Sachin, Sachin! NO! NO! NO!
Thought Leadership For Reflection: In 2015, I was retained by one of the top five private equity, investment/ asset management and financial services firms, headquartered in the US, to work with them on their business strategy and execution plan. The firm was preparing to launch an exclusive product through direct marketing for managing investments and assets of India’s millionaire club.
Over time their CMD (who was American), CEO and Leadership Team with whom I worked closely, became good friends. The CMD requested me to be at the presentation of the advertising and integrated marketing plan by an advertising agency. The strategy was being presented by the Chairman and Creative Head of this agency who began the meeting with much style and flamboyance.
The first thing he suggested was that Sachin Tendulkar be the brand ambassador and that the strategy hinge on Sachin endorsing the firm as his choice as the best investment management firm. Since I was asked by the CMD and CEO to give a feedback on what I thought, I said that if I received such a promotional mail, I would think twice about letting the firm manage my investments. The credibility of the firm would get linked with Sachin, whom I did not trust, I said. The CMD asked me why!
I explained to them that since our target audience comprised very discerning investors, Sachin would not be the right choice. I reminded them that Sachin has for many years been endorsing several firms that have indulged in scams and cheated the public. I pointed out to them that Sachin Tendulkar, along with actors like Shahrukh Khan, Hritik Roshan and Priyanka Chopra were brand ambassadors for Home Trade, a fraudulent firm that had cheated several investors in 2001-2002.
The sad part was that even after the firm was exposed, Sachin and the others continued endorsing the brand. I also mentioned that Sachin, along with Amitabh Bachchan — another Bollywood actor, was also the goodwill ambassador for IIPM, a sub-standard educational institution that has duped thousands of students. And they also endorse Sahara, whose scams have been exposed.
I pointed out to the agency that its suggested strategy was, thus, seriously flawed. I said it would impact the credibility of the firm. I said if I was to decide, I would go with some credible celebrity like Gopichand Pullela (who refused to endorse Pepsi since he did not consider drinking Pepsi a healthy habit and so, did not want to mislead the youth by being its brand ambassador).
The CMD who was listening keenly, decided there and then not to appoint Sachin as brand ambassador and we chose to instead, use the testimonials of the firm’s old customers, whose assets and investments it managed around the world. This really worked well in hindsight, as it invoked trust and several people chose to invest through the firm.
#IdeasForAction: Several brands blindly spend millions of advertising money on half-baked marketing ideas with actors and sports stars as ambassadors. Marketing and Brand Leaders need to understand whether their strategy truly syncs with their brand values and credibility and whether it would connect credibly with its target audience.
