cASE STUDY: NAMING RIGHTS
Texas Rangers ownership engineered a remarkable organizational turnaround, generating record attendance levels year after year and making back-to-back World Series appearances in 2010 and 2011. As the team opened the 2012 season, it became apparent that the time was right for a partner to gain tremendous visibility nationwide by acquiring naming rights to the Rangers’ stadium.
Based upon the team’s success and anticipated trajectory, the team ownership’s expectations for the value of their number one corporate partnership placed the ballpark naming rights among the highest in Major League Baseball. The team’s initial naming rights sales efforts did not generate the anticipated interest, and with the 2013 season ushering in the final ten years of their lease with the City of Arlington, the Rangers understood the importance of capitalizing on the remaining term.
Upon Premier’s engagement by the Rangers in the summer of 2013, Premier immediately implemented a process to communicate the team’s powerful story. The naming rights partnership provided a company with the opportunity to leverage the team’s association not only in the North Texas region, but throughout the state and beyond. This partnership opportunity was magnified by the state’s robust economy, surging job growth, and the ability for the naming rights partner to tie in with a powerful ownership group deeply rooted in the Lone Star State.
Next, through strategic market research, Premier identified a select number of corporate partners that were aligned with the Rangers’ brand values. Next, Premier devised a partner selection process to positively position the Rangers as an exclusive opportunity in the marketplace. With billions of media impressions built into the Rangers program, Premier concentrated on differentiation in the following areas:
- Creating a new story supported by passion-driven sales collateral
- Building custom business development concepts to drive revenue for the naming rights partner
- Developing an in-stadium experience for face-to-face meetings showcasing the powerful platform
- Utilizing Premier’s Revenue Maximizer™ methodology to develop additional value
- Created a marketplace that resulted in three offers from companies in different categories
- Leverage from multiple offers allowed Premier and the Rangers to design and execute a negotiation procedure that leveled the playing field, established a timeline to review final offers, and granted the organization the ability to select their naming rights partner in advance of the 2014 season
- Ownership’s selection of Globe Life enhanced the team’s competitiveness and strengthened the Texas Rangers Baseball Foundation
- The sales process and announcement of Globe Life Park in Arlington was completed in six months