L’Oreal Tells Oscars: ‘You’re Not Worth It’
February 17, 2009 11:46 AM
L’Oreal, one of the Academy Awards’ biggest sponsors last year with its catchy slogan “Because You’re Worth It,” apparently has had a change of heart and will not sponsor the Oscars this Sunday on ABC.
Last year the cosmetics giant bought eight spots in the Academy Awards. This year it took a pass altogether, even though ABC reportedly has lowered the cost of a 30-second spot during the awards show from $1.8 million to roughly $1.4 million.
Clearly the dismal economy entered into L’Oreal’s decision. But maybe the advertiser was fearful of consumer backlash, according to today’s New York Post.
If that’s the case, L’Oreal with its aspirational brands of face and hair care products sold primarily in drug stores, erred in judgment by skipping this opportunity to appeal to cost-conscious viewers.
A large part of the fun of watching the Oscars is the voyeuristic aspect, seeing how the stars look and what they are wearing during television’s second-largest broadcast.
L’Oreal should have tweaked its message to say something like, “Look Like a Million for Far Less.”
That kind of message would resonate with women watching at home who are already pinching pennies, as they flee Saks’ cosmetics counters to buy beauty products at CVS.
Clearly L’Oreal is another so-called paradox of saving: By not advertising, it is not encouraging customers to modestly spend their way out of this deep and prolonged recession.