Background: The Staples Centre is hugely iconic in the US. It's the home of the LA Lakers and the LA Clippers...it's where Kobe Bryant scored a career-high 81 points back in 2006...it's where MJ's memorial service was held...it's where Taylor Swift performed 16 sell-out shows.

What happened: Now, a crypto exchange called Crypto.com has just purchased naming rights to the stadium for 20. Whole. Years. And the deal is said to be worth a massive US$700 million.

What else: If the rumours are true, it's one of the largest sums ever paid for a sporting venue's naming rights. And, they reckon it's worth it 'cos the people who attend the Staples Centre are their exact target audience.

So what's the key learning?

💡Understanding your business’ target audience is critical to developing a marketing strategy. It's the people that are most likely to purchase (or have an interest in) your products or services.

💡Your target audience will generally share a few things in common (i.e. they may be the same age, gender...or share the same lifestyle habits). And boy, oh boy did Crypto.com hit the nail on the audience's head here.

💡Sports fans are twice as likely as non-sports fans to be familiar with crypto. So, by attaching itself to Staples Centre, Crypto.com is reaching its target audience...and a whole new audience too.