Tips on Licensing Your Product
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By David Vallieres
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Do you have a product that you know can become very successful, but you're not
sure how to market it? You might want to consider the idea of letting other
people sell the product for you. No, this doesn't mean giving up the product for
free and letting them have the profits. Rather, it means licensing your product
to them and making money in the process. You sell them the rights to the product
and you make money off the transaction. They can then sell the product and keep
the profits for themselves. While licensing can be a great way of increasing the
profit on your products, there are some pitfalls to avoid. Below are four tips
on how best license your product to others.
Tip #1: Evaluate
Before even thinking about how much to charge for your product, you should
evaluate it and the market closely. You do not want to sell for too much or too
little. Take a look at the product you are hoping to sell the licensing rights
to. What type of product is it? What is the topic of it? What is the purpose? If
the niche topic is online poker, what does the ebook hope to show? Does it show
people how to get better at online poker, or is it just a general ebook about
the subject? It's important to take this into consideration before using tip #2.
Tip #2: Research
It's downright silly to make a major business decision without first thinking it
through and researching it. After you've determined what your product is, what
the topic is, and what purpose the product serves, you can begin to research it.
For instance, if you are selling the licensing rights to a program which makes
keyword usage easier, begin googling the term “keyword programs” and see what
similar products sell for. This will help you determine how much money to sell
the licensing rights for.
Tip #3: Make a Firm Decision on What Resell Rights to Offer
Next, you should determine what rights you'll allow customers to purchase. When
selling the licensing for your product, you should decide what customers can do
with it. Can they simply resell the product, or can they also edit the product
(also called
private label rights) and resell it? When you've figured out which to offer,
make it known what your customers will get when purchasing the licensing.
Tip #4: Don't Sell Yourself Short
A common mistake among those who
license products
is that they don't charge enough for the license. You should not allow a buyer
to negotiate the price with you. Whatever price you decide on is firm. If a
buyer tries to negotiate, tell them you're a business and will not sell it for
less than the price listed. Then remind them of all the profits they stand to
make by purchasing the licensing for your product. You should still be able to
convert these potential buyers into sales, although there will be the occasional
stubborn buyer who won't budge. Still, by being firm, you can make sure that you
get the maximum profit for your licensing rights. One way to keep the
value of your license high is to only sell a limited number of licenses and make
that number known. You'll have more leverage to keep the license price
high and to keep from needing to negotiate on price.
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