The Money Genius Behind the Music Genius

Elvis Presley is one of America’s most recognizable names and most famous performers. But his manager, Colonel Tom Parker, had his own brand of genius as well. Not only for singing Elvis, nor for managing him to incredible success, but, strangely, for coming up with one of the most brilliant money making schemes since buy one get one free.

Although Elvis Presley is a performer so ubiquitous, that his last name is rarely used, he wasn’t universally loved. Even today his music garners a number of hits that competes with many modern day performers. You’ll hardly see a wax museum without a figure of Elvis, nor are you likely to find a troop of impersonators without an Elvis or two, or five. But few know the name Colonel Tom Parker.

Parker was Elvis’s manager, but his most impressive stunt has nothing at all to do with music. Although Elvis made fans go wild, there were also detractors. As impassioned as his fans were, his haters were just as lively. Whether they thought his dance moves were satanic, or just plain didn’t like his music, they were certainly vocal about it. Many of them, in fact, went in for an “I Hate Elvis” pin. What they probably didn’t know is that they were essentially investing in official Elvis merch.

That’s right, Colonel Tom Parker came up with the idea to sell the pins as a way to make money off of people who weren’t buying the albums. It’s brilliant really. He makes a pretty penny off of one market, and still finds a way to sell something to exactly the opposite of his target demo. And while such a tactic might not be applicable to all modern day ventures, Parker still taught us a valuable lesson in capitalism.