How can NIL Partnerships help my Business’ Marketing Strategy?
NIL stands for Name, Image, and Likeness, and it refers to the rights of collegiate athletes in the United States to profit from their own name, image, and likeness. In the past, NCAA rules prohibited college athletes from earning money from their personal brand while competing in college sports. However, recent changes in NCAA rules and state laws have allowed college athletes to capitalize on their NIL, creating new opportunities for businesses to enter into NIL partnerships.
A business can benefit from an NIL partnership in several ways:
- Brand exposure: Partnering with a college athlete with a significant following can provide your business with increased brand exposure. College athletes often have large social media followings and fan bases, which can help expand your brand’s reach to a younger demographic.
- Influencer marketing: College athletes can serve as influencers for your business, promoting your products or services on their social media platforms and other marketing channels. Their endorsement can carry weight among their followers, leading to increased brand recognition and potentially higher sales.
- Authenticity and relatability: College athletes are often seen as relatable and authentic figures, which can enhance your brand’s image. Partnering with a college athlete can help your business connect with consumers on a more personal level and build a genuine relationship with them.
- Local community engagement: College athletes often have strong ties to their local communities, and partnering with them can help your business engage with those communities. This can include participating in local events, supporting charitable causes, and connecting with fans who are passionate about college sports.
- Competitive advantage: Being one of the early adopters of NIL partnerships can give your business a competitive advantage over your competitors. By leveraging the opportunities provided by NIL, your business can stay ahead of the curve and stand out in the market.
Check out some of the NIL work Orange Media Group has managed and executed for our client, Rohrman Automotive Group.
Orange Media Group was honored to be a panelist at Purdue University’s Hammer & Steel NIL Event this month. We were able to speak to both business owners and student athletes about NIL partnerships and how to maximize the opportunities.
Orange Media Group is well versed in the regulations and guidelines set by the NCAA, state laws, and individual institutions. It’s crucial to ensure that any NIL partnership is conducted in compliance with these regulations to avoid any legal or reputational risks. Consulting with legal and marketing experts can help your business navigate the complexities of NIL partnerships and maximize the potential benefits for your brand. Reach out today to learn how this tactic can help your business!