Impact of Celebrity Endorsement on the Consumer Buying Behavior
Most people are still not familiar with this concept and in this article I will answer to some of the most frequent questions.
What is the Celebrity Endorsement Concept?
It is a form of advertising or even a brand that involves a well known person using their fame to help promote a product or a service. This concept is used in by most manufacturers, from fashion to beverages. It is a part of our daily lives even if we don't seem to pay that much attention to it.
What is the impact of this concept?
It is concluded that celebrities endorsed advertisements are more attractive than the non-endorsed advertisements. This is because customers tend to have more faith in a product if it is marketed by a celebrity. This concept is used by marketers around the world for a long time now, one of the most famous cases is the collaboration between Britney Spears and Pepsi, in the 2000's. Back then it was almost impossible to sit through a commercial break without seeing Britney Spears endorsing Pepsi, a deal which brought her at least 50 million dollars.
What is the psychology behind this concept?
A study shows that consumers show greater recall of products that have been endorsed by celebrities- regardless of whether they are actual fans or not. If the consumers happen to be fans of the celebrity, then they will automatically think greater of the product and they will put a higher value on it. Another reason why brands use celebrities to endorse their products is because if the fans see their idol endorsing a product, they will most likely become customers in the upcoming period.
What is the best target group for this concept?
After studying different age groups, it has been found that consumers (ages 18-24) are most influenced by this concept. That is because at this age, they tend to develop their identities and personalities based upon celebrities. One of best ways to reach them is by social media, they made it very easy for companies to choose their target group and reach a huge number at once.
If you have any other questions please drop them in the comments section and I will gladly reply.
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I would beg to differ and say that most people are familiar with this marketing tactic :)
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I have actually conducted a survey a few months ago and you would be surprised how many people were not familiar with this concept. About 60% of the people who answered my survey claimed that they never heard about this concept before even if they are affected by it.
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That stat seems oddly misleading.
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I am curious to see how the Floyd Mayweather endorsement influences the STOX ICO. So far they've brought in $30 million (https://www.coindesk.com/ico-boxing-champ-floyd-mayweather-promoted-raised-30-million-already/)
While the impact of celebrity endorsements may be hard to measure, I'm sure they're used by most of the world's largest brands for good reason.
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That's an interesting fact @ajlillie , thanks for sharing!
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