Be consistent off the track as well as on it sounds like solid advice, at least the on-track part does but off it? Well as Eddie Garrison points out in his article that I link to in today’s The Business of Being a Race Driver column, it is vital for businesses to be consistent in their messaging, tone, and presence if they want to grow their brand. And as I have said (consistently!), you and your racing are a business.
In addition to advice on branding, social media marketing and more, I have a video that discusses athlete investment in sport, a pair of tutorials on branding in motorsport 101 and how motorsport sponsorship works, and why some race teams gamble on not getting motorsport insurance.
All this and more in this week’s The Business of Being a Race Driver.
The Business of Racing
From the Driver’s Point of View
Social Media Strategist Eddie Garrison explains why consistent content is so Important to grow your brand awareness. “Social media has become a crucial part of modern marketing, with millions of businesses vying for the attention of potential customers online. In order to effectively use social media as a marketing tool, it is vital for businesses to be consistent in their messaging, tone, and presence. In this blog post, we will delve into why consistency is key for businesses looking to grow their brand awareness and attract more customers through social media.”
Yesterday in my column Unlocking Your Performance Potential in a Race Car, Parker Thompson was one of the drivers I featured in my Driver Spotlights section. Besides being a consistently fast driver, Parker is brilliant at networking and working hard with minimal financial resources. He is clear proof that hard work will get you where you want to go in your motorsport career if you want it enough.
One of the things he explained to me in numerous meetings over the years is how important small sponsors are to a racer’s budget. He has never had many large sponsors so he has relied on his smaller sponsors to cover as many expenses as he can. And the key? That these sponsors are treated the same as you would any large sponsor. They deserve it.
Megan Meyer asks the question, does your social media matter to sponsors? “The short answer: Sponsors are all about return on investment (ROI), but they also care about content that can live forever. If you can provide both, then you’ve got a lifetime partnership!” Read the article to get all the details.
The video above is the second module of the Mishcon Sports Law Academy 2022/23. While it may be legally oriented, the topic of athlete investment in sport is important to understand.
The traditional sponsorship relationship between athletes and brands continues to evolve. With a growing number of athletes investing during and after their sporting career, many are seeking alternative investment structures and models to leverage their profile.
In this hybrid session, we explore the challenges and considerations around athlete investments in sport. In particular, we will discuss and explore (i) the different investment models and structures that can be used, (ii) the key considerations from both the brand and athletes’ perspective and (iii) the types of investments that our speakers have been involved in.Module 2: Athlete Investment in Sport
From the Sponsors Point of View
Sports marketing company Sport Dimensions looks at the 3 risks to managing your sponsorship solo. Now granted this is what they do so it may appear to be self-serving but it is still food for thought. “Properties have come a long way in their sponsorship support and servicing as the relationships evolve into more technical partnerships. They understand that come renewal time, they must deliver the value the sponsor needs to continue the relationship. Our agency has noticed there can still be a gap in these relationships, and here are some things to consider when your brand decides not to consult expertise beforehand.”
General Motorsport Marketing Advice & Resources
Your brand in motorsports is way more than just aesthetics. A well executed brand is both a tool to be leveraged to your advantage, and one less set of variables in the system. This is branding in motorsports 101 and Grand Prix Studio has out together the video above and this article that dives deeper into the topic.
Drive Sports Marketing explains how motorsport sponsorship works. “If you compare sports sponsorship in different sports, you will find some common ground with concepts, frameworks and ideas that would work for all of them, but that’s just the basics. Every sport offers sponsoring companies a different list of benefits and assets to deploy and the way you utilise the same asset can vary a lot from football to tennis and Formula 1.”
The Costs of Racing
No Money Motorsports has prepared a Budget Racer’s Fire System Shopping Guide – How to minimize expensive maintenance and avoid being surprised at Tech Inspection this year. “Fire Systems are a hot topic. Show me an article about fire systems and I’ll show you several paragraphs talking about their importance. We can preach and debate endlessly about the need for fire systems: Their importance, how often they get used, how much they help, etc. While every other fire-system adjacent article speaks to that, I am writing this to help the Budget Racer navigate the rulebook. To get a bit safer and get compliant, without destroying their race effort’s budget.”
Autosport has a really interesting article on why some DTM teams take out crash insurance but others gamble and don’t. “However, all teams do not play it as safe as Schubert as the insurance premiums are particularly high in a series like DTM, where crashes are common.”
I wrote a column that goes into a bit more depth on motorsport insurance called 8 Things about Motorsport Insurance That You Should Know which you should also check out.