Understanding what sponsors truly value may sound like simple advice, yet many race drivers overlook this vital step in securing sponsorship. This week’s edition of The Business of Being a Race Driver explores why identifying sponsor expectations is essential—and offers practical guidance on how to do it effectively.
Overview
The Business of Racing
So You Want Sponsors? Find Out What They Want!
The video above from Lone Star Drift is 7 years old but it still packs in some valuable advice.
“So you want sponsors? Well then maybe we should ask them what they want and give it to them! Racing used to be all about results inside the car, and now it is all about results on social media metrics. What does it all mean? I invited Zach from ECU Master USA to tell you what his company wants out of their sponsorships. He clearly defines how to approach him for a sponsorship, so just pay attention! The basics of this video should be transferable to other sponsorship possibilities, and give you an understanding of how a business benefits from the relationship. If you can provide enough of a benefit to a company, you should be able to form a relationship that lasts forever.”
General Motorsport Marketing Advice & Resources
The Power of Sponsorship Evaluation and Valuation in Sponsorship Program Management
Ken Unger of the Charge Sponsorship agency looks at the power of sponsorship evaluation and valuation.
““Sponsorship evaluation” refers to assessing the effectiveness and impact of a sponsorship, while “sponsorship valuation” determines the financial value or worth of a sponsorship opportunity. These processes involve assessing the value and performance of sponsorship assets to make informed decisions that maximize return on investment. It’s not about defending a specific sponsorship but rather about defending success in sponsorship.”
Author: Mark Boudreau
Mark is the publisher of Motorsport Prospects. As a 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.
