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Product Licensing: The Importance of Social Network Marketing

Product Licensing. As you begin to get the word out about your product, you need to get your ducks in a row. It is easy to overlook little details when you are excited about licensing your product. But to avoid costly legal issues later, you must not forget anything. Especially with regards to licensing your product, it is crucial to pay attention to the little details. You must also go o great lengths to not let your precious rights and privileges slip away.a Social media presents some unique challenges in this regard. There are a few things that you want to remember as you promote your product online.

#1 Precautionary Step

First, when in doubt, be clear about what licensing your product means. Anytime you put something into writing – and that also includes all social media posts – you are opening yourself up to potential legal action. You do not want to make any promises that you do not plan on keeping because a promise that has been entered into the public forum is also a promise to which you can be held accountable for in a court of law. Rather than offering the specific terms of any licensing deal, be a little vague and promise further communication down the line. It may be exciting and also tempting to reveal everything and be completely transparent to a potential licensor.

Even so, it is also critical that you proceed your discussions in a proper manner to protect yourself while licensing your product. Nobody wants to undo months or even years of work spent developing and marketing this product. Especially on such a simple mistake as being careless in what you write and say publicly. It would be wise to consult your patent attorney when using social media to generate interest regarding licensing your product. Their expertise can prevent a disaster and may even guide you in a better direction to generate more interest. For example, they can ensure you use the needed terminology and procedures to build confidence in the other party that you are a true professional. This small step can pay dividends in this process.

#2 Precautionary Step

Second, be selective about the people you actually form licensing deals with. Even if you are using social network marketing, this is an important point to remember. Because the net that you cast on social media is bound to be wide and overreaching. Also, use all of the additional information available to you on social media to screen the people whom you are considering for potential product licensing deals. If possible try to contact any parties that have also made deals with them in the past. For example, a product developer that also licensed their product to this person. This person can help you understand the true opportunities and challenges that are present. Information can range from their habits of responding quickly to whether royalty payments arrive on time. This insider information can also help you when choosing whom to license to.

#3 Precautionary Step

Third, do not rush into anything. While the large reach of social network marketing can mean that you create a lot of screening work for yourself. Also, do mind that these leads may not be available for product licensing otherwise. Take advantage of this large pool of leads and also chisel out licensing terms. With which you can be happy in the long term!

Just as with all other aspects of a product launch, product licensing can also benefit you in multiple ways. If you employ intelligent social media marketing strategy. It is also possible to get a  better product licensing deal for yourself by leveraging social media in the right ways.

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