In the world of corporate sponsorships, timing is everything.
What would you give to have your brand identity proudly displayed alongside the 2011 U.S. Open trophy? For Dubai-based hotel chain Jumeirah, that’s exactly what they bet on. Nobody knows the exact amount but you can do the math—Rory McIlroy earns approximately $10 million a year from three primary sponsors (Oakley and Titleist are the other two). And as you can imagine, the ante just went up. Meanwhile, Jumeirah is enjoying the massive exposure and positive effect on their brand. Good bet.
Big win or big investment.
I remember watching the 2008 U.S. Open when Tiger Woods made the incredible comeback. What most people don’t remember is the putt Lee Westwood missed to make the playoff and the logo he was wearing that day. What would have happened if he had come back to defeat Tiger and win? You likely would have remembered a company named Epicor—a producer of ERP software and a sponsor of several up-and-coming golfers. By the way, even after the Tiger Woods brand reputation debacle, he still remains the highest paid athlete—to the tune of approximately $75 million a year.
Getting strategic about your endorsement strategy.
Endorsements can be a viable part of corporate brand strategy. But corporations need to make sure their partners align with their own desired brand personality. Matching values and attributes are key. Just look at what Arnold Palmer did for Pennzoil over the years. Ernie Else and SAP. Phil Mickelson and Bearing Point (oh wait, that doesn’t exist anymore). Bottom line, in business and in life, it’s always a good idea to align yourself with other people or brands that reflect your desired image. And for Jumeirah, they bet on the right guy. At least for now.
Learn more about the author of this post, Ray Baird.
Photo courtesy of: AP Photo/Nick Wass