Question

Michael Phelps is the most decorated Olympian of all time, winning 28 Olympic medals, of which 23 are gold medals. He used his Olympic success to generate a cash-flow stream of more than $100 million through several products and service endorsements. To accomplish this, he implemented a strategy formulation with his coach, Bob Bowman, and his manager, Peter Carlisle. From there, he implemented his meticulously formulated strategy and ultimately signed lucrative endorsement and advertisement deals and launched his own swimwear line, MP.

Imagine you work for a sports management firm that has been approached by gymnast Simone Biles. A decorated Olympian with multiple gold medals and a favorite in several events going into the 2020 Games, Biles is considering switching her representation to enhance her brand. She has seen the success of Michael Phelps in becoming a marketing phenomenon, as well as a swimming phenomenon, and wants to know if your firm can do the same for her. Your boss has asked you for a brief summary of Phelps' strategy, to help prepare a presentation for Ms. Biles. While the specifics of marketing a female gymnast and a male swimmer may differ, it is essential to be able to explain what worked for Phelps, in order to win over Biles.

Write a memo to describe to your boss what Phelps's strategy was, why it worked, some of the limitations, and how you might adapt it in your pitch to Ms. Biles.

Answer 1

09/02/2020.

To: Mr Senior Manager.

From: Junior Manager.

Subject: Michael Phelps`s strategy for Ms Biles pitch.

Respected Sir,

All athletes set out to achieve greatness in any respective sport knows that unlike other jobs in sports there are no shortcuts. You have to show up, you have to put in the time, the effort, the investment, and you have to go all-in physically and mentally every day. There are no supporters, no well-wishers, no coaches, nothing, you were alone, you do it alone, everything else the money for the fame the success, thy new friends everything is a by-product of the athlete's commitment to winning.

Now what we have in common in between Ms.Biles & MP (Michael Phelps) is that both of them are at the epitome of their respective sport. Both Ms’ Biles & Mr MP have a proven international consistent track record at the Olympics. The marketing strategy did not pop up one fine day just because of MP winning streak but if you ask me it was a well-planned well-coordinated and well-executed strategy with the use of the right expert help who recognised a champion in the long run.

What we need to do if Ms.Biles permits are to get her support in the form of latest sports technology, diet, equipment, everything that makes her improve her performance in the long term for confirmed consistent Victory. With the already famous Ms.Biles what we can also do is to help her market herself internationally among sports groups, fans and support page. She will be able to update her follower's fans and well-wishers with her tips, routines exercise and events creating an international audience along with time helping her indirectly in becoming a brand in herself for the future.

With M.P there was the flawless dedication of himself, to create himself, to his image, to winning, to consistency, to go beyond ordinary, that is a commitment that Ms.Biles will have to take henceforth after our presentation if and when she decides to sign with us for we can only help be her guide in showing her the path, but it is her commitment eventually that will matter in the long term execution of our planning.

Let me tell you this but these are just numbers for your reference but he sky is the limit, MP has earned around a total of $95.8 million give or take in his life with $94 million of that coming straight from ADVERTISEMENTS." MoneyNation says that MP paid nearly $43.5 million in taxes alone financing expenses hit another $14.4 million of the total. Phew, now that's a lot of money if you ask me to pay to the government. If something went wrong in MP`s planning it was finance and tax-related and you gotta give the man a break because nobody wins against the government; but as you say there is nothing that we can’t do for our client and we can help set it up for her in advance.

Also, last but not the least, most of MP`s net worth comes from endorsements, sponsorships, and paid appearances. These are also an added advantage that we have keeping in mind our connections with the right people in the industry.    

These are some of my observations I have come across while doing my research on Ms.Biles pitch and we shall discuss further when you plan to finalise this pitch for the client.