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When Portugal’s Cristiano Ronaldo moved two bottles of Coca-Cola on out of view in a press conference during Uefa’s Euro 2020 tournament, perhaps even he couldn’t have predicted the impact. In doing so, he supposedly wiped billions off the market value of one of the world’s biggest brands.
Or, at least, that’s what the headlines screamed.
It’s worth noting that, as Sportico reported, it appears Coca-Cola’s market value was already trending downward (by $2.9 billion at the beginning of the day on June 15) before Ronaldo even entered the pressroom. In hindsight, it is more likely the move coincided with the drop rather than instigating it.
Ronaldo’s influence
The fact the media excitedly reported Ronaldo’s actions as the direct cause of the brand’s drop speaks volumes for the perceived power and influence a player like him has across the world. This level of influence is not common with soccer players; there are less than a handful of players who could whip up this much of a frenzy with a stunt like this.
In the social sentiment surrounding the incident, many consumers liked the fact a global star was “using his power for good,” seemingly risking a fine, not to mention future brand partnerships, to make a statement that could influence a person the next time they go to the fridge. It is interesting to note now that he is at the pinnacle of his sport and has the social influence (550 million followers) to match, he has fewer personal sponsorships than ever before.
But Ronaldo has not always been in position to make such a choice or wield this level of influence. Like all athletes capable of generating headlines in an instant, he has had to build this influence over time. It was not that long ago that he was promoting buckets of fried chicken with KFC, bottles of oil with Castrol or flights around the world with Emirates. It’s only recently that he reached a point where he can champion causes and make or break brands on the world stage.
Soccer is the most popular sport in the world, with over 3 billion fans, so it’s no wonder the players are richly rewarded both on and off the field. Ronaldo and fellow player Lionel Messi were both featured in this year’s Forbes list of the world’s highest paid athletes, accruing over half of their earnings on the pitch: $97 million for Messi and $70 million for Ronaldo.
With this much already secured in the bank from their day jobs, they now have the luxury of deciding which brands they want to align themselves with and the causes they want to champion.
The influence of other players
In Havas’ study of meaningful brands in culture, it was recently revealed that 89% of consumers expect brands to contribute to their cultural passions, with brands responding to that expectation by blending their products with various cultural touch points in an attempt to extend their influence. This same tactic is now being used by players—brands in their own right—increasing their personal value as they succeed on and off the pitch.
Take England’s Marcus Rashford, who is by no means the best soccer player in England, but certainly one of the most influential, visible, opinionated and proactive. He successfully combines his work on the pitch with his passions off it, making himself a valuable asset to the teams he plays for and also the brands that sponsor him.
Over the years, soccer players have provided us with some brilliant brand partnerships, from Pizza Hut to Pepsi to Nike. Today, as players progress through their careers, we’re seeing more turning their attention to creating and promoting their own brands and causes. Messi, Memphis Depay and David Beckham have all, for example, created their own fashion brands while many more have founded their own charities and funds.
What is becoming clear is that a player cannot develop their influence to Ronaldo-esque levels exclusively from the field of play. Efforts have to be made off the pitch as well, with the brands, passions and causes players choose to align themselves with playing an increasingly important and symbiotic role.
The opportunity for soccer players to pick and choose their own brand associations to commercialize their passions and champion a cause on the world stage is earned over time with talent, personality, hard work and consistency. It’s safe to say Ronaldo’s Coca-Cola stunt wouldn’t have felt quite as authentic if he was still hawking fried chicken.
