If you have not been living in a hole for the past couple of weeks, then you know that Michael Phelps was caught smoking a bong back in November. Outrage and protests from parent groups shortly followed. He was smoking that dangerous dangerous, non-performance enhancement drug known as the "weed" (Coughs from sarcasm).
Obviously major brands immediately began withdrawing their endorsements with Phelps. Subway,Kellogs and a slew of others backed away from a personal brand that previously had been golden (12 Times!). However, was this reactionary...and largely stupid? Absolutely, but brands (especially major ones) tend to shy away from controversy.
Where they see trouble: I see dollar signs. Michael Phelps is arguably the greatest Olympic Athlete ever. We are three years away from the Olympics...where most of Phelps pull in advertising revenue would be generated. He didn't kill anyone or hurt anyone. He smoked weed...which arguably 90% of America has done at one point or another. He didn't cheat. He just took a bong hit. Kobe Bryant was charged with rape back in 2003. His brand has recovered spectacularly since the charges were dropped and many of the companies that dropped him have come crawling back. (Despite my utter contempt for that person...difference between him and Phelps= Heinous vs. Stupidity)
So why are companies backing away from Phelps? A lack of cojones. I see this as a major chance for a less popular brand to swoop in and get Phelps at a drastically reduced cost. Hell, they could even go subversive with his image and turn him into the bad boy of swimming. Spitz had chest hair...Michael Phelps has his ridiculous diet and could be the bad boy of swimming. It's not like this wouldn't be the first time that brands have gone in a slightly subversive and fun way in response to a celebrity's screw up. Ask K-Fed.
This is a major chance for a company to make a lot of money with Michael Phelps. Do you have the balls to go with him? Or do you want to play it safe and linger in mediocrity...
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tagged as Branding, kobe bryant, marijuana, Marketing, michael phelps, olympics
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