The Golden State Valkyries are not just a basketball team; they are a phenomenon. Led by the visionary Jess Smith, the franchise has achieved remarkable success in its short history, captivating fans and investors alike. But what makes the Valkyries truly fascinating is how they've grown from a mere idea into a billion-dollar enterprise, all while staying true to their fan-first philosophy. In this article, I'll delve into the strategies and insights that have driven the team's growth, with a focus on Smith's unique approach and the innovative initiatives that have made the Valkyries a force to be reckoned with in women's sports.
A Billion-Dollar Vision
The Golden State Valkyries are the most valuable team in the WNBA, recently evaluated at close to a billion dollars. This is a testament to the team's success and the power of their brand. But what's even more impressive is how they've achieved this valuation in just two seasons. The Valkyries have set the WNBA record for the most wins by an expansion team in a single season and became the first expansion team to qualify for the postseason. They've also become the first team in women's sports history to surpass 20,000 season ticket deposits and the first WNBA team to reach over 10,000 season tickets.
The Power of a Fan-First Strategy
At the heart of the Valkyries' success is their commitment to a fan-first strategy. Jess Smith, the team's president, understands that to keep the momentum, attendance, and energy around the team, the fans have to be deeply centered in the decision-making. This means involving fans in the naming of the team and reflecting on what they want to make better after each season. The marketing theme for year two, 'This is Ballhalla', is a perfect example of this fan-first approach. The team is focused on establishing even deeper roots within the community, but also being an industry and world leader in the atmosphere and experience the organization creates.
Merchandise Sales: A Key KPI
Merchandise sales is a great KPI and data point that demonstrates the fandom of the Valkyries. The team has sold merchandise in over 70 countries, all 50 states, and the data shows that sales are not slowing down. This means that fans continue to buy or new fans are being attracted. The Valkyries are also testing what types of merchandise is selling and making sure they continue to serve all fans. Merchandise is really about brand expression, and it's cool to see how it has shifted for the W into a lifestyle brand.
The Impact Council: A Collaborative Approach
One innovative approach that Smith is taking with the Valkyries is the awareness of how important it is to get everyone in the same room generating ideas and learning from one another. The Impact Council, which includes brands like Sephora, Chase, JP Morgan, and Kaiser Permanente, is a perfect example of this collaborative approach. The council sits at a table together to generate collective impact and share information to continue to innovate and ideate to make the Valkyries, and women's sports, something they can continue to grow collectively.
She Plays On: An Investment in the Next Generation
Perhaps a lesson learned from her days at Angel City, Smith has prioritized deep fan engagements and initiatives in her short tenure with Golden State. The She Plays On campaign is a perfect example of this. The program, which works to target middle to high school girls and keep them in sport, has generated over $400,000 to help fund resources, field days, and clinics that equip youth girls and their coaches with the tools to support girls' overall health. The ultimate goal is to equip girls with life skills, build their confidence, keep them healthy, and teach them how to deal with adversity.
A Look Ahead
As the nearly $780 million franchise looks toward its next phase, efforts like She Plays On signal an investment not just in the Valkyries' future, but in the next generation of girls' sports participation in the Bay Area. The team's success is a testament to the power of a fan-first strategy, innovative initiatives, and a collaborative approach. The Golden State Valkyries are not just a basketball team; they are a phenomenon that is changing the landscape of women's sports.
In my opinion, the Golden State Valkyries are a shining example of how sports can be a force for good, not just in terms of valuation and sellout crowds, but in terms of community engagement and social impact. Jess Smith and her team have created a winning formula that is sure to inspire other franchises in the years to come.
