With professional athletes having a relatively short-lived career playing sports, relative to other professions, it is crucial for them to find ways to diversify their earnings streams outside of the playing field, during and after their sports career. A great way to do that is by taking advantage of the great influence they have on their fans and the general public; using their Name, Image and Likeness (NIL) to build and commercialize their brand image and therefore capitalize on it through sponsorships, endorsements and partnerships. This can be achieved through the creation of personal marketing strategies with well-defined branding activities, which are in line with the athlete’s personal values and what they want to represent.
This month at the Money Smart Athlete Blog, we will look into the different types of deals athletes can make to create earnings beyond those of their professional contract. We will explore whether commercial deals are more financially rewarding than professional contracts, as well as navigate the world of social media and how that can be used as an additional revenue stream. Finally, we will go over the key criteria based on which an athlete can choose their partners and sponsors cautiously and in an informed manner. We believe that through this month’s articles, we will help athletes navigate the NIL labyrinth and figure out how to maximize the value of their NIL!
Athena P. Constantinou