Want a Celebrity Endorsor to Boost Your Brand’s Value? Here are Things You Need to Consider First
To get a new company off the ground, the idea of getting a celebrity endorsement for your product or service can be an effective marketing tactic, but matching the right celebrity for your brand is a major hurdle. Celebrities add value to budding businesses, but the wrong partnership can lead to widespread distress and may devalue your brand. Here are five points to consider when choosing a potential celebrity for endorsements:
Pick your celebrity very carefully
An entrepreneur with a new business could latch onto any celebrity offering services as a potential endorsement partner. Many yesteryear television stars and athletes itch for extra work nowadays. But an irrelevant former star may not help in expanding your brand. Be patient, scout potential options and make the best possible decision when finalizing a celebrity to endorse your product.
Ensure your brand remains well focused
While predicting the future is risky, some celebrities are huge risks even with wide appeal. In 2013, pop singer Beyonce was criticized for accepting a $50 million endorsement deal with Pepsi after pledging to join Michelle Obama’s ‘Let’s Move’ fitness campaign. Both Beyonce and Pepsi were panned, specifically due to conflicts of interest. Kobe Bryant and Tiger Woods were very well known celebs in the world when Nike first signed them, but scandals bombed their careers, devastating brands and their products which they endorsed.
Prepare to pay heavily for good ones
The bigger the star, the more expensive they will be, but with a great idea, you could work out a deal wherein the celebrity may secure some equity in the business in exchange for substantial marketing contributions. Entrepreneur Ali Abdullah from New York, developed a smartphone app called Claim it! which awards prizes to users for watching 15-second ads. The idea roped in former NBA star Al Harrington as endorsement partner and investor while former Cleveland Browns star Nate Burleson joined as Advisor. Both athletes are well-respected and likeable personalities, but investing in the product was rewarding and helped to bring aboard respected celebrities.
Be aware of the celebrity out-reach
It is surprising to assess which celebrities actually reach the most people. Those celebs with a strong social media presence could be more valuable to your brand than those that avoid Twitter and Instagram, even if they have a low recognizable presence, or public persona, or thinner resume. If the fan base is strong, especially online, there’s solid value in that, particularly when targeting the elusive millennial consumer base.
Make sure the celebrity remains involved
If the celebrity endorsing your brand has equity in the company, encourage them to continue with the program, reliable in taking advantage of personal connections while active on social media for business’ advantage. Finding a celebrity with character and work ethic, and compensating them fairly is the bottom line but it’s important to ensure that the celebrity works to improve product visibility, not collect only checks.
Ensure Celebrity Evaluation
Celebrity endorsements are essential for new businesses that need enhanced visibility quickly, but a celebrity selection has to be carefully evaluated. Choosing the right one requires careful consideration because good celebrity endorsements can be wonderful, while a bad one is potentially damaging. Choose wisely, and hoping that the celebrity pushing your product is marketable, sincere, and reliable.
More in Top Bank Accounts
Celebrities Seem to Have Found the Perfect Work-Life Balance… Here’s Their Secret
When it comes to having a work-life balance, we all find it tough. Specially if we are single parents or moms,...August 27, 2021
Cars That Have the Most Peculiar Seating Arrangements
It’s been over a century since automobiles adorned the roads, and down the years, some really wacky, interesting, and unique, vehicles...August 26, 2021
Check Your Old DVD Collection NOW! It May Make You Rich
Digital video discs, or DVDs, introduced in 1996, impressed movie fans as the CD-sized format permitted superb improved sound, picture quality,...August 25, 2021
These Celebrities Were Burglarized and Lost a LOT of Money
Being famous, rich and envied has its perks for celebrities, but there are also many downsides. Celebrities are often sitting ducks...August 24, 2021
Harry & Meghan’s Mega-Hollywood Deal Helped Them Weather Financial and Familial Chaos
Prince Harry and Meghan Markle’s Netflix deal has definitely helped in the midst of the Royal family controversy. Speaking to Oprah...August 23, 2021
Dating “Rules” You NEED to Avoid at All Costs
We’ve all experienced bad dates that we wish to forget. And it isn’t the other person’s fault. Somehow, when we are...August 20, 2021
TikTok Financial Advice Which We’re Not Entire Sure About!
Imagine a social media app catering to millennials, Gen Z-ers, and sometime boomers, suddenly becoming into a free finance education hub!...August 19, 2021
What NOT to Wear to an Upcoming Job Interview
Knowing what items of clothing to don to an all-important interview has become rather tricky as a classic suit isn’t always...August 18, 2021
Outrageously Expensive and ‘Extra’ Gifts Celebs Have Given Their Kids
Kids rarely remember the mountain of gifts introducing them to Santa, or when we tried to get them to blow out...August 17, 2021