The former Indian captain Virat Kohli retains India’s most Valuable in the Celebrity Brand Value List of 2022 for the fifth consecutive year. According to Duff & Phelps Celebrity Brand Valuation Report 2021(7th Edition), his brand value fell to $185.7 million from as high as $237.7 million. The decline in his brand value resulted due to his stepping down from the captaincy of both ODI and T20 formats.
Why is Celebrity Brand Value Important?
The Communication of a brand is an integral part of an organization’s marketing strategy. Endorsements are a key element of a product’s marketing campaign. In other words, the product endorsements help the organization create brand awareness for its products. Bollywood actors and Indian Sportspersons carry a massive mass appeal that ultimately results in an escalated business. A celebrity endorsement strengthens the product’s credibility and makes the brand more visible to the consumers. Many companies lately have used the Celebrity’s face to their advantage in order to scale business. Using a celebrity’s popularity is a feature of the advertising strategy of large as well as smaller brands. Besides using the status power, the company can add an element of allurement to its brand.
Brand Value and Sales
Celebrity Brand Value can significantly increase your sales numbers. The news of an endorsement deal can lead to a significant rise in the stock value. An article entitled ‘Celebrity Endorsements and its Impact on Market Value of the Companies’, clearly highlighted the sales numbers increasing after celebrity endorsements. For instance, the shares of Jaypee Cement and Tata Motors rose by 7 and 12 % respectively when Sachin Tendulkar and Akshay Kumar became their brand ambassadors. Their image can be harnessed for an important reason most of them are active on social media and consumer is hooked up to what is happening in their respective lives. For instance, a celebrity brand is a potent tool when coming to reaching out to people. Brand Value carried by Bollywood and cricket celebrities have a large celebrity network that makes them reach customers through mediums such as social media, Television and Traditional means.
Bollywood and Sports Celebrity List
There are many Bollywood stars and sports players who influenced the company’s portfolio .(Source:Celebrity Brand Valuation Report 2021, Duff and Phelps)
- Virat Kohli
- Ranveer Singh
- Akshay Kumar
- Alia Bhatt
- MS Dhoni
- Amitabh Bachchan
- Deepika Padukone
- Salman Khan
- Ayushmann Khurana
- Hrithik Roshan
Celebrity Brand Value is created as the people recognize them as faces who are familiar and associate them with desired characteristics. Because of their aura, it becomes obvious that the product they associate their name with establishes a sense of trust.