In Feb 2022, Nike’s game-worn Air Jordan 1s sold for more than $1 Million Dollars. To be specific, that’s ONE shoe sold for $1,012,500.
How did Nike & Jordan build this brand on HYPE?
This is a lesson in Marketing & Psychology you can’t miss. 🧠📚
Here are 5 ways in which Nike & Jordan knocked it out of the court:
1. Negative Publicity
The first Air Jordans were banned by the NBA. The color of the shoe did not match the jersey.
In fact, Nike was fined $5000 per game.
But…
They marketed the shoe as BANNED Air Jordan 1s.
What happened next?
BOOM! It made $100 Million in revenue.
2. Limited Release
Air Jordans are not released in unregulated quantities.
They are made to be released in limited numbers.
-To build HYPE.
-To keep people coming back for more…
-To build the feeling of owning something “exclusive.”
3. Nostalgia
Now, this may not seem like a psychological trick but it is.
The trick is reliability.
Old school, childhood memories.
Modern-day Jordans are styled in a design called “Retro.”
Means a re-release of a pair that Michael Jordan originally wore in the game.
4. Collaborations
Jordans aren’t sports shoes anymore.
They are luxury sneakers built on sports & pop culture.
Jordan’s modern-day collaborations like:
-Travis Scott Jordans
-Dior Jordans
-Supreme Jordans
Have been selling at price premiums upwards of 300-400%
5. Resale Market
Resellers set up systems to get the shoes at retail prices.
As a result, these sneakers are then sold via reselling platforms for a premium.
Nike keeps a close eye and jacks up retail prices for forthcoming sneakers based on what sold well in resale.
The burning question is…
Can anybody use these tricks to build HYPE, jack up prices or sell more?
Probably not.
Nike & Jordans were aided by:
-Michael Jordan’s stellar performance season after season
-Exceptional design, premium materials, and heavy-duty marketing
-Actually listening to customers
Greatness is hard to replicate.