GroupM has undertaken an initiative to look at the celebrity endorsement route of marketing closely. The media conglomerate has embarked on CelebZ, which measures the relationship that people have with celebrities. More announcements are expected on January 11, 2007.
An official communiqué quoted Vikram Sakhuja, COO, GroupM, South Asia, as saying, “The rising intricacies of grabbing the consumer’s mindspace, coupled with the enormous desire for all things celebrity, is making marketers turn to celebrity endorsement as one of their key strategies for winning in the Indian marketplace.”
CelebZ measures the relationship that people have with celebrities. It looks at the overall size and nature of the relationship amongst a nationally representative sample and then evaluates the size of a celebrity's equity and their potential to help a brand meet its objectives.
Celebrity endorsement space is currently estimated at over Rs 250 crore and growing 20 per cent annually. Coupled with the cost of media using the celebrity endorsed communication, the stakes are very high. There are cases where celebrity endorsements have changed the fortunes of brands. However, there are also many instances where celebrity endorsements have produced no results whatsoever for the brands.
The communiqué explained that there were many pitfalls of celebrity endorsement, primarily due to the fact there was little science being applied in this space. CelebZ consequently is another initiative of GroupM to help answer one of today’s pressing marketing problems.
“We have concluded our first wave of CelebZ and are very excited with the richness of its scope and the new light it is throwing on many critical questions that exist in celebrity endorsement,” the communiqué added.