The new tool enables brand owners, brand partners and retailers to identify the performance of their IP in relation to thousands of others, across multiple media types.
Kids, parents and family market intelligence specialist, The Insights Family has added a new tool to its portfolio, the IP Index.
The IP Index enables brand owners, brand partners and retailers to identify the performance of their IP in relation to thousands of others, across multiple media types.
The tool provides data to identify new partners, spot opportunities, benchmark properties and engage stakeholders, with high quality and independent data, with The Insights Family saying that it provides unrivalled context and insight to a property’s audience.
The Insights Family 2021 Industry Report found that identifying new IP was the number one licensing-related issue businesses are facing, with almost seven in ten organisations citing this.
To address this challenge, the company’s Research and Data Science teams, in close collaboration with brands, partners and retailers have determined four key metrics to measure performance, which is based upon the following four stages of a purchase funnel:
- Access & Demand
- Engagement & Interest
- Purchase & Consumption
- Fandom & Advocacy
The beta version of the tool presents data through a dynamic league table, and provides an independent score based predominately on The Insights Family propriety data, as well as utilising data from API sources such as Google and YouTube.
“For years, the licensing and consumer products industry has relied on historical sales data,” commented Nick Richardson, ceo and founder of The Insights Family. “Considering the speed of change in kid’s attitudes, behaviour, and consumption and the advent of so many new properties – this does not seem fit for purpose.
“We have made it our mission to understand the industry’s needs and develop a tool which looks at future demand and will ultimately enable industry professionals to compare Batman, FC Barcelona, Cocomelon, Ryan’s World and Fortnite side by side.”
Richard Wainwright MEng, principal data scientist at The Insights Family, added: “The IP Index utilises our own proprietary data but also API data to score each property. The first three of the scores are based around a traditional purchase funnel – Access & Demand, Engagement & Interest and Purchase & Consumption. However, with kids having a far greater desire to co-create and co-commercialise, our methodology also provides a fandom and advocacy score as well.”
To celebrate the launch of the tool, The Insights Family has released a new report, highlighting the top performing brands according to the IP Index. The report is available to download now by clicking here.
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