To be successful you need to be a Racing Entrepreneur and this week you will get some tips on how to become one.
In addition to becoming a racing entrepreneur, there are articles and advice on how crowdfunding may be devaluing your brand, how to hand out your business card and the value of esports sponsorships.
All this and more in this week’s edition of the Business of Being a Race Driver on Motorsport Prospects. Its news racers looking for sponsorship can use.
The Business of Racing
From the Driver’s Point of View
In the video above, Enzo Mucci explains the 4 main actionable steps for getting motorsport sponsorship. “There are many drivers who are still struggling to get sponsorship for their racing. Well, in this video I want to give you a few tips that may just help you recalibrate your thinking and inspire some different thoughts of your own.”
Tom Baker explains why crowdfunding may devalue your brand. “When you market your race team through crowdfunding platforms, it appears as a hobby and sends the message to companies that you don’t have enough value to trade your assets for their dollars in an effort to help them grow or reach customers – so you ask for donations of any kind.”
The Racing Mentor gives you some tips and tricks for handing out business cards. “Trade shows, race days, networking events and award galas should see you fully loaded with cards to pass on to people you found interesting. One of the disappointments many people talk of is their past experiences with handing out cards. So many went out but nothing came back in terms of contacts made and connections developed.”
Drive Sports Marketing looks at the power of Esports and Gaming sponsorships. “Esports and gaming sponsorships offer brands unparalleled online visibility. Through strategic partnerships with esports teams, events, or individual gamers, brands can leverage the extensive reach of online streaming platforms, social media channels, and gaming communities. This exposure not only increases brand recognition but also generates valuable user-generated content, further amplifying the brand’s online presence.”
From the Sponsor’s Point of View
Race drivers often think that they are the only driver pitching a potential sponsor when it most instances that is far from the case. Sport Dimensions looks at the phenomena of pitch exhaustion and how to avoid the race to the bottom. “Seek out sustainability, organic engagement and the value to be gained by thinking long-term.”
General Motorsport Marketing Advice & Resources
Drive Sports Marketing explains how to unleash digital power in sports sponsorship.
“In the digital age, sports sponsorship has evolved beyond traditional advertising and branding methods. With the rapid growth of digital and social media, organizations have a unique opportunity to maximize their investment unleashing digital power in sports sponsorship. In this article, we will explore how businesses can harness the power of digital and social platforms to enhance their strategies and achieve tangible results.”
The Costs of Racing
“Ace Championship isn’t just hoping to develop a new crop of drivers each season. The series will also offer opportunities for ages 15-25 who are interested in engineering, communications, marketing and other aspects of motorsport to get real-world experience. Gill said that during his eight years in England at the reins of Mahindra Racing, guest lectures opened his eyes to the fact that nearly 30 percent of university students in motorsport disciplines were from Asia. “What are they going to do next?” he asked himself. “Could something like [Ace] help them find a path?” Gill further explained that Ace would offer a scholarship program to reduce the financial burden even more. “Some talented folks who can’t afford getting in, we will be supporting them,” he said.”