Olympic Mishap Affects Brand Image

The Olympics can bring much fame to athletes, especially to those who score medals. Ryan Lochte is such an athlete. He is one of the world’s most famous swimmers, earning 12 medals in the Olympics with six gold, three silver, and three bronze medals. His earnings make him one of the most decorated swimmers in Olympic history. All of this bodes well for brand image. However, Lochte’s actions while at the 2016 Olympics affect his brand image differently.

Brand image is all about perception. Consumers choose brands based on good experiences with products or people. If a brand touts that it is superior to other brands, and consumers find that this is true or believe it to be true, they continue to trust that particular brand. However, when a product fails, consumers begin to question its validity and seek another brand to take its place. This is why it is important for celebrities, such as Ryan Lochte, to maintain a good image.

At this year’s Olympic games, Lochte made up a story that made national news. Later, he confessed to embellishing the story. This leaves the public questioning his validity, making it harder for them to support him. Therefore, Lochte lost four major endorsements from Speedo, Ralph Lauren Corp., Syneron-Candela, and Airweave. Companies notoriously drop celebrities for bad behavior as they do not want to be associated with it or appear that they condone it. If they condone the bad behavior, then the public is likely to question the companies’ choice in a spokesperson, making it more likely that the public will choose other products in disagreement.

Therefore, Lochte’s actions affect his own brand image, making him less marketable. While he has earned many awards, people often remember other people more for their misdeeds because these come more shockingly. Thus, Lochte may be a decorated swimmer, but the shock value of his misdeed may harm his brand image for years to come. However, some celebrities overcome misdeeds (e.g., Tiger Woods, Michael Phelps, etc.) and eventually recover. Yet, this takes time. Ryan Lochte may have a bit of a break as he is slated to compete on “Dancing With the Stars.” This highly popular show will keep him in the limelight, for which he must be on his best behavior in order to redeem himself. Further, Pine Bros., a cough drop company, recently endorsed Lochte, claiming that the corporate world is too reactive and harsh.

Time will tell the damage to Lochte’s brand image. For now, he gets a few lucky breaks, but he doesn’t completely escape the havoc already done to his image. Perception is everything to a brand.

5 Ways P&A Is a Thought Leader in the IP Valuation Industry

As you know, Pellegrino and Associates is a premier intellectual property firm. We provide a variety of IP valuation services including copyright valuations, patent valuations, trade secret valuations, trademark valuations, early-stage valuations for both entrepreneurs and investors, software valuations, and tax valuations. We also determine royalty rates, testify in court as expert witnesses, and much more. While other IP valuation firms offer similar services, we thought we would highlight some of the criteria that make us a thought leader in the IP valuation industry.

1. Increased presence in the litigation setting.
Over the past few years, the number of law firms seeking our services has increased exponentially. This reaffirms how important IP valuations are in settling disputes. It also indicates our IP valuations and expert witness testimonies withstand scrutiny. In fact, one North Carolina Court stated that our firm’s work is “clearly in the mainstream of IP valuation methodologies” and that our qualifications are “outstanding.”

2. More than 350 engagements. Our firm boasts more than 350 engagements for more than 200 clients within every major industry sector. We have worked with Fortune 100, Fortune 500 companies, early-stage companies, individuals, law firms, and others. A few of the companies we have worked with include IBM, GE, Lockheed Martin, and others. The broad range of companies and repeat companies who seek our services affirms our position in the IP valuation industry.

3. IP valuation guide. Pellegrino & Associates president Mike Pellegrino has authored two editions of BVR’s Guide to Intellectual Property Valuation. He objectively captures the process for the valuation of intellectual properties in these guides, revealing the techniques that result in credible, defensible, and precise IP valuations. More than 700 of the guides have sold to a variety of customers, including attorneys, business valuation firms, competing IP valuation firms, tech transfer officers, and more. Given that few IP valuation guides exist on the market that detail the nuances associated with the valuation process further proves that our expertise is top level.

4. International presence. Our reputation as a premier IP valuation firm has landed us many opportunities on an international level. We have taught on IP valuation to officials from the governments of Brazil, Azerbaijan, Estonia, Thailand, Guatemala, and New Zealand on behalf of the U.S. State Department. Our finance- and software-related articles appear in internationally and nationally recognized outlets, such as IAM Magazine, CFO Magazine, MSNBC.com, FoxNews, and others. Also, a law firm has hired us to assist in international litigation.

5. Industry standards. We help set industry standards. Company president Mike Pellegrino was instrumental in helping to change Indiana law regarding the valuation of embedded application software for personal property tax reporting purposes and for the taxation of patent-derived income. He also authored a substantial portion of the administrative rules that Indiana’s Department of Local Government and Finance now uses to administer the evaluation of software appraisals for property tax matters.

These five criteria are just a few ways that our company holds thought leadership status and provides exceptional services in the IP valuation industry. Browse our website or contact us today to learn more.