14 Jun The Case for Outsourcing your Content Licensing
Some tasks are outsourcing naturals, but what about content licensing? How can you decide which makes the most sense – keeping this function in-house or outsourcing it to a partner?
Printing, payroll, and benefits are often outsourcing no-brainers. The trick with content licensing is this – can you find a trustworthy agency that will generate results?
Trust is critical because your content licensing partner will not only manage your brand – they will represent your brand.
We’ve outlined the reasons for outsourcing your content licensing – that way you can decide if it makes sense for your business.
Work with an Expert
Many publishers think of content licensing and say “Yes, I need to do that.” But they often don’t know where to begin or who to consult with, let alone have a successful model to follow. The good news is that content licensing agencies have been handling these processes for decades and have a keen understanding into what works and what doesn’t.
And this saves publishers time, resources and ultimately helps them make more money. There is no trial and error and wait and see – your content licensing agency just dives in and with your help, gets to work. Your assets begin earning new income immediately and there is no wasted time or lost sales.
But what makes a content licensing agency an expert?
For us, it’s our people. We bring the industry knowledge, experience, and specialized insight acquired over many years as a leader in this industry. Wright’s Media currently represents over 1,000 publications, successfully licensing their content all over the world. Our skills have been refined through our experiences licensing all kinds of content from all kinds of industries. We are the gold standard when it comes to marketing your content assets.
Brands that purchase licensing rights for use in marketing campaigns already know Wright’s Media. They have worked with our team of content licensing managers year after year, successfully acquiring usage rights for their marketing efforts.
When considering whether to outsource your content licensing, publishers need to tally the total cost of handling it in-house versus outsourcing. So let’s jump right in.
- Salary – If you hire content licensing managers, designers, and production staff to manage your content licensing efforts, you’ll be paying them salary and/or commission
- HR – There will be expenses associated with the recruitment, interviewing, vetting, and onboarding of new employees.
- Training – Each new employee must undergo at least some training with current employees, and this takes them away from revenue producing activities.
- Production Costs – Do you print or design in house? If not, these services will have to be purchased.
- Time – Completely launching an internal licensing division not only includes hiring and training, it takes strategy. And developing this strategy will take time.
If you decide to move forward with an in-house team, it will take a significant up-front investment in time, money, and resources before you can begin to expect a positive ROI from your licensing efforts.
When you choose to outsource, you don’t waste any time – you just reap the benefits immediately.
Content licensing doesn’t have to cost you anything upfront. An open mind and (or course) valuable content is all an agency needs to be successful.
When you decide to partner with a content licensing agency, understanding their internal processes to market your assets is essential.
Your content licensing agency should be able to handle the entire content licensing process from start to finish. From strategy to research to direct sales and even in-house production – these are the departments you typically don’t want to re-create internally. Be sure to work with a partner that has the ability to handle all aspects of the job.
An important part of content licensing is reporting. Transparency is key. If you aren’t receiving real-time reporting from your agency, you need to ask why not? Partner with a content licensing agency that provides complete access to all of your transactions data in real time. There should be nothing to hide.
Extension of Your Business
Your content licensing agency should be an extension of your business and they need to dedicate sufficient personnel (Account Managers and Content Licensing Managers) to solve your problems.
And because your agency becomes an extension of your business, they must become more than just a content licensing provider. They should be your partner – offering guidance, marketing direction, and overall strategy for your brand. Your agency team of content licensing managers not only manage your brand; they speak directly with your audience, acting as an extension of your sales team.
In-House or No-House?
So for content licensing, you are either not currently monetizing your assets, or you are managing it in-house.
No-House – No Current Licensing Activities
Perhaps it has been on the back burner, or you’re not sure how to get started. Maybe you don’t believe there is significant value in licensing your assets. We hear this all the time, and publishers are often pleasantly surprised when we give them an idea of potential revenue.
Put your content to work. If you don’t, you’re leaving money on the table.
In-House Licensing Team
Great. You definitely see the value in your content and have taken steps to license this portfolio of assets. Often we see content licensing as an afterthought, or done only on an ad hoc basis.
With a content licensing agency, you will see proactive marketing efforts taken to maximize revenue generation within your publications. In our experience, publishers are usually stunned to see the additional revenue that can be generated by partnering with an experienced content licensing agency.
Now that you know your content has value, it can generate significant revenue, and that outsourcing is faster and cheaper than going it alone, what should you do?
If you need more proof, take a look at the epic results experienced by one of our customer/partners, Northstar Travel Media, by downloading the case study.