SymbolArts: Leveraging the 2002 Winter Games

Publish Date: March 2005

In 1998, with 4 years to go and the Games taking place in his own backyard, Mike Leatham, President and Owner of SymbolArts started doing his homework. Based out of South Ogden, Utah his company is the manufacturer and designer of high quality commemorative recognition awards, insignia and public safety items that supplied the Salt Lake City Winter Games of 2002.

Leatham knew the importance of knowing his target market, profit margins and "having a smart business plan in place" before contacting the Salt Lake Organizing Committee. "We kept calling, spoke with many different people and made ourselves known to them even before they were ready for us" admits Leatham, who signed an official contract in 1999 to produce items for the Games such as security badges, medallions, jewelry, nameplates and even Olympic Christmas ornaments. "We had to put up a substantial amount of money in the beginning to serve as a deposit on the royalty required to become an official licensee, and that factor weeded out a lot of people because it was a scary thing - a risk."

"The month before the actual Games was our best month ever, it was out of control," with 50% of their 2002 revenues derived from Games business. Unfortunately their contract as an official licensee expired in December of 2002 preventing them from filling any further requests for official merchandise. In terms of surprises, Leatham was absolutely "shocked that six months after the Olympics were over that business was still good," with many people who had volunteered for the Games still wanting items from SymbolArts. In terms of residual effects of being involved and exposed at an Olympic level, Leatham says "we have made great connections that have lasted, and now have police officers from as far as Chicago calling us for badges."

As a result of his Games experience Leatham has some good advice to offer other companies wanting to leverage opportunities. "I saw several companies go out of business despite having secured Olympic contracts, simply because of poor planning and not knowing their intended market. Stay focused, keep it simple, have a plan and most importantly see it through to the end." Upon reflection Leatham also admits that "overall we had too many products which required a lot of inventory and design time. For example there were coasters we produced that hardly sold whereas our badges for police, fire, security and other federal representatives were the most requested item."

Despite a trade mission to Italy, Leatham is hesitant to do business overseas. "We don’t have a customer base there and we don't know what the buying habits are," confessing they know consumers in North America a lot better. "I've met several Olympic security representatives in Italy who know what we produce that are interested in signing us, but we have no strong commitment from them yet."

"In Canada it will be good," says Leatham who visits regularly and is very interested in becoming an official licensee for the 2010 Winter Olympic Games in Vancouver. "It is only 800 miles from here," which doesn't seem far considering how far SymbolArts has come since they started "doing their homework" in 1998.

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