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Erin Austin: Hello, ladies.

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Welcome to this week's
episode of hourly to exit.

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this is the first in a three part
series about licensing your expertise.

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So it follows a wonderful interview that
I had in episode 84 with Pamela Slim.

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So Pam's agency specializes in
the design and development of

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certification and licensing programs.

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So if you go back and listen to that
one, if you haven't already, it gives a

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great overview and the different types.

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Of licensing and certification
programs for you to consider the

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challenges and opportunities and
some of the minimum requirements.

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when you go back and listen to
that, you will see that as much as

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we, love talking about licensing,
you know, I love talking about it.

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the traditional licensing and
certification program is not for Everyone.

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So for instance, you may not have the
right audience to do a licensing program.

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You may not, want to
maintain the infrastructure.

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It's not a one and done.

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You have to, make sure you're
tracking all of these things,

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getting paid for them, making sure
that the materials stay up to date.

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or you may not have a fully fleshed
out process, If you're going to

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license something for somebody else
to deliver your expertise, you need to

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really have that very well codified.

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That's something that Pam talks a
lot about as well in that episode.

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So there's a number of reasons
why a traditional licensing

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or certification program.

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Isn't for you.

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So this series is going to talk about
some edge cases where we can still

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take advantage of creating leverage
in our businesses through licensing.

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Even if it isn't through what we may
see, on the interwebs about, what a

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certification or licensing program is.

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this week I'm going to talk
about licensing when you

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provide bespoke custom services.

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So we've already determined that
because of the nature of your

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services, that traditional licensing
or program doesn't make sense.

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your clients demand a custom solution
that is specific to their needs.

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They don't want something off the
shelf and you Get paid the big bucks

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to do that, and you enjoy it as well.

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instead of changing what you do, which
is to provide those high volume custom

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services, we're not changing what you do.

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Instead, we're going to change
how you sell what you do.

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So what does that mean?

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I'm going to start with an example.

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That involves Microsoft.

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And so this is something I did not
know about the origin of Microsoft

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until I read it in the book.

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Good strategy, bad
strategy by Richard Ramelt.

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And so he tells the story
about how Microsoft came to

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be the behemoth that it is.

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So I'm just reading an excerpt here.

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Oh, by the way, I think I need to
preface this that it was work for IBM.

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That is the beginning of
Microsoft as we know it.

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So this reference to the
largest computer company in the

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world is a reference to IBM.

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All right, here we go.

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When the largest computer company in
the world comes knocking at your door

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in 1980, asking if you can provide an
operating system for a new personal

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computer, you say, yes, we can.

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And be sure to insist as Bill Gates
did in 1980, that after they pay you

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for the software, the contract permits
you to sell it to third parties.

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You might just become the
richest person in the world.

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Now, the way that is written isn't quite.

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Accurate.

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It wasn't that IBM owned
it and they got to sell it.

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You can't keep selling the same thing.

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What you can do is you can
keep licensing the same thing,

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assuming you retain ownership.

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So what happened in the Microsoft
IBM relationship is that although it

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was custom, I mean, There is a new
personal computer create a operating

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system for my, personal computer.

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it was commissioned by IBM.

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but instead of having that typical
language that we see in client agreements,

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that the client owns 100 percent of
the deliverables, as a work for hire

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instead, Microsoft retained the rights
in was then, I think it was called

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the IBM DOS, but became the PC DOS.

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They retained the rights in it
and they could then license it

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to other hardware providers.

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At the time, hardware was king and so
IBM obviously undervalued the software.

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But the point is, What IBM needed, the
solution that IBM needed was a operating

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system and they got the operating system.

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So there is an example of a custom
commission deliverable where you

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retain the rights and then are able
to license it to other clients.

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Imagine that seems kind
of impossible to you.

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I mean, lightning only strikes.

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Well, it does strike more
than once, but what's the

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likelihood of it happening again?

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But I want you to consider
where we are now as an economy.

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there's been a shift from ownership
to access generally in businesses.

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There was a time when you always
had your own server, and now

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many things are in the cloud.

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There was a time when all of
your platforms that you ran your

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business on were custom developed,
and now people are using SASSes.

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Even the largest
corporations are using SASS.

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in our personal lives, Uber and
Lyft instead of owning a car,

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and of course, why buy the dress
when you can rent the runway.

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So there is generally a movement
towards access as a way from

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ownership and obviously in a digital
world that makes it even easier.

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You back when, You received your
software on a disk, so you owned it.

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It it's different than now
when you can just access it.

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So there's lots of ways where
we can look at what's happened

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in the last 40 years, 44 years.

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So that would encourage more
access versus ownership.

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when I talk about, know, SAS and,
renting dresses instead of buying them,

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I know that they aren't, you the bespoke
professional services that you provide.

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But I want to look at two
cases where we can have bespoke

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services, but still apply.

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The Microsoft lesson to
what we're doing today.

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So the first scenario is when we license
a custom solution to the client instead

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of selling deliverables to the client.

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As you know, every marketing
and business coach will tell you

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your clients want a solution.

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They want results.

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They don't want deliverables.

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They don't want inputs.

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When you're creating a proposal, you're
talking about the benefits, not about,

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your certifications and, you've got a
degree from here and there, but it's

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that they're going to have this great
result if they work from with you.

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I'm going to do a super shallow
dive into value based pricing

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just because I think it creates
a nice analogy to this structure.

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and again, it's very shallow.

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We love value based pricing.

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Do the deep dive, go to Jonathan
Stark or Alan Weiss for the deep dive.

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but I'm going to just use a few
analogies as we talk about this

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type of, licensing scenario.

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So when we are creating a proposal
for our custom services, you know, the

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first thing we need to do is understand
what our clients objectives are.

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Jonathan Stark talks about the
why conversation to make sure you

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understand what the client actually
needs versus what the client wants.

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Similarly, Alan Weiss talks
about the questions for

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establishing business objectives.

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These are, what would
you like to accomplish?

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What would be the difference
in your organization?

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If you're successful, what aspects of
your business are keeping you up at night?

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If you had set priorities now, what
three things must be accomplished?

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So to further quote, Alan Weiss.

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Self-interest is most affected by
results, not tasks, outputs, not input.

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That is why deliverables are
only a commodity that will be

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comparison-shopped by most buyers.

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A report, a training session, a coaching
regimen, these are simply tasks.

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performed, but improved morale,
faster customer responsiveness, and

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more effective leadership are highly
valuable organizational outputs.

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That is what your clients pay you for.

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So the fee should be based on future
improvement, not on past technique.

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So some of the things that your
clients desired future state, are

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higher productivity, lower attrition,
improved image, greater market

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share, greater profit, happier
customers, you get the drift.

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So let's take a more specific example.

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You have a client, their
cost of acquisition is three

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times the industry average.

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Obviously, greatly affecting
their profitability.

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You've gone through your Y
conversations and done your assessment.

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And you can see that their off boarding
process is the problem that it is not

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set up to encourage upsells to get repeat
business and to encourage referrals.

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So what will your proposal look like?

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Will your proposal look like, okay,
I'm going to, do some training sessions

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and I'm gonna leave you some reports.

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or is your proposal going to say,
I am going to, increase upsells,

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by this repeat business by that
referrals by the other, that is.

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What you are selling them.

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And so instead of selling the
deliverables, instead, you're going

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to sell them access to the custom
solution that you create for this

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client to get those upsells, get that
repeat business, get those referrals.

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So you have created it in response
to their specific circumstance.

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But once you have the solution in place.

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Do they need to own it to get the
solution to get the desired outcome?

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Or do they just need access to
it to get the desired outcome?

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as with the value based proposal, You can
present these options to your client of

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how they want to get the desired outcome.

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If there is no actual value, and
I mean, not kind of default value,

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I'll call it default value of
owning anything of everything.

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But there isn't an actual
value in owning the solution.

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If the client can.

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Get 100 percent of the transformation
that you have promised by getting

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access to it, then this is a
possible place to have a license.

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So, here you have the win win.

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The client only pays for the rights
to the solution that it needs.

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and you get to build a valuable IP library
of solutions that you've provided that you

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can use for other clients in the future.

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Now it's obviously the client will
be very concerned about Making

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sure they have access to it.

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So that is where your
license agreement comes in.

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You have that license agreement that
clearly states you have a non exclusive,

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of course, perpetual worldwide license,
irrevocable license to use the solution.

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That they can create derivatives from it.

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They don't want to worry about if they
want to change something later that

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they have to come back to you that they
can use it with other subsidiaries.

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They don't want to have to worry about it.

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If they acquire a company,
they have to come back to you.

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So you give them.

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This is one of those instances where.

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you want that license to be as
broad as possible so that the client

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can do the same things with that
license solution that they could do

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with the own solution, except that
they would have it non exclusively.

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I will put in the show notes because I'm
not going to think off the top of my head.

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I did a LinkedIn live where I talk about.

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Um,  Downside of a very broad
license, in your preexisting

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materials to your clients.

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but in this instance, because you
have created it and they paid for

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the development of the solution, it
is appropriate for to be broader.

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So I know that's a lot to digest.

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I'm gonna keep this one short cause I know
there's a lot to digest in this episode.

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But the point here is that we need to
help the client understand what their

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needs are versus what their knee jerk
wants are, and that they can get the

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entirety of the transformation with
a license and that they're not going

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to run into problems in the future.

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then that can be a great option.

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That is a win win for you and your client.

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So, this Solution is not going
to work for every single service.

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If you provide highly creative services,
let's say you are an advertising agency

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and you write, advertisements for your
clients, the client is going to be the

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only person who has access to that, right?

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They're going to want to own it
and they're not going to want

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anyone else to be able to use it.

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However, if we provide transformation
to our clients, then that Is a

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different matter, I mean, we could
say that the ad agencies, maybe.

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And I don't know, because I don't know
that agencies, but maybe what they are.

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actually providing their
clients are just deliverables.

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I don't know if they actually
promise transformations.

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They just promise a really
cool, slick ad campaign.

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And maybe it works, maybe it
doesn't, maybe it tanks your

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stock price in some circumstances.

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so that is a very deliverables
based Business and so if you

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have a very deliverables based
business, it might be problematic.

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But if you have a solutions
based business, then this is

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a possible option for you.

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All right.

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Now, let's look at another scenario.

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Let's say that you.

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Do you have solutions that incorporate
the client's proprietary information?

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So I'd like to share an example from
a participant in one of my workshops.

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So she is a futurist and she provides
very sophisticated analysis of what state

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of the world will be in 10 to 15 years.

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To pharmaceutical companies
because they have very long

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research and development cycles.

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So to paraphrase Wayne Gretzky,
the pharmaceutical company wants

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to skate to where the puck is going
to be and not where it is today.

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So she receives from her clients,
very valuable, confidential,

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proprietary information that she
can use to, decide what to do.

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What direction she needs to research.

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So, she would know she's doing the
research because they're looking at,

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what type of joints people want in
the future or what type of, a diabetes

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medication you'll need in the future.

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And so she will know
proprietary information.

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obviously.

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Yeah.

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The client will continue to own that
proprietary information, and she will not

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be able to use it with any other clients.

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However, a lot of that research would
not be proprietary to the client.

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For instance, if.

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She is giving a report on what the
climate will look like in 10 to 15

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years, what the geopolitical forces will
be, what immigration patterns will be.

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That is not specific to the client.

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It does not involve any of the
clients proprietary information.

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even though the only reason she researched
an area, I have this example here that

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I made up that, if she researched,
the likelihood of a unified Ireland

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in 15 years, and the only reason she
looked at that is because the client

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asked about it because they have
something that they're planning to do

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with Ireland that makes more sense if
it's unified than if it's not unified.

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But even though that is commissioned
research, because the only reason she

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did it was at the client's request, the
results are not specific to the client.

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So, rather than assigning all of the
rights in that research to the client.

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She would license that portion of
the research that's not specific

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to the client, does not utilize the
client's proprietary information.

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They would get a license to
that part of the research.

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So, now she retains that
research,  that she's done about,

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the likelihood of Republic of
Ireland and North Ireland uniting?

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In the future, she retains that she
can license it, another client comes

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along and like, Hey, that we want
to find out about United Ireland.

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she can pull that out.

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take, she's not selling deliverables.

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So that doesn't change the cost or the
value to the client of that research.

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but she does not have to do the
research over again, therefore

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increasing her profits also.

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Maybe over time, over the course of
several years, she would have created a

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database of research that she can then
license by subscription to other companies

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that would not be able to afford her very
high six figure, six figure database.

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fees.

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And so there's a number of ways
that even when you are providing

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value commissioned services to still
incorporate licensing into your business.

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So that is all I'm going to ask you to
chew on for today, but I really want

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you to use this as a spark to help
you think about how, even though you

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have very highly customized, services,
how you can incorporate, licensing.

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So take this, some time to look back at
maybe the last, , half dozen clients that

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you worked with, were there opportunities
in there for you to retain rights

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in some or all of those deliverables
that you would then be able to use.

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In future engagements, things that were
the client would get 100 percent of the

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transformation, whether they own the
solution or were licensed perpetual non

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exclusive rights to use those solution.

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Or if there are parts of the
deliverables the do not involve clients,

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proprietary information, and that could
be of use to others in the future.

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I welcome your questions about this.

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I know this was a lot to
wrap your head around.

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I welcome your questions and your
comments as my thoughts about

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this also continue to evolve.

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Thanks again.

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See you next time.