Andrew Dana and Alonzo Llorens were quoted in Counselor on the recent decision by the NCAA to allow college athletes to profit from their name, image, and likeness, commonly called NIL.
“This is their first time making significant income, so they need advice on how to spend, invest, and store,” Alonzo said. “There’s eagerness to monetize themselves, but they need to temper that with a prudence to enter into these agreements with eyes wide open. They need people around them to make sure they don’t get taken advantage of.”
For that reason, they said it's important for student-athletes to build a team of professionals around them just like pro athletes do.
They also discussed the importance of social media in helping athletes to maximize their NIL opportunities. Andrew noted that social media may help even the playing field between male and female athletes.
“Female athletes are more likely to have a significant following on social media,” Andrew said. “By focusing on their brand identity and social media engagement, they created these followings before the ability to monetize, so they’re in a prime position to capitalize.”
Additionally, they said there are disparities in opportunities between states and schools right now because of the lack of federal guidance on NIL. Monitoring what Congress, state legislatures, the NCAA, conferences, and schools do next is critical for the athletes and their support professionals.
You can read the full article here: College Athlete Merchandising Poised to Explode.
Counselor is the official publication of the Advertising Specialty Institute, which serves the promotional products industry and supports the marketing goals of businesses and brands.