This June the Supreme Court made a groundbreaking decision that forced the NCAA to finally allow college athletes to “strike endorsement deals, profit off their social media accounts, sell autographs and otherwise make money from their names, images, and likenesses,” according to the NYT. This means college athletes have the potential to earn millions of dollars.
It’s pretty ironic that the NCAA, a multibillion-dollar organization that’s been profiting off of college athletes for 50+ years, is just now giving college athletes the right to monetize their brand…but better late than never? 🤔
Since its founding in 1906, the NCAA has had 115 years to refine, regulate, and monetize its brand, but now the athletepreneur can give this organization a run for its money.
The Game Plan
Rachel Maeng (former D1 college athlete, NYC Crain’s 20 under 20, CEO and co-founder of Loot Agency) believes there’s never been a better time for college athletes to build their brands, “The Social Media and Creator Economy places creators (and now athletes) at the center of new businesses. If we can understand that we, ourselves, are each a business, then it’s easier for influencers and athletes to understand that they can monetize their brands. In this emerging space, your outfits, your diet, and even your interests are things that you can monetize.”
Companies like GoPuff (food delivery service) are already striking up partnerships with college athletes. GoPuff partnered with athlete marketing platform Opendorse to launch an athlete endorsement program where “student-athletes will receive payment for promoting the brand [GoPuff] on social media and have additional opportunities for payment throughout the remainder of the year by promoting various GoPuff offers.”
Travel and hotel companies are also partnering with college athletes. United Airlines partnered with University of Oregon football player Kayvon Thibodeaux to promote its new direct flights from Eugene to Columbus, Ohio — the deal was perfect timing for the Oregon vs. Ohio State game.
University of Pittsburg QB Kenny Pickett signed a deal with the Oaklander Hotel and its restaurant Spirits & Tales reports the Pittsburgh Gazette.
The Tools
While the monetization opportunities are exciting, if athletes want to create a lucrative brand they need to cover their bases. Maeng says, “Athletes and influencers should always make sure they educate themselves and do their research — find out what you can about the brands you work for, fill out your W9, work with a manager or use a lawyer to look over contracts.”
There are many startups popping up to assist college athletes through this process. Icon Source connects athletes with brands, INFLCR is content and compliance software for athletes and athletic staff, and The Players Trunk lets college athletes directly sell gear, trading cards, and autographs.
Brand Partnerships
But it’s important that college athletes actually sell products and partner with brands that align with who they are. Maeng points out, “When building a brand, authenticity and consistency are important. Your authenticity (who you truly are) and how consistently you present that (and stay true to yourself) are the most important things to remember when building a brand.”
Social Media
Social media is one of the best places for athletes to build trust and let people get to know them. Maeng tells us, “People buy from people they know and trust. So if your audience can get to know who you are and recognize you, then they’re more likely to connect with your journey and listen to your recommendations.”
Content x Commerce
Social media is also the place where most of these monetization opportunities occur (i.e., a sponsored post) and the ability to conduct a transaction immediately, at the source of the post, will be insanely powerful. Boost will play a major role in enabling these transactions. Athletes can call out their tag in a video, write it in a tweet or post caption, put it on merch, autographs, or the jumbotron at their games.
Wrap-up
College athletes will need to make sure they have all the right tools in place to build their brand and leverage this opportunity. As Maeng says, “You have the potential to start building what will become your legacy, in college. You only have a 6-year window to compete in college sports but your legacy lasts forever.”
