You may be wondering if an athlete endorsement is right for your brand. After all, there are many factors your brand should consider before investing in an athlete endorsement.
Here are six questions to ask yourself before determining if an athlete endorsement will help market your brand. After that, visit opendorse where we can help make personalized endorsements easier for your brand.
1. Which athlete matches my brand?
Athletes can portray a broad range of images, involving a specific personality and character. The best endorsements pair an athlete whose image matches that of the brand he or she is endorsing.
For example, current NFL quarterback Tom Brady is perceived as handsome yet rugged, stylish and smart. His endorsements with Movado, Stetson, UGG, Under Armour and Glaceau Smart Water all reflect that image. After all, it makes sense to have one of the game’s best clock managers, owner of 27 fourth-quarter comebacks and 38 game-winning drives, endorsing watches.
Image via Famewatcher
On the other hand, former NFL quarterback Brett Favre is perceived as rugged, tough and easily relatable to the working middle class man. His endorsements with Wrangler, Sears and Right Guard reflect that image and the image of those brands.
Pairing an athlete and a brand with a similar image elevates your credibility and allows your brand to make authentic connections with target consumers. Luckily, opendorse understands that both brands and athletes can help you select the right athlete for your brand.
2. What kind of exposure and engagement is my brand looking for?
Some high-profile athletes have universal appeal and therefore are highly visible and likely to generate a lot of exposure. However, what those athletes possess in exposure they usually tend to lack in engagement rates.
Polar to this concept, some athletes may have less exposure, but tend to have very strong engagement rates amongst their extremely loyal fans. Athletes like this are great at securing consumers for niche products or services. It may be wise for your brand to consider a niche athlete endorser, such as a local athlete instead of a big superstar. They are less expensive, as well as may be more credible and better at increasing engagement.
It is important to identify the exposure and engagement goals for your marketing strategy so your brand can select an athlete that will meet those expectations. This article may further help you understand how to pick the right athlete for your brand’s marketing strategy.
3. Will my target audience listen to an athlete endorsement?
Athletes appeal differently to various demographic segments based on age, gender, social class, geography, etc.
The right athlete for your brand can ensure attention of the target group by breaking through the clutter of advertisements and making your brand more noticeable.
Consumers tend to relate the personalities of the athlete with the brand they endorse. This increases brand recall value. For example, did anyone fail to recall which golf brand Tiger Woods endorses after seeing this commercial?
Furthermore, an athlete’s preference for a brand plants a persuasive message in the consumer’s mind. Since the athlete is benefiting from using your brand, the consumer will also benefit by using your same brand.
4. How much does an athlete endorsement cost and what kind of return can I expect?
Each athlete has their own endorsement price based on a wide range of variables including: total reach, impressions, engagement rate, virality, etc. However, athlete endorsements are probably more affordable than you may imagine. Pricing tiers allow your brand to choose an athlete endorsement which fits within your budget. Essentially, any brand can afford an athlete endorsement.
Social media endorsements tend to generate outstanding rates of return because consumers who follow athletes on social media tend to be highly influenced by those athletes they follow.
Furthermore, the increase in exposure, engagement and revenue typically easily outweigh the cost brands pay athletes in order to endorse products. This is why athlete endorsements are affordable and earn such great rates of return on marketing investment dollars. What a great deal!
5. Are there any risks for my brand?
It is likely that you have invested a lot of time and effort creating and maintaining your brand’s image. You work hard to create a brand consumers trust and respect.
Since the behavior of your athlete endorser reflects on your brand, athlete endorsers may become liabilities to the brands they endorse.
That is why it is important to protect your brand with an exit strategy and other contractual requirements in case of negative publicity or reputation damage.
Spend time researching and getting to know the athletes your brand is interested in. This will help your brand select athletes less likely to be involved in a controversy. Make sure the athlete’s image aligns with your brand’s values. Researching and selecting the right type of athlete is one of the most important things your brand can do in order to deter risk.
Have a crisis plan in place, just in case. Don’t put all your brand equity in one athlete. Instead, employ multiple athletes in order to hedge controversy risk.
Consider alternative compensation such as a part-cash and part-equity payment. This strategy works to remind athletes that if he or she is involved in a scandal which negatively affects the value of the brand they endorse, the athlete will also feel the negative effects through declining stock value. Such was the case when Andrew Luck opted for an equity deal when he agreed to endorse sports drink BODYARMOR.
Negative behavior can be detrimental to a brand. However, there are tactics your brand can employ in order to minimize risk.
6. Is this athlete credible?
Consumers are savvy. They have access to a wealth of knowledge and they can easily communicate with one another. They know when an endorsement is authentic, but just as importantly, they know when an endorsement is not authentic.
Ask yourself, “Does the product the athlete is endorsing make sense for them to be affiliated with (like Cam Newton and Gatorade for example)?” If it doesn’t, it just looks salesly and will likely hurt your brand more than it will help it.
Image via Stack
Do athlete endorsements make your cut?
If you ask us, it is likely an athlete endorsement will be a great way to help market your brand and become a valuable part of your marketing game plan.
Now is a great time for your brand to sign up for free with opendorse and schedule a tryout with an athlete endorser today!