Lessons from the NFL Draft

I am a huge football fan so I was glued to my television last weekend as the 2018 NFL Draft was happening. It was filled with drama and excitement. But I was sucked in by the strategy behind the process. The trading of picks, the positioning to select the player you want, and the tactical changes that teams executed. While the NFL is a $14Billion dollar business it got me to thinking that there are lessons here that businesses of all sizes can benefit from. Let’s look at some that may benefit you.

Do your Homework.

All 32 teams studied the players they were interested in. They used common data points from the NFL Scouting Combine, but also collected their own information through meetings with the individual players they felt could help them. In business it is critical that you do your homework before you act. Collect the data that will be meaningful in making the best decisions. Go the extra mile to make sure it is best for you and your business, and don’t forget the intangibles either. Your gut instincts will help you make the right move.

Have a strategy but be prepared to adjust on the fly.

The Baltimore Ravens like all the teams had a strategy. They used their first pick to address a critical need at Tight End but as the round was winding down they saw an opportunity to break their strategy and make a move that may prove to be game breaking. They traded up to select Lamar Jackson, an explosive, potentially game changing player. If you are on a path that is supporting your strategy it is important to stay on if but you need to be open to deviating from that strategy if the need arises. You may need to do that to avoid a disastrous result, or like the Ravens make a move that may prove to be very profitable.

Prioritize your needs.

To paraphrase the Rolling Stones, “You can’t always get what you want, but you must get what you need.” Making sure you prioritize your needs, and your assets ensures you can accomplish what you want. If you focus on good to haves but miss out on a must have you may lose. We never have all the funding to get everything on our wish lists so making sure we get the critical things first gives you a greater chance for success.

Have contingencies ready to go.

The NFL Draft demonstrates the necessity of having your contingencies ready to go. You never know what the teams in front of you may do. If they take the player you had your eye on, what do you do? That is why you need to have your plans B, C, D, E, and so on ready to go. If things do not go the way you planned you need to pivot quickly and recover. By anticipating what may go wrong and having that Plan B ready to go you can stay ahead of your competition or stay on your timeline and accomplish what you set out to do.

Play the long game.

You can’t accurately score the quality of a draft class in their rookie season. It takes 3 to 5 years to get a real idea of how things are working out and maybe 10 or more years to see how good it really was. Companies need to be in it for the long haul. While we want our actions to have an immediate impact on the business we should also look at how we can continue to get value from our decisions. The best decisions do yield a long-term impact even when they provide instant gratification.

Engage your customers.

The NFL may be seasonal but they have put together a marketing strategy to engage their customers, the fans, year-round. The Draft is an example of one aspect of that but the build up to the Draft with Free Agency, the Combine, etc. keeps the fans from forgetting about football in the months between the Super Bowl and the first preseason games when no one is playing. You need to keep engaging your customers too to keep their attachment to your brand and to support your business. Sales, Special Offers, Seminars, etc. can help you to do that. Speak to them as often as you can and they will be there when they need you.

There are a lot of other examples we can find but these couple apply to most businesses regardless of size. Look to successful businesses as examples of what to do right, or wrong and apply these learnings to your own business. You will be more successful and if you take a lesson from a sports league have fun doing it.