Before you complete your first promotion or get your products to market, it’s important to identify metrics and datapoints that will help you determine if your use of athlete name, image and likeness created value for your organization. While there are endless ways to determine the success of any business decision, we have learned that businesses operating in the athlete NIL space must understand and be prepared to consider the data tied to the following four factors:
The business goals you look to achieve by leveraging athlete NIL.
-Awareness, attendance, reach, engagements
-Wholesale, retail, repeat purchases
The variables you will analyze to determine the quality of your NIL use or activation.
-Right player or group of players
-Right location, store, platform, channel
The objective data related to your use of athlete NIL.
-Turning athlete involvement into relationships with consumers
-Turning athlete involvement into revenue from consumers
The subjective data tied to the consumer connection to your business due to athlete NIL use.
-Providing enough value in one interaction to connect consumers to your business for a long period of time.
-Providing enough value in every interaction to connect consumers to your business for a long period of time.
As with the decision making and execution process, the way to measure the success of your athlete NIL use varies based on the quadrant you’re operating within. Here are the different combinations of measurables to consider within each quadrant:
Appearances, speaking engagements, autograph signings, photo or video shoots, audio recordings and more.
-How many people attended the promotion?
-Did we pick the right athlete?
-What percentage of our audience were able to interact directly with the athlete?
-Will the promotion create memories for attendees?
Jerseys, trading cards, bobbleheads, apparel, hats, socks, keychains, posters, action figures, puzzles, and more.
-How many products did we sell?
-Did we pick the right stores?
-What percentage of our audience were able to interact directly with the product?
-Will the product create memories for buyers?
Video games, mobile apps, websites and more.
-How many products did we sell?
-Did we pick the right platform?
-What percentage of our audience purchased the product?
-Are we maximizing the value of consumer engagement with our product?
Sponsored posts on social media, display advertising, podcast commercials, pre-roll or post roll advertising on videos and more.
-How many people saw about the promotion?
-Did we select the right player?
-What percentage of our audience engaged with the promotion?
-Are we maximizing the value of consumer engagement with our promotion?
While the NIL framework may appear generic, the processes within are examples that we have helped partners at players unions, governing bodies, leagues, and marketing operations select, execute, and measure for over seven years. We’ve been lucky see the athlete marketing landscape evolve with social media, impacting those at nearly every level of sports. And I’m excited to bring this expertise to the future of college athletics.
As changes to NCAA policies approach, our team at Opendorse will do all we can to provide valuable information to athletes and leaders in college athletics, sports media, business, and marketing.