There is a fundamental concept that is taught in every Management Temple ,concept of 4Ps,i.e.,
Product? What the Solution you’re offering
Price? Value ,what is the cost of your product
Placement? Access,Where can the customer find the Product
Promotion? Is customer aware about your products and its advantage.
Of all the above P’s the most important of them is the last one,Promotion.How effectively your brand is promoted decides the fate of your product to a large extent.
I am not a market analyst or for the matter a MBA geek so that I could comment on how to sell your product,but with a mere foresight one could easily say or perhaps plan as “How to sell a product”. Marketing a product is not as simple as it sounds as the same crop cannot be grown every where in the world because it has its own requirement such as land,climate etc.On the same line to sell a product different strategies are involved.Most effective of all of them is to associate the product to the most popular sports of that country,an easy way to reach million of consumers at the same time.
To start with this concept let take the example of PEPSI,soft drink giant. In India this drink is associated with cricket,the most popular of all the games.Cricketers are worshipped like God and hence fans love to sip nectar drinks endorsed by their Gods.Millions are paid to cricket player for these ads.Today many brands are endorsing famous cricket players to sell their product.Latest is FIAT PUNTO who backs hard hitter Yuvraj Singh. Lays is another brand which allures its consumers by showing Indian cricket captain MS Dhoni doing “Lime and masala masti”.Royal Bank of Scotland made a contract with Sachin Tendulkar who is soaring new heights everyday “making it happen”.Leading Tyre manufacturer MRF once signed three of the most popular player for their brand promotion Brain Lara, Sachin and Steve Waugh. It’s not only cricket that attracts all the endorsement,Tennis sensation Sania Mirza too have big contracts in her bag.These examples truly reflects that “What is visible and more famous,sells more”.
A market analysis report shows that Pepsi sale rose to several times when David Beckham endorsed Pepsi for the first time. Similarly Roger Federer featuring in Gillette, Rolex and Nike makes a significant contribution to the sale of product.
European Country like Spain, UK where the famous sports is Soccer signs team like Real Madrid, ManU, A C Milan for their brand promotion.Beer brand Carlsberg has signed many top players of European football league team to promote their brands. Brand like Audi,Barclays follows the same path.
Talking of beverages Australian liquor giant Foster has many option like Cricket, Rugby,etc to promote their brand.The story is not constrained to only beverages. IT giant Accenture preferred Tiger Woods as his brand ambassador as both are delivering the highest performance in their respective field.BlackBerry phone has also signed formula one Player for its brand promotion.
The whole point to use the famous sports celebrity as their brand ambassador is that they face no issue in reaching million of consumers.So more the fans follow any sport more they will be curious about the product their players endorse.