Fall happens to be my favorite season, for my wife, however, not so much. We mutually enjoy some aspects of the onset of autumn. The gently falling leaves plucked from their branches by a soft breeze blowing off the Potomac spreads myriad and vivid colors along the walking paths that line our neighborhood. Walking slowly, hand-in-hand, through this wondrously painted canvas, bathed in the glow of the setting sun, stirs nostalgic images of past experiences, the sum of which provided the opportunity for us to fall in love and create a life together. Then all of a sudden … after these beautiful moments have occupied their due share … and always too soon for my wife, football occupies the rest of my weekend afternoons and evenings. Though I must admit, I am simply a spectator fan … at the moment, anyway, for during a recent conversation with an executive from Capital Bank at a networking function, a thought hit me like Dwight Freeney putting the smack-down on Tom Brady. I might be missing out on a significant opportunity to connect with clients and partners. I began to wonder if I should join a fantasy football league.
One of my closest friends and business partners operates a thriving fantasy football league every year in the Greater Columbus, Ohio area. At the beginning of each NFL season, he always suggests that I join the league. Each year, I politely make up some excuse to decline his invitation. Now, I am strongly considering accepting that offer next year, even though I live in the DC Metro area. Why? Consider the following. Market research shows that between 13.6 – 36.8 million adults and teenagers in the US and Canada participate in fantasy sports. Some analysts suggest that as many as 93% of all fantasy sports participants are members of a fantasy football league. Even more interesting, adults participating in fantasy football earn, on average, an annual income of $76,000. Studies further reflect the growing number of women participating in fantasy football leagues, currently comprising approximately 7% of all fantasy football team owners. The enormous appeal of the National Football League, with a team in every major market across the country, even created an environment fertile enough for a new industry in fantasy sports to blossom, an industry represented by the Fantasy Sports Trade Association since 1999. The Fantasy Sports Trade Association boasts 125 members companies, operating in several different countries around the globe. Fantasy sports industry experts expect advertising revenue on sports websites to eclipse $1 billion by 2011. Sports websites owned by US companies already saw ad revenue surge to $727 million, a dramatic 33% increase over last year’s totals.
If those statistics failed to capture your interest, ponder this. Can you think of a better excuse to reach out to your current clients, potential clients, or other business contacts on an even more regular basis? Many executives already use fantasy football as a vehicle for connecting to new business contacts across these United States, while building rapport with existing clients. In fact, the gentleman from Capital Bank told me story about one of his colleagues who flies clients into Arizona each year for their fantasy draft. Weekend events surrounding fantasy football drafts have become a steadily growing trend. In fact, the average participant spends about $493 each year on fantasy sports.
As with anything, certain draw-backs do exist. For example, analysts also estimate that American corporations lose hundreds of thousands of dollars each week due to a drop in productivity over the course of the 17-week NFL season as a result of employees engaging in fantasy football. On the other hand, studies also show companies that embrace fantasy football, either by organizing a company league or refraining from strict fantasy football policing, increase employee morale. 40% of employees who participate in a company-sponsored fantasy league say that fantasy football boosts camaraderie among co-workers. Notwithstanding, you may have also noticed that in recent months many policy debates arose as to whether or not fantasy leagues allow the participants to engage in illegal gambling activities. A resolution as to whether or not fantasy sports present too much of a temptation to gamble, therefore requiring stricter governmental regulation, does not seem likely to be reached in the near future.
Fantasy football as an opportunity to gamble does not interest me in the least, yet fantasy football as a vehicle to expand my professional network excites me greatly. Since so many fantasy sports companies provide on-line resources for people to manage their fantasy leagues, tech-savvy fantasy league organizers can use fantasy sports to connect with business contacts the entire world over. As an avid sports fan doubling as a business person—i.e. remaining employed simply as a means to purchase the latest and greatest television services and technologies in order to enhance my sports viewing experience—fantasy football presents some very interesting opportunities, opportunities which most small business owners should definitely not ignore.
Interesting parallel. Many entrepreneurs learning how to sharpen their memorization skills are often directed to the sports and/or business sections of the newspaper. The rationale, learn to keep track of numbers. It helps increase your memorization, quick response, and tracking skills. All of these skills are essential for being a successful business owner. Additionally, there is a growing advertising market in fantasy football...very much like "Second Life(r)." There are a lot of companies tapping into new ways of building customer loyalty via non-traditional marketing methods.
Posted by: Oyauma | 02 October 2007 at 21:47