Idea Grove’s Post

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We're joined by Scott Baradel, CEO of Idea Grove PR. Scott, how hard is it to retrain fans brains to not call at Minute Maid into call it Daikin? Ohh, it's very hard. It depends. And in the case of the Astros park, it started out as Enron Park and and then a year later Enron went bankrupt. And but Minute Maid's been a stable name for a long time now. But if you look at other stadiums, Candlestick Parks, a great example. It was demolished a few years ago in San Francisco, but you know, it had been around that name since the 1950s. Then they named it Three Com Park and Monster Park and other names, but the public held on to that. Candlestick Park name to the point where they finally had a ballot measure where voters said after the monster sponsorship, it has to go back to be named Candlestick Park. You can't usually do that. In that case, the park was publicly owned. But when it's private, privately owned, that just doesn't happen. But it sticks in the head. Yeah, it does, no doubt about it. And it's been made for over 20 years. So that's gonna be a hard habit to break there. What's what's in it for a corporation or company to have naming rights? What? What sort of good public relations does that generate, generally speaking? Well, it's brand awareness and it's hard to measure. There was a guy who out of Temple University did a 25 year study of stadium naming rights and trying to trace, you know, the value of it and whether it was worth the investment these brands made. And he could not definitively answer the question. And so I think you have to have faith that the the building your brand name is going to be worth it. In the case of Dyken, you know, they're very big company, but in the US their name recognition is far less. Than competitors like Train and Carrier, other big HVAC companies, it's kind of like aux out of China that's trying to build a presence in the US now you're facing you know some competition that's been here in with established names for a long time. Yeah well, and this is certainly a good way to get name recognition no doubt about it. Can you put into dollars? We have no idea what Dyken paid for the naming rights, but can you put into dollars what something like that generally is worth is is it worth over the course of 15 years is it worth 50 million is it worth? 60 million hundred million, what's it worth? Well, it it very much varies based on the size of the market. I know that in the case of. The Dallas Cowboys deal with AT&T, that's about $15 million every season. So that's a lot. And if you look at it over a, you know, you're cutting a deal for, you know, over a decade, that's a lot of money. If they haven't revealed it, in this case, it it it might be in the same range, but it's probably a little smaller than that. OK. And if you were to take a look at the at the cost involved in making a name change over, I mean, you've got the big Minute Maid Park on the side of the ball. Mark, you've got signage all over the place that's going to amount to a decent chunk of change just to change all that, isn't it? Absolutely. I mean, you're talking in the, you know, well, single digit millions, but it's it's a lot. And the names are the name is in so many places that you oftentimes after rebrandings like this, people in the marketing team are discovering a place where they missed it a year or two later. Yeah, no doubt. Scott, thanks for joining us. Good to talk to you, Sir. Appreciate it. That's the CEO of Idea Grove PR, Scott Baradel.