Colin Kaepernick "Just Do It" Nike Ad Campaign Spurs Boycott

Nike's long-running "Just Do It" campaign is geared toward getting consumers to pay attention to the brand, but analysts say its decision to add Colin Kaepernick risks drawing the wrong type of notice. 

SEE: Colin Kaepernick Joins Nike's 30th Anniversary 'Just Do It' Campaign

Shares of the shoe and apparel giant dropped $2.16, or 2.6 percent, to $80.04 in early trading after the company announced that the unsigned free agent, who is known for kneeling during the national anthem to bring attention to racial injustices, would join the company's signature campaign. Other players also kneeled during the anthem, spurring criticism from President Trump. 

Nike is certainly provoking debate by hiring Kaepernick, GlobalData Retail managing director Neil Saunders said in a report, while noting the risks of a company getting involved in a "highly politicized" issue. Marketing campaigns typically aim to generate positive buzz, rather than engaging in ways that may divide consumers. 

"This means it could ultimately alienate and lose customers, which is not the purpose of a marketing campaign," Saunders wrote. "Although the company's stand may go down well on its native West Coast, it will be far less welcome in many other locations."

The reaction on social media veered between support for Nike and consumers saying they would participate in a boycott. Some people posted videos of themselves burning Nike shoes. 

Despite slipping ahead of markets opening in the U.S., Nike shares are up more than 30 percent this year through the close of trade on Friday.