Michael Jordan has made $1.3 billion from his deal with Nike
Look after your personal brand with the determination of an entrepreneur
Michael Jordan has made roughly $1.3 billion from his deal with Nike since signing with the brand in 1984, according to Forbes.
Mike epitomizes the Power of self brand carved out of excellence, integrity and self descipline.
He originally wanted to sign with Adidas but was forced to listen to his parents to endorse Nike when the brand was still in oblivion.
"It is the richest athlete endorsement deal ever but also arguably the biggest bargain given that Jordan helped transform Nike from a scrappy underdog into one of the largest, most valuable consumer brands in the world," Forbes reported on Sunday.
Rule 2 - Listen like your life depended on it
Mike credited the success to his parents foresight and thankfully he was not full of himself.
During episode five of "The Last Dance," ESPN's docuseries about Jordan and the Chicago Bulls, which aired on Sunday night, Jordan explained how he almost signed with Adidas before his mother forced him to listen to Nike's offer.
"My mother said, 'You're going to go listen. You may not like it, but you're going to go listen,'" Jordan said. "She made me get on that plane and go listen."
Rule 3 - You’d be a Fool!
Nike offered Jordan a $500,000-a-year deal for five years, as well as his own shoe, the Air Jordan, something which Adidas cropped out.
"Nike made this big pitch," Jordan said, adding that his father told him, "You'd have to be a fool, not taking this deal. This is the best deal."
Rule 3 - Always see the Bigger Picture
What began as an insightful partnership between a player and a brand has evolved into an icon and revolutionized an industry.
The Air Jordan brand today now covers over 32 versions of the shoe, many of them re-released several times. The shoes frequently sell out as soon as they are available and are resold online to sneaker collectors.
Rule 4 - Critique the shiny things
NBA legend Michael Jordan once turned down $100million for a brand deal that only required him to make a two-hour appearance in 2017.
The six-time NBA champion has become one of the most marketable figures in sporting history - from his Air Jordan brand with Nike, worth over £1billion, to being a major spokesperson for Coca-Cola, McDonalds and Chevrolet. However, he has remained careful with who he associates himself with even after his playing days
What was Nike’s ROI initially in the Jordan Brand?
Nike projected $3 million in sales of the Air Jordan in the first four years of the deal but ended up selling $126 million worth of the shoes in the first year alone.
Final note, As with company brands, personal brands can go bankrupt too. Look after your personal brand with the determination of an entrepreneur, not that of an undertaker.