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Taking Obama to the bank
Source: http://www.cbc.ca/consumer/story/200...socialcommentsTaking Obama to the bank
Pedlars of everything from burgers to condoms bet on new president's appeal
Last Updated: Friday, January 16, 2009 | 1:42 PM ET
By Tara Kimura
CBC News
Leading up to the inauguration of U.S. President-elect Barack Obama, his likeness has been plastered on everything from t-shirts to condoms. (Marco Garcia/Associated Press)
Sipped from a Barack Obama water bottle yet? Clicked over to J. Crew to look at the Michelle Obama skirt and sweater set? Noshed on an Obama-style avocado burger? Tried the Ben and Jerry's "Yes Pecan" ice cream?
A survey of the slew of products being peddled in the pre-inauguration rush suggests the Obamas — deemed by some analysts to be the new "it" family — have uniquely captured consumers' imagination. Who would've guessed that aside from the traditional collectors' dishes and coins, there would also be demand for presidential thongs and Obama-inspired condoms?
"Everybody wants a piece of it — this is history," said Darren Dahl, a marketing professor at UBC's Sauder School of Business.
"Becoming part of that brand and making it part of who you are is very appealing to people, so they'll buy whatever, even if it's an ugly water bottle that they'll never use."
Analysts agree Obama's campaign of hope and his message of change proved attractive to consumers and marketers alike. The campaign clicked exceptionally with younger Americans, who by coincidence are among the consumers with the highest discretionary income, notes Ken Wong, a marketing professor at Queen's University in Kingston, Ont.
And finally, Dahl notes, people are always a little spellbound by the victor.
"People in the U.S. are much more fascinated with the winner than the loser, and I think that carries over to the repercussions for business," Dahl said.
'You can get some good stuff online'
For entrepreneurs and well-established corporations alike, the Obama effect has proved dramatic. Take for example, the 64 per cent spike in traffic on jcrew.com after Michelle Obama appeared on the Tonight Show. The future first lady said she found her yellow cardigan, matching tank top and polka-dotted skirt on the retailer's site, noting, "You can get some good stuff online." The company has since put together a page directing readers to the exact ensemble.
Similarly, Marvel issued immediate plans for a second printing of its long-awaited Spiderman comic featuring Barack Obama after rapturous fans made the first edition an immediate sellout. After a Time magazine feature detailed an encounter with Obama — who was ordering avocado burgers in Hawaii, curious foodies hunted down the precise restaurant (Kua 'Aina).
Or, consider the president-elect's fondness for his BlackBerry — an unsolicited endorsement some analysts believe is worth as much as $50 million US. Wong says while it's hard to pin down a precise figure, this type of testimony could have a very profound spinoff effect to the benefit of BlackBerry manufacturer, Research In Motion Ltd. of Waterloo, Ont.
"It's invaluable, because BlackBerry is really in a battle with Apple to control the pockets of the nation," Wong said. "When somebody with a high degree of what we would call cool factor endorses BlackBerry, it suddenly becomes a viable alternative to an iPhone.
In the absence of that you might — if you were a BlackBerry owner in a community of iPhone users — find yourself constantly apologizing for being the big blue, big business user .… I don't know that you could ever overcome that with advertising."
'Would you start to buy V-neck sweaters because Stephen Harper wears them? I don't think so. It doesn't work for me.'
—Ken Wong, marketing professorBut marketers should proceed with caution, according to retail analyst Jim Okamura with the research company J.C. Williams Group in Chicago. He notes that while RIM should indeed be pleased with the endorsement, an overt campaign might be perceived as reactionary — or worse as shameless hucksterism. Such a strategy might turn off the many consumers who were moved by Obama's campaign of hope.
"It may be nice for RIM to try and figure out can we get a little leverage out of this, but they should do so in a very smart way so as not to insult [Obama's mandate]," he said. "Any company who tries to be too commercial, I think, would be viewed as being crass in a time when there's just bigger issues going on."
An American phenomenon
Obama's campaign of hope and change proved appealing to marketers and consumers alike. (Gabriel Bouys/AFP/Getty Images)To Canadian consumers, the Obama frenzy may seem foreign. Few people would try to fashion themselves after the current political leaders, Wong suggests.
"Would you start to buy V-neck sweaters because Stephen Harper wears them? I don't think so. It doesn't work for me," he said.
The closest parallel to Obamamania would be Trudeaumania, Wong said, noting there are distinct differences between the two charismatic leaders. While some may have tried to emulate Trudeau's unique style — rose in the lapel, jaunty fedora, dashing sports car — his political mission was less catchy with marketers.
"The difference with Trudeau and Obama is that when you think of Obama's vision, it's very much a spiritual one: 'Yes we can.' It's a sense of optimism. Trudeau's vision was of a just society. [It's] not quite as marketable."
Yet this campaign — the campaign so many marketers are eager to tap — is fraught with potential uncertainty, warns Wong. On one hand, Obama has won the hearts of many Americans, but he's also been cast as messiah figure, he said. Should his approval rating slip, the fervour may lose relevancy and appeal.
"With so much hope tied to the beginning of his presidency, there may be a tendency on some people's part to assume that now that he's elected, things will be perfect tomorrow," Wong says.
"They won't be, and that's why you hear so many people talk about can he keep the population involved, can he keep them hopeful and engaged. If he can do that, he will absolutely be the marketer's dream."
With files from John Bowman
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