Creating value for your sponsors is critical if you plan on both acquiring new sponsors while continuing to serve the ones you currently have. This week I feature two videos that will help you do just that. You will also learn why sponsors switch teams and the difference between sponsorship and advertising. It’s all in this week’s edition of The Business of Being a Race Driver on Motorsport Prospects.
The Business of Racing
From the Driver’s Point of View
Get out your notepads and sharpen your pencils as in the video above, Enzo Mucci explains the factors you need to consider when pricing your sponsorship packages. “Here we talk about packaging up and pricing your motorsport sponsorship package. It needs to make sense to a sponsor and priced correctly for what you are providing.”
It doesn’t matter if you don’t have a large following; new social media algorithms are rewarding quality content. In the above video from PRI, experts reveal how to use the latest information to grow and attract sponsors online.
From the Sponsor’s Point of View
Why do sponsors shift teams? That is what Drive Sports Marketing explains in Why Sponsors Shift Teams? “In elite sports, the partnerships between brands and teams can be lucrative yet complex affairs. Choosing the right team to sponsor can significantly impact a brand’s visibility, reputation, and bottom line. However, the decision to change or stick with a particular team requires careful consideration of various factors. In this article, we delve into the reasons why sponsors shift teams, along with the pros and cons of such a decision.”
Charge Sponsorship explains the difference between sponsorship and advertising.
“In today’s economy, where media and technology play a pivotal role, people commonly hear terms like “advertising” and “sponsorship“. These terms often find their way into discussions about entertainment, sports, and even everyday products. Regardless of which comes first when considering the difference between advertising vs. sponsorship, they are different and have separate meanings and effects. Here are the ways to distinguish between sponsorship and advertising and why that distinction is important.”
Author: Mark Boudreau
Mark is the publisher of Motorsport Prospects. As a former lawyer, he applies his legal background and research skills to assist race drivers by showcasing the resources they need to make their motorsport careers happen.
