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• Sponsor Protection; and <br />• Geographic Reach. <br />Functionally, Qualitative Benefits represent the premium value a Naming Right <br />demands over alternative marketing investments. By simplifying intangible benefits <br />into the above five categories, Superlative is able to effectively justify premium Naming <br />Rights value by focusing on the qualitative aspects of an opportunity that align with the <br />objectives of a corporate marketer. <br />CONTRACT & POLICY ANALYSIS <br />As part of its analysis, Superlative conducts a thorough contract review prior to <br />completing every Phase I report. The goal of this process is to establish a list of any <br />limitations, processes or existing policies that affect a contract. Then Superlative <br />develops a strategy to minimize the effects of those limitations and maximize all of the <br />identified opportunities through a logical priority assessment. <br />Not only are prices, fulfillment obligations and relative value for each party reviewed, <br />but also values against similar contracts with other entities. The value of Naming Rights <br />to the City of Elk River will be inhibited by any pre-existing contracts relating to <br />corporate sponsorships. A thorough understanding of the City of Elk River's existing <br />advertising contracts and commercial messaging policies will assess the impact that <br />existing agreements place on new partnership agreements. <br />The project team spends time early in the project reviewing all relevant statutes, signage <br />regulations and rules to ensure that the City of Elk River's marketing opportunities, <br />within context of established guidelines, are understood. Superlative remains in close <br />contact with the City of Elk River's legal and executive teams to ensure that the asset <br />database is being developed in a manner that is consistent with the City of Elk River's <br />existing policy regarding assets for marketing purposes. <br />INDUSTRY BENCHMARKING <br />Superlative maintains an extensive database of Naming Rights and sponsorship <br />agreements that is continuously updated and includes, but is not limited to, Naming <br />Rights and sponsorship contracts from municipalities, arenas, stadiums, theatres, <br />convention centers, universities, transit agencies and nonprofit organizations. Once our <br />Valuation specialists have developed the asset database and determined the Naming <br />Rights value for each opportunity and asset, a list of similar Naming Rights contracts, <br />including their terms, associated fees and other pertinent details, is compiled for each <br />asset. The goal of this process is to identify not only the fair market value of each Naming <br />Rights and sponsorship opportunity, but also the minimum (floor) and maximum <br />(ceiling) revenue garnered in the marketplace by similar organizations. Each Naming <br />Rights asset is presented in this manner in our final Phase I report. <br />59 <br />