The article The Hits and the Missus by Christopher Goodwin hit on an area of strategy that is overlooked by the typical business owner. What do business owners and the Beckham’s have in common? Both are selling an image and building an empire. How can your business benefit from the Celebrity Business Model?
Being Seen Brings Revenue
In 2007, Victoria Beckham was seen with designers Dolce and Gabbana wearing three of her clothing line items; those items flew off shelves everywhere and cemented a lesson for businesses everywhere. Using your company’s product is the best endorsement there is. Show your product to your industry’s biggest hitters; these relationships build credibility for your product and highlight your ability with the industry. The biggest perk lies in the fact that being seen and building these relationships generally cost your company nothing.
Recognize your Marketing Value
David Beckham’s relationship with Milan is largely viewed as a marketing and promotional relationship, but this relationship allowed him to appear in an international media blitz for Adidas; this relationship allowed Beckham to continue to nurture and strengthen his Europeanbrand image.
Victoria Beckham used the move to LA to appear as the face of Marc Jacobs. This fashion alliance allowed her to build her fashion brand and allow that recognition to cross over into her fragrance brand, turning out 2,000 fans to her launch at Macy’s New York.
Move Out of Your Primary Market
From a pop star and a footballer to a household brand, the Beckham’s have highlighted how important it is to do business outside of your primary market. Most businesses can very quickly tell you what they don’t do, but what should be highlighted is how they can accommodate a market they don’t usually serve. What does a footballer know about developing a fragrance and what does a pop star know about spearheading a fashion line? The answer is, it doesn’t matter. If the opportunity for a new revenue stream is there for your company, follow it. Don’t allow your entrepreneurial spirit to be sidelined by what you normally do, take an adventure in a new market. You just might find yourself driving an empire.
