If you're my age, you'll remember the Popeil Pocket Fisherman. If you are my son's age, you likely have a Tamagotchi with a dead, leaky battery in your junk drawer. And if you are my daughter's age, you'll surely own a Snuggie. By now it's likely pilling. Badly.
I must admit that I never owned a Popeil Pocket Fisherman. But boy oh boy, I sure did want one.
Ron Popeil developed his father Samuel's company into Ronco. In 2005, Ron sold the company for $55MM. Sounds good, huh? Unfortunately, just two years later, Ron was the lead creditor in Ronco's bankruptcy trying to recoup what had been promised to him. Yeah, he got something, but not nearly what he expected.
Yes, good advertising can sell a bad product...once.
And those Ginsu knives sitting in my mom's drawer? They're keeping The Clapper company. And I just asked my wife if she'd buy another Snuggie. I'll bet by now you can guess the answer.
Copyright @ Keith Chaitoff 2010
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