Finding out what billionaires want may on its face seem like an odd thing to discuss in this week’s Business of Being a Race Driver, but I will explain it a bit more in the column.
In addition to Uncle Pennybags (yes that is apparently the name of the monopoly guy that is gracing the column this week) you will learn about the importance of having a quality team surrounding you, how to use ChatGPT in your sponsorship efforts and whether title sponsorships work.
All this and more in this week’s edition of The Business of Being a Race Driver on Motorsport Prospects.
The Business of Racing
In the video above, Enzo Mucci talks about the importance of getting your team together. “It is hard enough to make it, let alone going it alone. Build you team up with people you can trust and who are good at what they do. But make it worth their while to get them onboard.”
This is one of the reasons that I created the Motorsport Prospects Directory which allows you to build just such a team.
If you are new to News Racers Can Use here at Motorsport Prospects and specifically my Business of Being a Race Driver column, you may have missed some incredible content that I have curated from the most knowledgeable motorsport professionals covering motorsport marketing and sponsorship.
Here are yet more articles for you to review that you may have overlooked. I have been featuring highlights from the Business of Being a Race Driver column every week as this information is still effective and valuable. As they say, knowledge is power!
- How to Write a Press Release and More
- Be a Racing Entrepreneur
- How to Use ChatGPT for Sponsorships
- Building a Racing Sponsorship Plan
If you are intrigued with the possibilities related to ChatGPT in the article linked to above, you will be interested in the article from Charge Sponsorship on Five Ways Sponsorship Sellers Can Use ChatGPT.
“There are many AI tools, but we prefer ChatGPT. While ChatGPT is an incredible piece of computer science, this large language model has flaws. Every page on its website notes, “ChatGPT can make mistakes. Consider checking important information.” Unfortunately, today, it can get its facts screwy. Before you rely on it for an important sponsorship pitch or meeting, check on important items through independent research.”
Pitlane Developments have a handy checklist of things all race drivers should be doing in the off-season. While you may not be racing, you must remain focused on doing the tasks that need to be done in order to make your next year of racing the best one yet!
Autosport addresses the future questions that GB3 must get right to continue its rise as well as the financial implications of the move to a new chassis.
“But, while the championship continues to grow, nothing in motorsport stands still for long and plans are already being discussed about the next generation of car. Autosport understands that talks have been held with GB3 teams about when to introduce a new car, with suggestions it could be as early as the 2025 season. If such a move were to happen, it would mean the current car will have only been used for three years – hardly a long innings for such a well-received and competitive machine. The reason to push through with the change is that it could in theory then allow the Tatuus MSV-022 to move down MSV’s single-seater pathway and into GB4. This championship was created in 2022 as a low-budget entry into single-seaters, costing between £120,000 and £150,000 for a season, and currently uses the previous generation of F4 chassis.”
If you have been following this column, you know how much I stress the importance of keeping up with the business news and researching what companies do and what they need in order to achieve their business goals. This type of research should be part and parcel of your sponsorship acquisition efforts. Here is something different but no less important to at least skim.
UBS has released their 2023 Billionaire Ambitions Report which you can download for free. In the report, UBS, a multinational investment bank and financial services company, surveyed their billionaire clients in Europe, Middle East, Americas and Asia-Pacific and this report gives you exclusive insights into their business, investments, and legacy. It can be a great way to spark ideas, approaches and strategies for your sponsorship efforts.
You can download the report here.
General Motorsport Marketing Advice & Resources
Drive Sports Marketing looks into the question of whether title sponsorships work in motorsport and how to maximize them.
“The main difference between a title sponsorship and a standard sponsorship is naming rights that are included in the first one and thanks to that the sponsor can put his name as an integral part of the team’s name. These rights are the ones that are supposed to generate that extra value, however, this is not as straightforward as it might seem. Let’s look into the conditions that can make a title sponsorship successful or not.”