Another Bob Pritchard Insight
A lot of people in LA pretend to have a lot of famous friends. Well, the secret is that you can have them around for dinner, or at an event without actually knowing them.
You simply pay them to come.
They will be all very discreet about it, providing your check doesn’t bounce.
Companies with limited budgets can afford to hire up and coming or even a well-established celebrity who is eager to work. Building brand awareness, volume and increased sales can be accomplished with non-traditional celebrities.
Maybe you can help them generate exposure with your clients and guests - and they will come for free - See article on host - beneficiary and endorsed marketing https://bsi.skillsoptimiser.com/BusinessHealth/lesson/endorsed-marketing/
Here are four different types of celebrities which cost much less than superstars but still have a big impact: -
1. Experts
Your brand could possibly utilize a home expert if they are a good fit for your target demographic. There are many different types of experts in this category such as moms, designers, party planners, do-it-yourselfers or cooks. Rachael Ray was an expert chef before her career success and fame gave her celebrity star status. Fees for a top-level expert can vary from $100,000 to $150,000* per day where as a mid-level or lower level expert would range from $5,000-$40,000* per day.
2. Reality Stars
Shows like The Apprentice and Celebrity Apprentice created product endorsers from contestants and show hosts such as Bill Rancic and Ivanka Trump. Fees are similar to the ‘experts, $5000 to $40,000’ where there is a sizable cost savings using a reality star celebrity that is in the mid-level to lower-level range.
3. Bloggers
Social media created a cottage industry of bloggers who influence consumers and add to their following representing brands. Fees for a sponsored post vary widely from $2,000-40,000. Fees for a blogger are in a similar range as an expert or reality star celebrity.
4. Deceased Celebs
A deceased celebrity is often overlooked. One of the upsides is no risk of tarnishing a brand by bad behavior in the future. Fees typically range from $50,000 – $500,000 and vary by the estate’s view of fair market value. You can find great value in this category. Exact services, number of days, brand exclusivity, along with supply and demand determine the ultimate fee.
Hiring a celebrity at a certain point in their career is another way to reduce costs further.
1. Up and coming celebrities
An example is hiring either Super Bowl quarterback a year before they play in the big game. It’s usual for an endorsement fee to triple once they’ve been crowned a champion. Hire the celebrity when they first become hot, not when they’ve peaked.
2. Below fair market value celebrity
Celebrities who want or need to work, set fees lower than fair market value. Most actors and athletes are not guaranteed the next payday and feel pressure for regular income. Knowing how long it’s been since their last big paycheck will help estimate fees.
3. High name recognition celebrities
Celebrities are usually more willing to negotiate later in their career. A large number of celebrities fall into this category and they can be a great way to hire a trusted, recognizable face at an affordable price, often, very affordable. You can get a lot of well known faces to come to a dinner party for $5000 to $10,000.
Maybe if you can offer them something that they want that you have - you can do a contra