We have seen it for years, large businesses pairing up with celebrities to endorse their business. The pairing results in an increase in the following of the celebrity and an increase in sales for the business. The pairing is generally a win win situation for both parties. However, in some cases, it is not. Pairing up with the wrong celebrity can actually hurt the business. It is important to evaluate the goals of the pairing and consider the type of publicity that will result.
What is the goal?
Most businesses choose to pair up with a celebrity because they want to market to a new type of customer. For example, a company that has a minimal following in the African American market might connect with a hip hop artist to increase that customer base. A 2011 study by Harvard Business School concluded that signing a big name endorser increases a company?s sale by $10 million annually and spurs a 0.25% increase in stock returns. If increased profits and stock returns is the final goal, connecting with a latest Hollywood celebrity can be a great business move.
Other goals, however, should be carefully evaluated. A business that desires to improve customer views with a positive latest entertainment celebrity, for example, may not achieve their goal. Viewers are very skeptical when it comes to celebrity pairings and can generally tell what the intentions are. It is also important to gear the marketing toward the correct demographics. Celebrity induced support for causes tend to be higher among 18 to 36 year olds (27%) than older Americans. Only 10% of mature peoples (68 plus) claim to support a cause due to a celebrities actions.
The specific celebrity
Different celebrities bring on different types of publicity. After you have decided on the goal of the pairing, it is important to evaluate different celebrities and to estimate their outcome. Positive role models in latest entertainment industries tend to increase profits the most. Pairing with a latest entertainment celebrity with low reviews can actually cause the business to lose profits.
Additionally, it is also important to pair the current celebrity news? public figure with an appropriate business. For example, pairing a high fashion model with a fast food chain may not have the best response. Customers expect the pairing to make sense and endorsements that do not seem genuine tend not to work. Carefully choose the celebrity that will best get your businesses message across to the public or the new type of customer.
Follow celebrity entertainment news
Many businesses may choose to contract an agreement that the celebrity figure only endorses the business as long as they stay out of trouble. Poor public actions or legal troubles can potentially harm the business. Do not get yourself stuck in an endorsement agreement with someone who is currently facing negative publicity. Follow latest entertainment media to get a better idea of the celebrity?s public view. You can usually find valuable information about the celebrity on gossip sites and today in entertainment news. Celebrity specific TV shows can also provide great information.
Black Entertainment Television is a great source of celebrity information. Black Entertainment Television (BET) is viewed in more than 90 million homes worldwide. As of 2010, it was the most prominent television network targeting young black American audiences and was the leading provider of black American cultural and entertainment based programming. Its popular existence among the youth of the country makes it a great source for potential celebrities and for marketing with endorses celebrities.
Many business connections and marketing plans involve the endorsement of a current celebrity. The connection between the two can provide profit boosts for both celebrity and the business. However, it is important to carefully plan for an effective pairing. Bad publicity on either side can bring down sales for the other. Always follow a potential celebrity endorser to ensure that they will bring your business positive results.