Creating a Licensing RFP is Easier Than You Think

With the right preparation, writing an RFP is easier than you think, it can also be simple.  Before you begin writing, get absolutely clear on your property’s W5H (why, who, what, when, where and how), your target audience and channels of distribution.  This information will help you determine who to target as licensees. Then decide how you will communicate the RFP.

Once you have this information, you are ready to begin writing. You want your audience to clearly understand your vision, who you are, and why your company exists.  Introduce or update prospects on your property. Explain the situation or gap.  Be careful not to give a solution. Why? The way to find the best solution is to give someone a challenge to solve and let them find the answer. A quick summary of each element to include.

Why:
Start by sharing your property’s story. The reason your property exists, why your audience connects with it, the current situation, gaps, and your unique selling position.  Capture, in words, your property’s essence.

Who:
Explain who you are, your company, your property and it’s core demographic, both customers and retailers. Include your vision, values, mission and goals.

What:
Let your prospective licensees know what you are looking for in a licensee and what categories you want to fill. Share with them the top two to three things, that, if done right, conveys success to you.

When:
Timing and deadlines are very important.  Include the date their proposal is due to you. When you want products in the market, when you will make your decision and all other important dates.

Where:
Be clear about where you want product distributed, this includes but is not limited to retail, countries and on-line.

How:
The format in which prospective licensees will present their proposal (i.e. in person presentation, written, etc.). Provide contact information for the person managing the proposal process.  Getting questions answered in a timely manner and the proposal to the right person are important.

Note: the clearer you communicate your brand and more transparent you are about your needs, the better the proposals you will receive. When done right, you will find the perfect match for you, your property and your company.

Need help with your next RFP? Contact Madelon Wallace. She will help you transform your idea and company into a thriving business in any economy.

Click here, to sign up for my monthly newsletter, to get business tips and updates emailed directly to you.