the world set to experience one of the biggest and most marketed sporting events of the year , the FIFA World Cup Qatar 2022 beginning November , opportunities abound for brand licensing and partnerships during this season . Taking a leap into a licensing partnership can help brands showcasing new tools out of the toolbox inform new products or strategies for the new year .
Several successful stories exist for marketers to learn from , but the key thing is to be sure to execute the licensing agreements and partnerships in a creative way , to do it right and do it within the limits of regulation particularly where sports and digital advertising is concerned . Coupled with traditional tactics , brand licensing will often deliver the intended value and the intended results .
Diana Obath is a seasoned Public Relations and Communications Specialist . You can commune with her on this or related issues via mail on : ObathD @ gmail . com .