Hello and welcome to Modern CEO! I’m Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Each week this newsletter explores inclusive approaches to leadership drawn from conversations with executives and entrepreneurs, and from the pages of Inc. and Fast Company. If you received this newsletter from a friend, you can sign up to get it yourself every Monday morning.
Millions of viewers will tune in on Saturday to watch Caitlin Clark and the Iowa Hawkeyes play the Colorado Buffaloes in the NCAA women’s basketball tournament. Fans aren’t the only ones who should be paying attention to Clark, the 22-year-old phenom who is driving record game attendance and viewership, and the other stars such as Angel Reese and Audi Crooks. Their popularity is more than a cultural phenomenon; it represents an opportunity for business. Here are three reasons why executives and entrepreneurs should tune into the rise of women’s sports.
Women’s sports fans are highly engaged: Marketing research shows that fans of women’s sports are not only more interested in following female athletes’ careers and lives (more on that in a moment), but they can also elevate brands that support those athletes and their leagues. The Fan Project, a 2021 report from Sports Innovation Lab, showed that National Women’s Soccer League supporters were twice as loyal to the league’s sponsors as general sports fans and showed greater brand affinity for the WNBA’s major sponsors. “The time to invest in women’s sports was yesterday,” the report concludes.
Female athletes are a new kind of brand ambassador: In part because women athletes traditionally haven’t received the same levels of coverage as their male counterparts (Caitlin Clark notwithstanding), many female players have become social media savants, posting their triumphs, professional news, and activism. Brands that align with these athletes could benefit from their digital savvy and their direct relationships with fans.
The leaders of the future are trained on the field or court: Many years ago, EY produced a study saying 94% of women in the C-suite played sports. A 2016 Gallup survey of 400 female executives found ex-athletes to be more engaged with their work than non-athletes. Laura Correnti, a partner with creative agency Giant Spoon, in December 2023 launched Deep Blue Sports + Entertainment, an agency focused on driving commercial investment to women’s sports. Correnti, who is CEO of Deep Blue, says one of the firm’s goals is to ensure business leaders and policymakers understand the importance of supporting future leaders by encouraging girls to play and stay in sports.
“What we’re hyper-focused on, and what we’re hoping will get the C-suite to pay attention to, is [measuring] the social and economic returns that have been lost as a result of nearly one out of two girls dropping out of sport by the age of 14,” Correnti says. “And more importantly, what can be gained by them ultimately staying in sports.”
Parsing the impact of women’s sports
I’ve spoken to a few skeptics who question the business case for women’s sports. One investor I spoke with recently about the rise in viewership, attendance, and even media deals noted that the WNBA is still subsidized by the NBA, which raises questions about the strength of the women’s league. And while Ally Financial’s CEO proudly trumpeted the bank holding company’s commitments to spending its ad dollars on women’s sports on a recent earnings call, he did so in the context of the initiative’s impact on Ally corporate culture—not its financials.
Still, there’s no denying the impact players such as Clark are having on future generations of leaders. Deep Blue researched Google searches for Caitlin Clark’s name and found that there was a parallel spike for the term “girls’ basketball” when the Hawkeyes are in season and Clark would receive coverage. “This isn’t just about the hype and the fanfare,” Correnti says. “There are real social and economic implications as a result of covering women’s sports and female athlete storylines.”
Are you in the game?
Does your company support girls’ or women’s sports? Do you find that former athletes make good leaders? Please share your stories with me via [email protected]. The most compelling insights may make their way into a future Modern CEO.
Read and watch: women for the win
The rise of women’s sports takes center stage at the Fast Company Innovation Festival
How Ally’s Andrea Brimmer is using ad dollars to elevate women’s sports
Togetherxr, cofounded by Olympic athletes, capitalizes on viral moments
Natalie Portman and Angel City are changing the business of women’s soccer
Recognize your company’s culture of innovation by applying to this year’s Best Workplaces for Innovators Awards before the final deadline, April 5.
