THE POTENTIAL POWER AND PRICE OF PAID TALENT ENDORSEMENTS.
Brands endorsements are well known for their potentially powerful effects, bringing to mind iconic pairings such as Michael Jordan and Nike, Britney Spears and Pepsi, Jamie Lee Curtis and her Activia yogurt, and many other top athletes and media celebs.
Brands spend millions every year to leverage “talent” partnerships ranging from high reach to niche—top-tier celebrities down to micro-influencers.
In the U.S. alone, the influencer marketing industry (limited to those sharing content on their own channels vs. appearing in an ad) is projected to be worth up to $15 B USD by 2022.*
(*This figure is up from as much as $8 B in 2019 according to Business Insider Influence Marketing Report 2019, based on Mediakix data)
Brands seeking talent partnerships are confronted with two core issues: pinpointing value & determining fit.
In a world obsessed with efficiency and authenticity, getting either wrong can have a major impact on your results and your return.
LUMENCY HAS A TOOL TO PRE-EVALUATE, COMPARE & SECURE TALENT PARTNERSHIPS.
Lumency’s Talent Evaluation Tool was built specifically to help brands navigate the seemingly bottomless pool of potential talent partners and address the constant challenge of proving value of marketing investments.
The tool gives brands a process for determining the value an influencer/endorser can provide your brand.
The tool can guide you on how and why to select a specific individual over another, as well as how to negotiate and ultimately sign the deal.
From a high level, we help you narrow down to a shortlist of potential talent partners, then evaluate them based on campaign and brand objectives vs. proposed fees. The tool is best leveraged during activation/campaign planning as how the endorser
is utilized can factor into their potential value.
A consistent, comprehensive process for partnering with the most appropriate talent for your brand—rooted in business-science.
Lumency’s industry-recognized TrueValue™ methodology is our foundation for evaluating sponsorships, community investment partnerships, cross-promotional partnerships—and talent partnerships.
The Talent Evaluation Tool considers a variety of tangible and intangible factors to identify and assign value to the consumer connection points the endorser has to offer your brand:
Tangible factors focus on Digital Value (social, live stream, web content) and Appearance Value (looking at appearance time commitment, reach and fandom, along with quality/quantity/depth of consumer engagement interactions).
Intangible inputs include prestige, recognizability, segment depth and target efficiency, and earned media potential. Second-box factors look at level of audience loyalty, channel clutter, and established dependability (essentially a reputational risk assessment).
WITH THESE FACTORS IN MIND, THE TOOL DELIVERS:
- HOLISTIC VIEW OF VALUE
- CONTEXTUAL COMPARISON
- CONSISTENT END-TO-END PROCESS
- NEGOTIATION STRATEGY SUPPORT
HOLISTIC VIEW OF VALUE
Assessing the endorser’s value goes far beyond just social reach/activity or recognizability and includes strategic brand alignment.
OUTPUT: Comprehensive POV provided on each endorser being evaluated (such as established dependability, level of audience loyalty, etc.), along with category analysis.
Compares value of one endorser vs. another based on campaign/brand objectives and proposed fees.
OUTPUT: Value breakdown provides ranking (and additional considerations) for all potential endorsers.
CONSISTENT END-TO-END PROCESS
An end-to-end process allows brands to examine endorsers across various categories (athletes, actors, musicians, chefs, etc.) in a consistent manner.
OUTPUT: Evaluation of talent ties value to specific key objectives/deliverables, regardless of category.
NEGOTIATION STRATEGY SUPPORT
Supporting development of a sound negotiation strategy, the tool allows your brand to maximize its ROI by increasing value received.
OUTPUT: Strategy POV defines order of prioritization for talent selection, appropriate spend level and a recommended approach to optimize the deal.
Through rigorous evaluation of talent partnerships, brands can make more confident, informed decisions and maximize value within this complex channel.
Considering a talent partnership?
We can help you make the best choice.