True influence shows a measurable impact on a brand, sometimes causing a loss-generating effect, and one move by Cristiano Ronaldo resulted in crashing consequences for Coca Cola.
Brands have harnessed some of the most profitable associations with major sporting leagues over the years. But Coca Cola becoming the official non-alcoholic beverage sponsor for UEFA EURO 2020 witnessed an adverse situation.
Last night at a UEFA Euro 2020 Press Conference, as the all-time top Euro scorer slid two Coca-Cola bottles aside, held up a bottle of water, and chanted “Agua!” (water in Portuguese), he simultaneously triggered a 1.6% dip in Coca Cola’s share price. The Guardian reports, this dip caused the market value of Coca-Cola to fall from 242 Bn USD to 238 Bn USD, a drop of 4 Bn USD.
The unfavorable events for Coca Cola did not stop with the dip in the market value, the brand has been trending around the world, but not for the best reasons. The video of Ronaldo sliding the bottles is being widely circulated and has sparked several debates on water v/s Coca Cola, with water being in the lead.
Conversations, memes, and everything in between have caused a topical wave around the world, which has not been advantageous for the brand. Ronaldo fans are falling head over heels for him all over again, and several are also appreciating his healthy choices.
Elon’s tweets’ impact on the crypto market and Ronaldo saying ‘Hold My Water’ has been one of the hilarious comparisons. The whole wave has generated more than 18K tweets, keeping #CocaCola in the top five trends currently in India.
Celebrities are becoming more and more and conscious of their endorsement decisions and the brands they may be associated with, in recent years. Seemingly, the incident may also impact the decisions of sporting leagues on choosing sponsors, possibly inclining them towards brands that represent the essence and principles of sports. The dip may not be something Coca Cola can’t jump back from, but it did prove to be a pinch in the 32-year long association of The Coca-Cola Company with UEFA.