Celebrity: A person who is famous – Merriam Webster
IS IT GOOD FOR BUSINESS?
Naturally, we want to attract as many people as possible to our business. One of the easiest ways appears to be recruiting a celebrity to your cause. People will flock to you because they want to be near a celebrity. But, is it good for business?
Initially, yes, the numbers will jump. People will be clamoring to get on board. Then what? Can they duplicate what you just did? Probably not. Then the business reaches a plateau and now, there is no one knocking on the door any more. Those same people who followed the celebrity become disillusioned and leave. The business stagnates and/or dies.
I saw a business that was largely dependent on the author of a book to draw people and keep them engaged. He was very motivating and a great draw as a speaker. Then he left. A large number of people followed him and this created fear and confusion in the remainder of the group. So much for the celebrity draw!
Near the same time, the company founder, who had become a bit of a celebrity himself, left because he was over 80 and it was his time for himself and family. This effectively left the organization headless and confused. I believe they came close to not being able to recover.
They were lucky that the company was bought by people who specialize in just this kind of situation and they are working to rebuild this great company. But, what if they hadn’t? Continue reading