The most remarkable aspect of the Bud Light boycott is that it worked because boycotts usually don’t — at least in terms of affecting sales and stock prices. PETA crazies, for example, have been boycotting KFC for more than two decades to no effect. KFC’s biggest challenge is not PETA but Chick-fil-A, which continues to dominate, despite facing absurd boycotts from the left.

The definition of a boycott has changed. The goal now is rarely to affect the bottom line but rather to hurt the company’s reputation and create headaches for management.

Yet even that can be secondary. A successful boycott raises awareness or donations for the organizers. The top predictor of what makes a boycott effective is how much media attention it creates, not how many people sign a petition.

In other words, boycotts work, even if they don’t directly work against their targets.