A Look into Sports Marketing and How Athletes May Benefit From ItOctober 3, 2018 / byArs Lexis / Categories : The Board Room
Advancements in sports have converted it from previously being just a social event into being a form of business. Every year, millions of dollars are invested in the industry with the goal of generating profits. That said, athletes began using their popularity to generate income.
Establish their brand
Some athletes have earned their uniqueness from their activities on the pitch, while others have earned it from other aspects of their lives, such as their fashion style. Upon transitioning to the professional sphere, an athlete may hire a sports marketing company in Gilbert, AZ or any other state that will be tasked with growing their public presence. The company may control the athlete’s interaction with the outside world in a bid to endear them to the fans and the public.
Every athlete wishes to attract sponsors. Sponsors use an athlete’s popularity for their marketing objectives. In exchange, the sponsors facilitate a part of the athlete’s expenses. In the case of football, a sponsor dealing in sports gear may equip you with customized playing boots and jerseys, among other perks. You may even enjoy sponsorship from non-sports-affiliated companies, which are interested in your brand presence outside the playing field.
Increase revenue through merchandise
The sale of merchandise has created an alternative source of revenue for athletes. In fact, it has remained the only sports-related source of revenue for retired athletes. The magnitude of the sales depends on the strength of a given brand. That may explain why athletes with strong brand names, such as Michael Jordan, have continued to earn a significant income even decades after retiring.
Sports have become a vital unifying factor among people regardless of their economic, political, and social backgrounds. That has created an opportunity that businesses may use to advertise their products. The result is the injection of different resources in the form of sponsorships and advertisements in the sports industry.