Shaan Rais is a professional speaker and leadership and organizational development consultant.
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When Shaquille O'Neal entered the 1992 draft, the world was astonished by his athleticism. Now, 30 years later, the business world is taking notes on how O'Neal leveraged his name, image and likeness to create an empire that includes franchising, licensing and spokesperson deals. It's been said that 78% of athletes face financial hardships three to five years post-retirement. So how did O'Neal beat the odds and, most importantly, with the National Collegiate Athletic Association's new NIL policy, what can student-athletes learn from O'Neal's business success?
The NCAA's updated policy on NIL opens a new world of opportunities for student-athletes. They can now earn money from speaking engagements, sponsorships and brand deals. Still, this unique opportunity will likely come with a steep learning curve for everyone involved. For student-athletes, the most effective way to master NIL is to follow in the footsteps of professional athletes who have branded themselves through endorsements and brand deals. Shaq is an excellent illustration.
There are three areas that student-athletes should focus on to position themselves for NIL success: social media, a personal website and content creation.
1. Social Media
In today's world, social media is the most powerful tool you have at your disposal. Student-athletes entering the world of influencer marketing will be expected to be social media savvy and competent in producing quality content specific to the platform and audience they want to appeal to. When building a brand, I suggest athletes stick to no more than three content pillars.
Content pillars are defined as the topics, industries or areas of expertise you want to be known for. When determining your content pillars, consider the following:
• What opportunities are you most interested in?
• What values and characteristics will act as a benchmark when making decisions?
O'Neal was quoted in the Wall Street Journal as saying, "I heard Jeff Bezos say one time [that] he makes his investments based on if it's going to change people's lives. Once I started doing that strategy, I think I probably quadrupled what I'm worth."
Building a brand that reaches mogul status depends on choosing opportunities now that will exist well into the future. For example, if your ultimate goal is to position your personal brand with a luxury car brand, then your social media content should align with the characteristics of that brand. Using Lexus as an example, their brand standards include sophistication, simplicity and innovation. When positioning your brand ask yourself: How could I position myself to reflect these characteristics?
Notice how O'Neal's business empire includes franchises like Five Guys, Auntie Annie's Pretzel and affordable insurance companies. Much like his personal brand, these products or services feel down-to-earth and are things that people use every day.
2. A Personal Website
Your website as a student-athlete should act as your online resume and highlight reel. It should showcase your specific talents and abilities and serve as a portfolio that you can direct brands to when looking to collaborate. To create an effective site, I suggest creating clear calls-to-action throughout and including examples of your athletic abilities, educational achievements, interest/hobbies and volunteer activities and awards. The goal here is to control the narrative and show all aspects of your character.
In 1992, when O'Neal entered the public arena, personal websites and social media weren't available to help build a personal brand yet, in an interview, O'Neal spoke about returning to the classroom to get his Ph.D. and the significant investments he made to understand the world of broadcasting. Take any opportunity to showcase your expertise.
3. Content Creation
In addition to the NIL deals that professional athletes of the early '90s and 2000s enjoyed, the NIL deals of today will likely require you, the student-athlete, to create content. The skills required to create quality content include:
• Creativity: To gain notoriety through social platforms, you need to be creative and stand out from the rest. This might mean developing a fun meme or creating a viral catchphrase.
• Communication skills: To get noticed by brands, you need to know how to communicate your talents effectively. This means showing that you can communicate and speak like a leader. The ability to communicate clearly and succinctly is extremely important in today's influencer culture.
• Technical abilities: If a brand is willing to partner with you on a NIL deal, they will likely ask for content delivery options outside of YouTube, Instagram and Snapchat. Depending on the product or service, you may be asked to create blogs, vlogs, tutorial videos, etc. It's important to familiarize yourself with the different mediums.
Not every college athlete will make it to the pros, and that's OK. The opportunities presented with NIL deals and the benefits of a college education are all athletes need to transition into their future careers. By understanding the art of career reinvention, NIL stars can have long-term success after they stop playing sports by following these three tips:
• Build and maintain a network. Learning how to do this is a significant part of career reinvention. Even if you have identified your target brand, building relationships with the right people will help increase your chances of getting the NIL deal.
• Develop leadership skills. Whether you are a star player or a bench warmer, this is an essential skill that can help differentiate you from your peers and make you more attractive to brands.
• Apply your skills in new ways. This is arguably the most important step. To have a successful career post-college, you need to apply the skills acquired through NIL deals, such as public speaking, negotiation and managing—all skills needed to run organizations that continue in entrepreneurial endeavors.
By following these steps, student-athletes can position themselves to not only have success in college sports but in life.
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