As brand values soar, India’s Olympic stars chase endorsement gold

After an eventful run at the Paris Olympics 2024, India’s star players have been basking in marketers’ attention for their impeccable performance on-field and on-screen.

The star triad comprising Neeraj Chopra, Vinesh Phogat and Manu Bhaker have upped their endorsement game amid their rising brand value.

According to sources, Chopra’s silver took his brand value from $29.6 million to $40 million. Experts attribute the hike to significant wins and association with positive causes. With each victory, he garners extensive media coverage, enhancing his visibility and attractiveness to brands.

Bhaker set a record by winning two medals in a single edition and this itself skyrocketed her brand value from Rs 25 lakhs to Rs 1.5 crore. She was recently seen in a KFC Rolls brand collab on social media.

The most interesting part is, Phogat’s brand value that stood at Rs 25 lakhs earlier, multiplied by four times to touch Rs 1 crore, despite her disqualification fiasco.

Tuhin Mishra, Managing Director and Co-Founder, Baseline Ventures (The firm which manages Phogat) said, “In spite of all odds, Phogat has come out victorious, probably because of what she has done and the kind of adulation that she has got from people from all walks of life. She stands as a pillar of strength and a hope to keep fighting and never give up.”

According to him, Phogat’s endorsement fee has increased by at least two-three times depending on the category. Her brand value has increased by at least two to three times from where she was before the Olympics. 

The major categories that have shown interest in Phogat are brands that endorse strength and power. Mishra further highlighted, “We are currently seeing, there are some serious discussions happening in the cement category, the iron, steel category, there are even education institutions, and additionally, there are some audio wearable categories”.

Neerav Tomar, Managing Director & CEO, IOS Sports & Entertainment said, “Right now, it is like a moment marketing situation for her, which brands want to capitalise on, because of all the struggles she has been through and then she also lost out on the medal. So, there is a strong brand interest in Vinesh's story per se.”

Can Olympic players overthrow cricket endorsers?

Many experts say, even though Olympic players experience no dearth of brand endorsement deals but their demand in the market is short lived, as opposed to that of cricketers who continue to do advertisements post their retirement as well. This is also because cricketers are seen on-screen more often than Olympic athletes which improves their recall value.

With specific regards to Phogat, Tomar feels hers is going to be a shorter run, unlike Chopra because he is still yet to perform again in the Olympics.

“We do not know if she is going to continue and it will depend on if she is coming back into wrestling or retiring from the sport. All these factors decide how long you can carry the fame and that further depends on how much visibility you have,” Tomar added.

Baseline’s Mishra differs, stating that an endorser’s importance is decided by how they conduct themselves and how relevant they are to society. It is not just the playing career or if they are seen on TV or not.

Speaking holistically about Cricketers versus Olympians, Rohit Ohri, Partner at FCB Global said, “It is unfortunate but true. Olympic players enjoy a heightened interest in the Olympics year and then fade away. Neeraj Chopra is an Olympic star. He is young and good-looking. Has a great story and great achievement. We see Neeraj used almost like a cricket player. But that is only one person.” 

In India, cricketers are being used by brands in much the same way as Bollywood stars. The focus is on celebrating their looks, style, and charisma.  Whereas, Olympic players, more often than not, are used as sportsmen/women. Brands celebrate the struggle, grit, and determination of these players. But, it is not that cricket is for A grade brands and Olympics is for C grade brands. It really depends on the brand's creative needs, according to Ohri.