Just watched an episode of Shark Tank. Barbara Corcoran dismissed The Broccoli Wad (a gangster style money clip modeled after those fat rubber bands that hold broccoli together) as being one of the worst products she’d ever seen pitched on the show.
Just minutes later, she was making a deal with it’s inventor after tying up Soprano’s actor Vinnie Pastore into the deal. Vinnie puts in his face, name and celebrity persona, Barbara helps with marketing and the little guy who came up with it keeps 60 per cent of his company.
What turned it around. Renaming it after the celeb, Vinnie and putting his face on the box. That’s all it’ll take for some wannabe high rollers in Vegas to plunk down $9.97 for the novelty item.
If anyone doubts the power of celebrity leverage, go read my buddy Jordan McAuley’s book, Celebrity Leverage. We see this at play every day yet so few entrepreneurs exploit it.
It also shows how valuable it is to become a celebrity but it’s even more important to have a rich flavorful persona. Vinnie oozes personality with a capital P, celebrity or no celebrity.