It is to laugh.
P.T. Barnum got it right when he said there was a sucker born every minute.
Scotiabank is actually going to pay the Toronto Maple Leafs, more specifically MLSE, an outlandish $800-million dollars over two decades in return for their arena naming rights.
As if arena naming rights put one extra dollar back onto any company’s bottom line. Think about it. Air Canada forked over billions to MLSE for the past two decades, for the distinct pleasure of renaming the arena the Air Canada Centre, only to hear everyone refer to the venue as the “ACC.” Wow, what marketing power.
Oh, I know. Advertising and marketing executives all over North America will tell you that arena naming rights are worth every penny spent. Then again, these are the same clowns that continue to advise their corporate clients to spend millions of dollars on TV advertising, even though almost every one of us employs a fast-forward button to tune their boring sales pitches out.
Here’s a wild guess. Look for Scotiabank to announce incremental increases in service fees for their poor-sap customers sometime soon.
Many moons ago, back in the late 1800’s or early 1900’s, there was a store merchant named John Wanamaker who observed that “half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
Something tells me Scotiabank won’t have that problem.