India’s T20 World Cup victory and the subsequent retirement of three cricketers from the format has thrown up a myriad of opportunities for marketers. Cricketers and film stars are the most sought after brand endorsers in India and there is some serious money at stake.
Virat Kohli and Rohit Sharma charge anywhere between Rs 3.5 crore to Rs 7 crore as endorsement fee for a brand. To make a point, Kohli’s fee remained unchanged even after he stepped down as T20 captain in late 2021. Perhaps things are a little different this time as he, Sharma and the more affordable Ravindra Jadeja decide to call it a day. Marketers expect things to play out quite differently (and interestingly as well) from now on in terms of how the money will be spent.
Harish Bijoor, CEO, Harish Bijoor Consults Inc, points out that shrinking formats is a significant development. “From tests being dominant to Kerry Packer to a 50 over game to T20 is quite remarkable. Instant cricket has emerged since time is a precious commodity,” he says. Plus, the quick format creates exciting cricket. “Post the retirement of the big names, a different kind of hero will be made. Brands looking at the alpha gen will easily take to the 20-over format.”
Of course, moving on from the T20 format is only part of the story. “It is a smart move by the three players and prolongs their cricketing career across tests, 50 overs and most importantly the IPL. A prime example of this is Dhoni who still plays the IPL and ranks very high in the endorsement market,” says Salil Vaidya, Fractional CMO & Founder, Korero Marketing Communications. Bijoor chips in to emphasise that Kohli is a product of every format. “The youngest cricketers are typically 20-over wonders and a shorter format produces more interesting opportunities. Look at how much is being done in soccer for instance in a 90-minute game,” he says. There is no question of the brand value eroding since the IPL takes care of it. “Newer players need to work towards becoming T20 specialists and super-specialists in the 10-over format.”
The pecking order too has quietly changed over time. According to Manish Porwal, MD, Alchemist Marketing Solutions, the increasing popularity of cricketers is throwing up many an interesting option. "On that parameter, the gap between them and the Bollywood stars has considerably reduced. Earlier, if the charts were filled with actors, it has an almost equal proportion from cricketers and over time, could see other sports as well," he says. Specifically, on the T20 World Cup victory, he maintains it is a shot in the arm for advertising endorsements.
“The exit of Kohli and Sharma will create an entry for the younger players. "It is very likely that names like Shubman Gill, K L Rahul, Jasprit Bumrah and Rishabh Pant will be picked." Clearly, retirement bears no negativity today. “Let’s understand that Indian cricket offers international players at least four retirement opportunities across three international formats and the IPL. So, the careers of these three players and their appeal for brands will continue for some time,” sums up Vaidya.