It’s nice to see that baseball is back with Major League Baseball (MLB) and the Major League Baseball Players Association (MLBPA) reaching a hard-fought last-minute agreement ending the 3+ month lockout.
Key Takeaways
- MLB and MLBPA reached an agreement ending a lengthy lockout; now they must repair relationships between players and owners.
- Commissioner Rob Manfred expressed the need for a better relationship with players, aiming to attract the next generation of fans.
- Investing in digital platforms and technologies is crucial for MLB to engage with younger audiences and improve fan experiences.
- Businesses, including MLB, face pressure to innovate and meet rising customer expectations, particularly through collaboration with startups.
- MLB has a unique chance to revolutionize its approach by fostering deeper engagement and inclusion with the next generation of players and fans.
Now the difficult part begins: repairing relationships and fostering collaboration between players and owners. It seems MLB commissioner Rob Manfred, for one, got the memo when he candidly stated: “One of the things that I’m supposed to do is promote a good relationship with our players. I’ve tried to do that. I have not been successful in that.”
Wow!
I’ve got to ask you, when was the last time you witnessed a well-known CEO admit publicly to a leadership or strategic shortcoming? This is what I call a refreshing pivot, and it bodes well for baseball’s future. But seeing is believing when it comes to future player relations. Making the game number one among the “next generation” of sports fans is crucial.
“I hope that the biggest change in the game is that people are saying that Major League Baseball owns the next generation. That is what I aspire to, everything we’re trying to do is about that, and I hope I have enough time and enough help to get that done.”
Attracting The Next Generation
In my prior article Pivoting Is Not Just for Basketball Players, I discussed how we can all learn from the MLBPA on the art of pivoting and collaborating. This time, the kudos belong strictly to MLB and Mr. Manfred, in particular.
Personally, I was wondering how Commissioner Manfred could reconcile his next generation comments with the fact that sitting directly across the bargaining table were members of the very generation he wants to attract. It seems Manfred fully recognizes that MLB players are part of the next generation, too. But will he recognize the fastest and best way to get there? It is through investing in digital platforms and technologies. This offers what Dodger CFO Tucker Kain calls supercharged next-generation engagement and innovation opportunities.
“The sports industry is ripe with opportunities for innovation and collaboration. There are countless ways for new technology to create more powerful consumer experiences, heighten fan engagement, and improve efficiencies.”
Yet baseball is not alone. Whether it’s MLB or the financial services industry, businesses know they need to attract the next generation of lucrative customers.
Meeting Unmet Needs
Headlines abound informing us that artificial intelligence, blockchain, and virtual/augmented reality will play larger roles in our lives. What has not been widely reported is the precarious state that much of big business finds itself in due to the lack of innovation funding. Make no mistake about it, these businesses are under immense pressure to be more agile and engaged.
According to a study from McKinsey & Co., larger firms that have not invested enough in innovation face dire consequences. This is particularly true for those that have fallen behind because they lacked the capabilities to meet growing customer expectations. The pressure to innovate and move up the value chain is palpable. To succeed in this new reality, businesses will need to broaden their outreach. This includes MLB reaching out to small businesses that can provide the innovation and technologies they desperately need.
Though seemingly counterintuitive, one of the keys to leaders being on the right side of the value/innovation equation is being able to deliver new capabilities and integrated experiences. These go beyond core offerings and create enhanced customer/fan bonding and collaboration experiences.
For example, the next generation identifies strongly with startups, increasingly looking to start businesses and invest in this red-hot sector. However, they face stiff access barriers when trying to get funded or in deals. Herein lies the rub. They want to take control of their financial futures but don’t know where or how to begin. Most lack the access and connections to do so. As a result, they feel excluded and aggrieved by those who do, making it ripe to blow up a broken system by supercharging participation and engagement.
Getting There Starts Here
For more than 150 years, through war, economic downturns, and major financial and social movements, baseball has been a unifier and leader for all Americans. The feeling of “team”, as everyone sits in matching custom baseball jerseys, is great for bringing people together in collaboration. Baseball broke the color barrier in professional sports. Now, MLB has a historic opportunity to remove more barriers and go yard again. It involves opening the floodgates to the next generation by bringing access and engagement to more players, fans, and future acts than ever before.
MLB has the rare opportunity to wipe the slate clean and fundamentally change the narrative. This ranges from how they’re perceived and promoted to how solutions are provided, and problems solved and monetized. In short, there is a clear, exciting path forward for MLB. They can help the next generation become the innovators, rainmakers, and leaders they aspire to be.
For MLB, providing more engagement, collaboration, and inclusion to the next generation of fans and players will have profound implications for competitive differentiation and alignment. The next generation wants access and a level playing field. If you’re the one who can provide it, you’ll be the biggest winner of all.
Bottom line, there is an immense opportunity to monetize and elevate MLB/next-generation engagement. This will make MLB the problem solver, business magnet, and value creator that others wish they could be.
Albert Einstein said, “The significant problems we face cannot be solved at the same level of thinking we were at when we created them.” That statement has never been truer than today.
