Hair today, gone tomorrow? It’s certainly a risk for Procter & Gamble.
As one of the best known and most successful companies in the world Proctor & Gamble certainly know a thing or two about branding. It also seems that they are pretty switched on when it comes to risk.
Over in the States, American Football is huge. One of the most well known players is Pittsburgh Steelers player Troy Polamalu.
Anyone that has watched a game that he has played in will instantly recognise him. He has very distinctive hair.
He is of Samoan descent and has not cut his hair for 7 years. Far from being in bad condition though his hair is in excellent condition and his flowing locks would no doubt make many a woman jealous.
P&G make the famous Head & Shoulders shampoo and when deciding on a suitable person to promote the product settled on Polamalu.
No details have been disclosed of how much he’s been paid for the sponsorship deal but it’s no doubt a significant amount.
Successful, healthy, sporty and a sex symbol to a lot of women in America meant that he was the ideal person for promoting Head & Shoulders and the return was no doubt there.
“Risk and Return” is an issue that is involved in all major decisions within business. Whilst the return is there with Polamalu what about the risk?
P&G seem to think that one of the risks is in the loss or damage to his famous hair. They announced earlier this week that they had just insured his hair for $1 million. Apparently if Polamalu loses 66% or more of his hair during the next 7 months then Lloyds of London insurance will pay out $1 million.
So, the branding works well. Risk seems to be covered but what about the legal aspects? Did anyone check the small print to the contract as to whether a haircut is allowed during the next 7 months? I hope so otherwise it could very well be the most expensive haircut in history.