A very recent Harvard Business Review article targeted the value of the NFL’s brand.
“Calculations show that the NFL brand is worth almost $25 billion — that’s billion with a B — and is growing.” - Weston Anson
Now how on earth can this be possible? It clearly attracts more attention (and dollars) than any other sport, and despite what scandals have been derived from the organization (and yes, there have been handfuls), the NFL’s brand refuses to hold onto anything that tarnishes its brand image.
“One would expect that after the dozens of incidents tarnishing the image of the NFL and its players that brand would be substantially diminished in value,” proclaims Anson. It only seems fair, right? HBR reveals that what truly drives the NFL’s brand to continue to increase in value, despite ongoing scandals of all kinds, is the NFL’s “brand buoyancy.” Whatever your business is, invest in some of this stuff, because it’s what will keep you afloat--literally. So why are we focusing on the NFL’s brand? Well, no matter what industry we work in, branding and brand value is essential. And the NFL is one association that has continued to see increases in both their brand value and revenues. What is so special about the NFL’s brand that has made them successful?
The first reason for the NFL’s prosperity is “spectacle.” It shouldn’t come to any big surprise that the human race thrives on competition. Not only is the sport entertaining, but if fans are already drawn to watching the games on their televisions, who’s to say that they won’t find the scandals to be equally as appealing.
The second reason why the NFL’s brand is so incredibly strong, is all in thanks to “gambling.” Gambling has been a part of football ever since the 1930s, and chances are, it won’t ever change. Between the unofficial Fantasy Leagues, and companies like Fan Duel and Draft Kings who actually maintain sponsorship deals with the NFL, their brand isn’t going anywhere. And if it is, it’s going up.
This is the time of the year when families gather together around the television screen to watch the big games. Not only is the NFL’s brand a provider of spectacle and stakes, but it reeks of unity and coming together … something that is often difficult for people to do these days. Take a moment to think about your business’ brand, and compare it to that of the NFL’s. Is your company and what it provides, a place where people are drawn to? Is your company willing to take risks in order to rake in success? Is your company prominent in the public eye (i.e. Active on social media)? These are always things to think about, but with all the excitement that this football season brings, the NFL brings a unique comparison to the table.