How much of your business would you give to Oprah for an endorsement? The media mogul, Oprah Winfrey, took a 10% ownership in Weight Watchers. Americans love celebrities. Oprah is more than loved. She is among the most powerful influencers in the country. According to Marketing Arm, Oprah is ranked #4 out of 3,786 celebrities in the world. The question is: Will it help Weight Watchers? An even bigger question is “How effective are celebrity endorsements“?
Any brand that engages in a celebrity endorsement takes a huge risk. The Tiger Woods, infidelity scandal, ended the golf pro’s deal with Accenture. Another example of the risks involved with renting celebrity names to push your brand forward. Celebrity endorsements are inherently risky because you are dealing with living breathing people.
If you think that your brand needs a celebrity to succeed, think again. Today, consumers are increasingly mistrusting big companies and the celebrities they pay to endorse them. This shift is largely the result of the Internet Age, which has made consumers much more informed about brands. People trust the opinions of people within their immediate network before they trust a celebrity. According to a survey done by SheKnows Media of 1,470 women, 86% of them want to hear from everyday people before they make a buying decision.
It seems that many times, celebrity endorsements have no bigger impact on big brands than coupons and promotions. It would be interesting to see what a big name celebrity endorsement would do for a startup. No doubt, if you can make a big name celebrity endorsement happen, it would be a huge win for your startup.
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