Brand Equity
What is it?
In athlete influencer marketing, Brand Equity refers to the value and strength of an athlete's personal brand. It encompasses the athlete's reputation, recognition, and the positive (or negative) associations that fans and the public have with the athlete's name and image.
Example:
Serena Williams has strong brand equity due to her exceptional tennis career, advocacy for social issues, and business ventures. This makes her a highly sought-after partner for brands across various industries, not just sports-related products.
How can you use it?
Brand Equity plays a crucial role in athlete influencer marketing:
Partnership Selection: Brands often seek athletes with high brand equity to leverage their positive associations and transfer them to their products or services.
Sponsorship Value: Athletes with strong brand equity can command higher fees for endorsements and partnerships, as their association is seen as more valuable.
Audience Trust: High brand equity often translates to greater trust from the athlete's audience, potentially leading to more effective influencer campaigns.
Cross-Industry Appeal: Athletes with strong brand equity can often partner with brands outside their sport, expanding their marketing potential.
Long-term Relationships: Brands are more likely to form long-term partnerships with athletes who have established, positive brand equity.
Crisis Resilience: Strong brand equity can help athletes (and associated brands) weather controversies or performance slumps more effectively.
Content Strategy: An athlete's brand equity influences the type of content and messaging that will resonate best with their audience.
ROI Potential: Higher brand equity often correlates with better return on investment for brands, as the athlete's endorsement carries more weight.
In practice, consider a rising college football quarterback known for his leadership skills and community involvement. Despite not yet being a professional, his strong brand equity in his college town makes him an attractive partner for local businesses. A regional bank might partner with him for a campaign promoting financial literacy among young adults, leveraging his positive image and influence among college students and recent graduates.
The bank would benefit from the athlete's trustworthy image, while the athlete would reinforce his brand as a responsible leader both on and off the field. This partnership, built on the athlete's brand equity, could involve social media content, local event appearances, and perhaps a video series on smart financial habits for young adults.
As the athlete's career progresses, maintaining and growing this brand equity becomes crucial for securing larger, national endorsements and long-term partnerships.