The Insights Family has lifted the lid on its latest tool development with the launch of a new platform that allows brands, partners, and retailers to compare the performance of their IP with thousands of others, across various types of media.
Called the IP Index, the tool has been launched to provide data to help identify new partners, spot opportunities, benchmark properties, and engage stakeholders with its independent data. The aim of the tool is to ‘provide context and insight into 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 10 organisations citing this.
To address this challenge, the company’s Research and Data Science teams, in collaboration with brands, partners, and retailers, have determined four key metrics to measure performance, which is based upon the following four stages:
- Access & Demand
- Engagement & Interest
- Purchase & Consumption
- Fandom & Advocacy
The beta version of the tool presents data through a 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.
Nick Richardson, CEO and founder, The Insights Family, said: “For years, the licensing and consumer products industry has relied on historical sales data. 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, 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.”
The IP INDEX Beta (across 17 countries and four media types) is now available for all clients and partners in Portal 4.0. 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 at: https://get.theinsightsfamily.com/ipindex