By Constantinos Massonos, Contributor
The right to publicity, which is a right protected by law, gives any individual the exclusive right to license the use of any distinct aspect of their identity for commercial promotion.
Through the use of this right, athletes who were traditionally paid just to compete in their respective sport. But, could create an extra revenue stream through licensing the use of their Name, Image and Likeness (NIL) for commercial purposes. Nowadays the development and commercial exploitation of an athlete’s brand has become an integral part of their career, allowing them to monetize their on-field success in the long term, even after their playing days are over.
National Collegiate Athletic Association
The NCAA (National Collegiate Athletic Association) is a US based association which was initially developed, early in the 20th century, protect the welfare of college athletes and the viability of college sports. A hundred years later, the association developed in such a scale to have almost half a million student-athletes from 1100 different schools competing in its leagues.
Financial Earnings from NCAA
Until recently, college athletes competing in the NCAA competed in their sports without receiving any financial compensation other than scholarships. Additionally, were prohibited from financially benefiting from licensing the commercial use of their image rights. In June 2021, after years of legal battles, the US Supreme Court unanimously ruled (9-0) in favour of Division I college athletes, stating that the limits on education-related benefits set by the NCAA could not be legally enforced. This ruling allowed NCAA college athletes to benefit from their name, image, and likeness.
Commercialise
The right to commercialize their NIL creates numerous opportunities for college athletes to start building and capitalizing on their brand. Several sports-related organizations have even launched NIL programs for college athletes. The WWE, for example, has developed a program called “Next In Line” to help athletes build their brand. This program provides training in brand development, media training, communications, live event promotion, creative writing, and community relations.
Commercialisation & Target Market
The commercialization of college athletes’ NIL begins with identifying their target market, which mainly consists of their social media fanbase. Therefore, developing a solid social media fanbase is the first step in commercializing an athlete’s NIL. College athletes, at their current life phase, appeal more to younger audiences and are seen as free, young, and fearless, with a drive to succeed in making their dreams come true. A well-crafted brand-building strategy, based on this life phase and adaptable to the athlete’s evolving phases, can transform them into a local, national, or even global brand. This can be leveraged for sales, endorsements, and creating additional revenue streams.
Strategic Building
The strategic building of an athlete’s brand must also be based on the personal values they can bring to the marketplace to differentiate themselves from other athletes. While some athletes are popular solely because of their athletic performance, other factors can also influence the audience. These include an appealing appearance, the athlete’s values and beliefs, or a marketable lifestyle. A thorough analysis of the athlete’s personal brand, along with an analysis of their fanbase, can provide valuable insights. This analysis can help the athlete identify where to look for sponsors, revealing suitable industries, products, or specific companies that align with their characteristics. Such a match often leads to successful endorsements or sponsorships.
We set below, a few simple steps you need to take as a college athlete in order to successfully commercialize your athletic brand.
- Think about your competitive advantages. What makes you stand out from other professional athletes? Athletes can no longer rely solely on talent to gain a competitive edge. An athletic brand that stands out involves more than just athletic performance; it incorporates the athlete’s personality, passions, interests, and life outside sports. Studies suggest that sports fans place more value on character-focused stories about individual athletes, particularly those related to personal life and attributes, rather than just performance. Authenticity is key to building a strong brand. When your brand is a true reflection of who you are, your unique traits will define it, setting you apart from others.
- Determine your audience. Do you know who your audience is and how to engage with them? Understanding this is essential for creating a brand that portrays the most marketable version of yourself. Knowing your target audience’s likes, beliefs, values, and where to find them will help you craft a message they can relate to. Additionally, consider how businesses approach professional athletes for endorsements. A strong athletic brand can convince businesses that you are the perfect fit for their product or service promotion.
- Consider the public’s perception of you as a person and as an athlete; this is your brand’s core. This perception forms the core of your brand. Fans’ decisions to invest in your athletic brand—whether purchasing memorabilia, watching your games, or buying tickets—rely on how they perceive you. This perception is shaped by both your athletic performance and your real-life character. Take Roger Federer, for example, who often says, “It is nice to be important, but it’s more important to be nice.” This ethos sums up his public image and is key to his status as one of the most admired athletes in the world. In 2017-2018, Federer earned a net income of $77.2 million, with $65 million coming from endorsements and appearance fees. His off-court earnings from marketers are higher than those of any other athlete.
- Use social media strategies to promote your athletic brand. Social media allows athletes to build their personal brand, increase their visibility, and develop brand equity. It also serves as a tool to promote sponsors’ products and services. By having a strong social media presence, athletes create valuable opportunities for sponsorships and endorsements.
- Choose the right social media outlets. To effectively reach your target audience, select the most appropriate social media outlets. For example, if your target audience consists of teenagers, Instagram is more suitable than Twitter or LinkedIn.
- Decide on the content of your social media posts. You need to develop a specific public image and express your beliefs and opinions through social media. Be selective about the content you post, ensuring it aligns with your desired image. Original content—your own text, pictures, and videos—tends to attract more attention than sharing others’ content.
- Look into industries that invest in sports advertising. Athletes should be aware of current sports advertising trends and the top industries that sponsor athletes. Understanding where the money is coming from helps athletes direct their efforts in the right direction. Industries such as beverages, auto, sportswear brands, and watchmakers invest heavily in brand ambassadors from the sports world.
It is obvious from the above, that any college athlete can strategically utilize their unique qualities and characteristics in order to build a signature brand that can be monetized in various ways, including product endorsements, attracting sponsorships, merchandising or by just appearing at events. Carefully building a long-term plan, can help college athletes maximize the benefits from the commercial use of their sports brand.
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