Licensing International’s findings arrive at a time when brands are doing much more than distinguishing one product from another on store shelves. They’re part of people’s personal identity. Consumers embrace or reject them depending on their politics.

Brands, along with patents and copyrights, have become a bigger part of life as the American economy has shifted from focusing on physical objects, such as land, vehicles and factories, to non-physical assets.

As Staplehurst put it: “The intangible value of the brand sits in the minds of consumers.”

Picking a partner

Marketers interested in either licensing their brand or leveraging another company’s brand strength, however, should think before they jump. Not everyone has a Barbie in their portfolio.

Elspeth Ross, managing director at M&C Saatchi Group’s design and experience agency Re, recommends imagining how a licensing deal will influence the way a brand shows up in culture.

“What are smart, interesting or unexpected licensing partnerships that achieve your operational goals, while also demonstrating your brand’s personality, purpose or a new way into your value proposition?” she said.

Simply slapping a logo on a product that doesn’t evoke the same emotion or meet the quality consumers have come to expect can alter how people feel about the brand—sometimes for the worse.

“In our experience, great licensing deals often add a different layer to the story brands can tell,” Ross added.

Understanding how the public feels about a brand, of course, is a fundamental first step. Kantar’s Staplehurst advises looking at brand equity to measure the strength of an asset and command the best possible premium.

Regan, president of Licensing International, noted a core benefit of licensing is the ability to bring more people into a brand’s universe, whether they’re aware of the business arrangement that created the experience or not.

“The consumer doesn’t care if it’s a licensing deal,” said Regan. “They don’t know if it’s licensed. Why should they?”

But, she continued, “they know if something’s not fun, inauthentic, cheesy or a money grab, and most times they reject it.”