The National Football League (NFL) is one of America’s great businesses and reigns as the most profitable sports league.
In a recent season the NFL generated nearly $15 billion as their key metrics exploded with record-breaking revenue:
-TV contracts
-Merchandising
-Ticket sales
-Franchise valuations
The sport has grown through innovation. Over recent years, the league's top-flight tv production, instant replays, playbook tablets, and video scoreboards rocketed the NFL to new heights.
While businesses can often view innovation as optional (to their detriment), industry-leading organizations, like the NFL, are always smashing through glass ceilings.
“The NFL is attempting something extremely risky: the first-ever remote draft.”
The league is taking a bold step in front of a global audience, and they’ll be doing it LIVE.
If you’re not familiar with the NFL draft, it balances league competition. Each team receives a draft position based on its record the previous year. Since the last-place team picks first, drafting a superstar can change a franchise’s future.
America’s football appetite has snowballed the event’s popularity. In 2019, the draft attracted more than 47.5 million viewers over three days. It’s also estimated that 600,000 people attended the NFL's public gatherings.
What does this mean for your business?
Accept that important work can be accomplished remotely
The draft is circled in red on the NFL calendar. It’s when the league restocks talent and jumpstarts the careers of potential stars.
Due to the COVID-19 pandemic, this is the first remote draft. And to pull it off, the league must ensure dozens and dozens of live feeds are running successfully.
The NFL is doing what they would have never considered before.
Likewise, this pandemic forces businesses to answer key questions:
-Do we need everyone sitting behind a desk in the same building?
-Why spend on travel when a Zoom call will do?
-Can productive work still be achieved through telecommuting teams?
Some experts predict in ten years centralized offices will be like phone booths — obsolete. Maybe, maybe not. But it’s best to be prepared.
Sometimes answering the right question can change the course of your business.
Challenge your team outside of the status quo
Leading up to the draft, the NFL mailed over 150 smartphones to prospects, coaches, and teams. Each came with instructions on preparing the devices for specific usage.
The NFL's innovation was matched with an organization-wide commitment.
In what ways can your business adopt this same attitude?
-Virtual alternatives
-New software and technology usage
-Digital customer retainment strategies
-Special promotions benefiting hard-hit communities
Smart companies will use this trying time and better establish a “What If?” culture among its employees.
Embrace failures as learning opportunities
The NFL faces multiple technology hiccups during the draft.
In preparation, they’re ensuring streaming capacity can support the additional demand. That’s a tall order with 150-plus remote shots of prospects and teams.
But while the failure odds are high, the league marches forward anyway.
The lessons apply to any industry. It took James Dyson 5,126 attempts to invent his bagless vacuum cleaner.
Does your company have the same mindset?
-Failure is a given when trying new things
-Failure teaches valuable lessons
-Failure often precedes great success
-Failure can lead to original ideas
Innovation and failure dance together.
An innovative company embraces the risk-reward ratio and learns from the mishaps and mistakes.
Look for marketing opportunities when others aren’t
The draft is one of the few live sporting events during the coronavirus isolation.
And it also offers a rare marketing platform. More than 100 companies are advertising in the draft, and nearly 60% are first-timers.
It’s a smart move. Sports-starved fans will generate huge viewing numbers.
Likewise, this is the perfect time to market your business.
When so many companies are hitting pause, you can rise from the pack and be noticed.
Resist the pull of staying the same or going backward. Lean into new ground.
Look at the NFL draft with fresh eyes. It’s more than teams selecting football players. It’s more than using Zoom from remote locations.
It’s about business innovation.
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About Me
Hey, I’m Brian, co-founder of Genie Jar Digital. Born a Tar Heel but now a Virginian, I’m the father of five teenagers and the husband of one amazing lady. My family has a thing for Golden Retrievers. Given the right circumstances, I can do a mean moonwalk on a slick kitchen floor.
