How to build your NIL Brand: Tips for College Athletes

Summary

This video offers invaluable advice to college athletes on monetizing their name, image, and likeness (NIL). It features insights from Mattie Walsh, UCLA's NIL expert, and Mark Coest, a sports entrepreneur and author of 'NIL for All'. They discuss the importance of long-term planning, storytelling, and seeking authentic brand partnerships. The video also warns against exploitative NIL practices and emphasizes the distinction between true NIL and pay-to-play schemes, providing guidance on avoiding common pitfalls in the NIL space.

Takeaways

• 🏫 NIL stands for Name, Image, and Likeness, allowing college athletes to monetize themselves through brand deals and endorsements.
• 📈 College athletes have a higher engagement rate compared to traditional influencers, making them attractive to companies for marketing purposes.
• 🤔 Not all companies have the athletes' best interests in mind, and some may seek to exploit them, so it's crucial to be cautious and informed.
• 💼 Meet the experts: Mattie Walsh, an NIL expert from UCLA, and Mark Coest, a CEO with experience in sports and entertainment and author of 'NIL for All'.
• 🏀 NIL is not just for high-profile sports; smaller and niche sports are also seeing opportunities for monetization.
• 🔮 Athletes should take a long-term view of their NIL opportunities, considering their future career goals and how NIL can help them get there.
• 📝 Ask for help when navigating NIL to understand the complex rules and regulations surrounding it.
• 🤝 Trust yourself and the process; athletes are encouraged to be proactive in reaching out to brands and posting content.
• 👀 Be aware of the difference between true NIL, which involves brand endorsements and partnerships, and pay-to-play, which is not allowed by the NCAA.
• 🚫 Watch out for red flags such as rushed decisions, lack of transparency, and unrealistic contract terms when evaluating NIL opportunities.
• ✍️ Ensure authenticity in storytelling and align your brand partnerships with your values and audience's expectations.

Q & A

What is NIL and how do college athletes monetize it?

NIL stands for Name, Image, and Likeness. College athletes can monetize their NIL by promoting themselves through brand deals where companies pay for the rights to use their name, image, and likeness.

Why do companies prefer college athletes over traditional influencers for marketing?

Companies prefer college athletes because they have a three to five times higher engagement rate than traditional influencers, proving they can generate significant traction.

What should athletes in smaller market sports do to monetize their NIL effectively?

Athletes in smaller market sports should focus on their core audience, tag companies in their field of interest, and use NIL to secure internships and job opportunities. They should also be good storytellers to attract brands.

What advice does Mark Coest offer to college athletes regarding long-term goals and NIL?

Mark Coest advises athletes to start with their long-term goals and work backwards. They should think about the career they want, the connections they need, and what they want to share on their journey. A long-term approach ensures financial stability and effective use of NIL opportunities.

What are the key legal and compliance aspects college athletes need to be aware of in NIL?

Athletes need to navigate state laws, school policies, NCAA policies, Federal Trade Commission rules, and campus rules about logo usage. They should seek help from compliance officers and NIL directors to understand these layers.

What is the difference between true NIL and pay-to-play?

True NIL involves athletes getting paid for promoting companies and brands, performing as influencers and brand ambassadors. Pay-to-play refers to athletes getting paid to join a university to perform their athletic duties, often involving large sums and NIL collectives.

What are some red flags athletes should look out for to avoid being exploited in NIL deals?

Red flags include companies rushing decisions, unwillingness to wait for athlete consultations, lack of transparency, random contact information sources, and reluctance to answer questions about the deal.

How can athletes ensure their NIL deals are beneficial and aligned with their values?

Athletes should review contracts carefully, ensure alignment with their audience and brand values, understand compliance issues, and avoid deals that might jeopardize their eligibility or financial well-being.

What are some common mistakes athletes make with NIL, according to the experts?

Common mistakes include not asking for help, rushing into deals, signing unfavorable contracts, not understanding compliance issues, and mismanaging financial aspects such as taxes.

What resources are available for athletes to learn more about NIL and make informed decisions?

Athletes can refer to books like 'NIL for All' by Mark Coest, seek advice from compliance officers and NIL directors, and utilize platforms connecting brands with athletes. They can also become members of channels providing extended interviews and additional NIL insights.