Scott Baradell - CEO, Idea Grove PR Joins Houston's Morning News

Episode Transcript

Speaker 1 (00:00):
Well, the new name is dyke In Park seven fifty three.
Now we're joined by Scott Barredell's CEO of Idea Growth
VR Scott. How hard is it to retrain fans' brains
to not call it minibde and to call it dyke In.

Speaker 2 (00:14):
Oh, It's very hard. It depends. In the case of
that Astros Park, it started out as INRN Park and
then a year later Inron went bankrupt, but it made
It's been a stable name for a long time now.
But if you look at other stadiums, Candlestick Park's a
great example. It was demolished a few years ago in
San Francisco, but you know, it had been around that

(00:36):
name since the nineteen fifties. 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

(00:58):
privately owned, that just doesn't happen. But it sticks in
the head.

Speaker 1 (01:01):
Yeah, it does. No doubt about it and it's been
mini made for over twenty years, so that's going to
be a hard habit to break. There's what's in it
for a corporation or a company to have naming rights.
What sort of good public relations does that generate? Generally speaking?

Speaker 2 (01:15):
Well, it's brand awareness, and it's hard to measure. There
was a guy who at a Temple university to a
twenty five 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 building your brand

(01:36):
name is going to be worth it. In the case
of Dyke, and you know, they're a 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 AUCS 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 and with established

(01:57):
names for a long time.

Speaker 1 (01:58):
Yeah. Well, and this is a certainly good way to
get name recognition, no doubt about it. Can you put
into dollars. We have no idea what Dyke and paid
for the naming rights, But can you put into dollars
what something like that generally is worth. Is it worth
over the course of fifteen years? Is it worth fifty million,
is it worth sixty million, one hundred million? What's it worth?

Speaker 2 (02:19):
Well, it very much varies based on the size of
the market. I know that in the case of the
Dallas Cowboys deal with AT and T, that's about fifteen
million dollars every season, So that's a lot. And if
you look at it over, you know, you're cutting a
deal for you know, over a decade, that's a lot

(02:40):
of money. If they haven't revealed it in this case,
it might be in the same range, but it's probably
a little.

Speaker 1 (02:46):
Smaller than that, okay. And if you were to take
a look at at the cost involved in making a
name changeover, I mean, you've got the big min of
made park on the side of the ballpark, You've got
signage all over the place. That's gonna to a decent
chunk of change just to change all that, isn't it?

Speaker 2 (03:03):
Oh? 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 on the marketing
team are discovering up a place where they missed it
a year or two later.

Speaker 1 (03:22):
Yeah, no doubt, Scott, Thanks for joining us. Good to
talk to you, sir, appreciate it. That's the CEO of
Idea Growth vr Dot Barredale