Welcome back to EcomGold, on this episode, we dive deep into the world of celebrities, brand partnerships, and the ever-evolving landscape of e-commerce. In this episode, we have an exciting guest - the charismatic Dhruv - joining our host Finn to share his insights and experiences in the realm of celebrity endorsements and talent management.
Dhruv kicks off the conversation by recounting lessons learned from his friend Maggie Sellers, a seasoned facilitator of celebrity deals. He emphasizes that finding the perfect celebrity for a brand is not a straightforward process, drawing a parallel to the selection of college basketball players by NBA teams. Research, planning, and understanding the desired outcomes are crucial steps in crafting successful partnerships.
From the Kardashians' hard work to Joe Jonas' commitment to his brand, Dhruv highlights the importance of celebrities who genuinely invest in their ventures. He explores the challenges of designing the perfect incentive structure and dives into the intriguing world of talent management agencies. Through his experiences, Dhruv questions the level of involvement celebrities have in decision-making and the classification of certain brands as "celebrity brands."
As the podcast progresses, Dhruv dissects the future of e-commerce, the role of technology-enabled solutions, and the potential impact of celebrity co-founders in brand promotion. He challenges the prevalent focus on celebrity endorsements and explores successful celebrity brands that were built with the celebrity in mind. Furthermore, Dhruv shares personal experiences from the toothpaste tablet industry and his journey in creating Celebritypackagedgoods.com, a pioneering directory of celebrity brands.
[00:02:10] YouTubers turned entrepreneurs create successful celebrity brands.
[00:07:14] Celebrities can work with brands in various ways. Cash, equity, and royalties are popular mechanisms. Instead of asking which celebrity to partner with, brands should focus on their desired business outcomes. Examples include launching a product that requires education or telling a story that current resources can't convey. There are countless reasons to work with celebrities, but also reasons not to.
[00:15:43] Celebrities can benefit brands, but not always.
[00:20:44] Talent agencies represent celebrities, not individuals.
[00:28:25] Process of finding a celebrity isn't definitive.
[00:35:46] Celebrity involvement in brands will be crucial.
[00:40:54] Limiting brand dilution in celebrity endorsements.
[00:45:05] Alcohol brands use celebrities for marketing. Beauty brands less influenced by celebrities.
[00:53:29] SKIMS: A successful shapewear brand by Kim Kardashian.
[00:58:23] Celebrity investments may not guarantee success.
[01:03:10] End of episode, support show, check out Rewind, Sendlane, Drew, Twitter, Celebrity Packaged Goods.
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