Licensing for physical products

This question is not related to the material that I have on AudioJungle, so I hope I’m not violating any rules by asking here. This has been a very helpful and knowledgeable community for me in the past so I was just hoping for some feedback.

I’m a hobby musician. I’ve mostly done small commissions and a bit of licensing. Some years back I did a collection of very simple tracks which found enormous success on YouTube. One of these collections is currently at well over 10 million views. I was making a friggin killing every month in ad revenue, until earlier this year when YouTube abruptly changed it’s payout policy and excluded tons of channels with “repetitive content” from monetizing. Since then I’ve been watching the views continue to climb, but not getting much value beyond the occasional request for licensing from small-time app developers or film makers.

Today I got a different sort of request for a quote. These guys want to use a handful of these tracks for physical electronic products. They suggested it would be a range of products, citing clocks as one example. I have no idea who these guys are. They didn’t give me a company name to research. Should I ask them for more info about the products before I give them a quote? I’ve never licensed for a physical product. I have no idea what rates are standard for this sort of licensing, or what all I should be considering as far as licensing terms. Any advice?

[EDIT] Some more info: I am definitely wanting to go for it. I need the money. In terms of rates, what I currently tend to charge for these particular tracks is in the ball park of a $100 one-time fee per track used (the tracks in question are short and basic). This fee covers commercial usage in one project, and I retain the rights to the recorded audio. The projects I’ve licensed to have been real small so far, and they’ve all been online media or software. Is this the standard model for licensing to physical products as well? A single up front fee covers the distribution and sale throughout the life of the product? How should I be thinking about a line of multiple products (clocks, watches, ect)? What about future iterations of the same products? What kinds of rates are standard? I just feel like I’m taking a stab in the dark because I see no examples of this kind of transaction anywhere.