Coca-Cola Nigeria recently unveiled Banky W as spokesperson as they head on into this new Olympic year. On the surface, this is nothing out of the ordinary: clean-cut, no-drama celebrity as spokesman. Shrug. But in this case the celebrity chosen is coming clean off endorsement deals for 3 order brands all more or less targeting the same audience. Three brands – Samsung, Hennessy, now Coke – have used Banky within the last 12 months, while the fourth was in 2008.
Some would argue that since he resonates with that audience, then 20 brands can sign him on. Well, resonate he surely does but when does the law of diminishing returns come in? Marketing strategy should go beyond resonance into Return on Investment (ROI), brand credibility, endorsement credibility, and contribution to brand equity. It should be contemplated that if a certain target audience sees Banky selling Samsung one week, then Hennessy the next, then on the back of the Coca-Cola truck as his voice sings the Etisalat song to them, his credibility as a celebrity endorser may be in jeopardy of being bastardized, and even more terrifying, that any brand message gets lost in the noise.
Just how bank-able (pun intended) is a four-brand celebrity?