Apr 19, 2022
In Music Forum
Nike didn't let that stop them. In the 1970s and early 1980s, they used a then-unknown and sometimes mocked marketing tactic: celebrity athlete endorsements. Romanian tennis player Ilie Nastase, affectionately known as "The Buffoon of Bucharest" for his on-court antics, was Nike's first celebrity in 1972. He ranked number one in the Jordan Phone Number List world in 1973 and 1974. Steve Prefontaine, a star middle distance track, was another key signing in the mid-1970s. In 1980, this strategy catapulted Nike's IPO and revenue growth to $270 million. …and then they got someone Jordan Phone Number List named “Michael Jeffrey Jordan” to endorse their shoes in 1985. Fascinatingly, Jordan has always been a lover of Adidas. But Adidas did not offer him a deal. At the time of signing, he was not a superstar. But in 1990, Nike's revenue reached $2.2 billion. And last year, it sits at nearly $32.4 billion. Today, Adidas is about 1/3 the size of Nike. And Reebok about 1/45. Check out one of Nike's first commercials featuring Spike Lee and Michael Jordan: And today, they are pushing the boundaries by saluting the Jordan Phone Number List participation of Middle Eastern women in sports: The lesson here isn't the most obvious: it's clear that most small businesses can't afford celebrity endorsements. Takeaway: try something new. Be prepared to fail. Your competitors want to Jordan Phone Number List “play it safe” and do the same because they are afraid of losing their market position and never regaining it. 4. Market to your existing customers In the early 1990s, Pepsi and Coke dominated the beverage market. Both have spent over $100 million promoting just one of their brands. At the same time, milk consumption was down in California. And what was special about the milk anyway? It was white. That's it. Boring. Not much to Jordan Phone Number List say about milk. So things weren't looking good for California dairy farmers. Nevertheless, the National Dairy Board and the California Advisory Board had to try something with their tiny $23 million advertising budget. Eventually, they contacted advertising agency Goodby, Silverstein and Partners (GS&P). Previous campaigns have tried to attract people who don't drink milk. But GS&P's research led it to Jordan Phone Number List believe it would work to advertise to today's milk lovers. Through focus groups, they found that consumers only drink milk with something else. Moreover, they never think about it until they have none.