When the most decorated Olympian of all time first appeared on a cereal box, consumers rushed to purchase the breakfast staple. It wasn’t an unusual marketing move when Kellogs Corn Flakes adorned their cartons with the image of swimmer Michael Phelps. According to data published by Ad Age and other sources, celebrity endorsements can have fairly profound effects on a company’s stock price as well as overall sales.
That’s the consumer marketplace. Celebrity endorsement is not an approach that is typically used (if at all) in commercial real estate marketing. An eighteen-year veteran of the National Football League, Peyton Manning, has real appeal with just about anyone that knows football. While it’s common to see the gridiron star stumping for the likes of Papa John’s Pizza or Nationwide Insurance, his image is most likely not going to appear in your next offering memorandum. Consumers rely on celebrity endorsement because we tend to trust what’s familiar to us. Actor, Tom Selleck, who now appears in commercials to advocate for a reverse mortgage company is a perfect example of celebrity developing trust.
Trust Your Peers Regarding Outsourcing Marketing
While celebrity endorsements are powerful, customer testimonials are considered even more powerful according to Pardot. Logically, this the power of the endorsement grows when it comes from our peers or others within our circles of influence. So then, why are so many commercial real estate executives still hesitant to outsource their marketing activities? According to Chris Seger, Principal at Pure Development, the choice to outsource is clear. He says, “It’s been my experience that the outsourcing model allows businesses to scale when needed while avoiding unnecessary operating expenditures.” In fact, according to at least one source, outsourcing marketing can save as much as 50% over full-time employees. Inc. magazine says outsourcing creative services, in particular, is essential, “Outsourcing work has helped countless companies deliver a superior product and drive revenue.”