Financial Security Through Marketing Dollars
By John Gutierrez
It has now been over 100 years since the sports of basketball, football, soccer, and hockey were invented. It seems to be the right time for all athletes to get their finances managed. Many of them are now showing and sharing how to be financially secure. Team contracts are a single source of income athletes should be looking at. Athletes also have options to increase their earnings with marketing, endorsements, and investments. Every dollar from a team-contract can be saved if they wisely secure additional channels of income from sponsorships. Successfully managed portfolios can prepare athletes for life after sports.
In his rookie season with the Lakers, Dr. Shaquille O’niel quickly spent one-million dollars in half an hour from his first check. A lavish lifestyle can lead to quick ruin for athletes. His financial assistants quickly educated him that continuation of drastic money spending is not wise. The advice Shaq received taught him that creating integral brand partnerships can set a foundation to monetize his life outside of sports. He has had numerous major marketing deals with a multitude of companies. Reebok, Audemars Piguet Watches, 24-Hour Fitness, and Radio Shack are just a few examples that have helped him become financially prepared. In his post-NBA career, he is now one of the savviest money managers in the sports industry thanks to budgeting advice he received 20 years ago.
A new example of wise sponsorship money management is New England Patriots tight end Rob Gronkowski. Gronkowski, like Shaq, continues to ink sponsorships with what seems like almost every company. He has partnerships ranging from Nike, Roberto Beef Jerky, Capital One, and Monster Energy Drinks. These sponsorships afford him opportunities for travel, charity, and entertainment, like concerts sponsored by Monster, during his time not training or on the field. With the financial gains from corporate sponsorships, Rob Gronkowski has managed to pay for his living expenses, in additionon to reinvesting for increased income, and save every dollar from his player-contract with the New England Patriots.
As a mediator between athletes and businesses, LW Branding provides professional business communications to secure sponsorships for athletes the work with. The team at LW Branding approaches their clients professionally and personally to become involved in selecting sponsorships that are synchronistic with identities of both parties. Loosely associated sponsorships with little identity alignment can cause confusing perceptions amongst audiences across varying communication channels. When creative partnerships are formed intelligently and strategically between a company and an athlete, both can increase their market exposure for exponential profitability.