Gold medals can bring future riches

Eric Lamaze celebrates his Individual Gold Medal inward show jumping at the 2008 Olympic Games inward Hong Kong. © Cealy Tetley

A gilt medal at the Olympic games tin hateful to a greater extent than than beingness the best inward the Blue Planet inward a detail sport. It too tin essay out lucrative inward the marketing world, according to a marketing expert.

Kevin Gwinner, professor together with caput of the region of marketing inward Kansas State University’s College of Business Administration, says gilt medals ofttimes interpret to production endorsements for an athlete.

How large the endorsement volition be, whether local or national, volition depend on the athlete, Gwinner said.

“It actually depends on the visibility of the athlete together with the type of production they are beingness asked to endorse. For example, a Subway endorsement volition pay to a greater extent than than a local pizza store endorsement,” he said.

But a gilt medal is no guarantee an Olympic athlete volition nation endorsement deals. Gwinner said a fellowship selecting an athlete – or celebrity – every bit an endorser volition accept the next factors into account:

• The athlete is a high achiever. “Multiple Olympics or multiple medals are improve than one,” Gwinner says.
• Consumers believe the athlete believes inward the production together with is non doing it solely for money.
• The athlete is good known – has an easily recognizable name.
• The athlete has a likable personality together with is admired.
• The athlete is visually recognizable. “This way beyond recognizing the name, volition the consumer too recognize a motion-picture exhibit of the athlete,” Gwinner says.
• The athlete is physically attractive.

But hiring an athlete too comes amongst risks for a fellowship if her or she gets inward problem for bad behavior, such every bit getting a DUI.

“It’s e'er risky to hire a celebrity or athlete every bit an endorser. That’s why goodness conduct/morality clauses are ordinarily written into the endorsement contracts. They permit companies larn rid of someone who behaves badly,” Gwinner said.

“Also, I recollect that the world recognizes that the athletes’ actions, such every bit getting a DUI, are non the mistake of the company. But the fellowship needs to human activity speedily to dissever themselves from the athlete,” he said.

 

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