How B2B relationships work in motorsport is critical to understand to better prepare your sponsorship proposal to address a business need. This is just one of the articles linked to in this week’s The Business of Being a Race Driver. I also have tips on how to increase your value proposition, the value of sponsorship relationships and the misconceptions some drivers have about business and wealth. All this and much more in the latest edition of The Business of Being a Race Driver on Motorsport Prospects.
The Business of Racing
From the Driver’s Point of View
Sponsorship agency Charge looks at how the real value of is in relationships. “When discussing sponsorship, it’s easy to think about the money changing hands or the logos on banners. But there’s much more to it. Sponsorship is not just a financial transaction; it’s about the power of association with a seller. This relationship brings real value to both parties involved, especially through the use of the seller’s brand. The brand itself is a crucial piece of intellectual property that holds immense importance for the seller’s audience.”
From 2021, Al Rondon, Senior Marketing Manager of Sports & Entertainment at Coca-Cola says that as a racer, you are a brand, so how can you position yourself (your brand) to help companies (potential sponsors) achieve their goals? Racers need to ask, “What can I do to help this company? … Getting a sponsorship is like getting a job,” so find reasons why the company should hire you.
How can you be more convincing when talking to potential sponsors. Tell them about the real value of sponsorship and how they can leverage it to find new customers. Sponsorship coach Ken Ungar talks about what “sponsorship relationship value” is and how to use it in the sales conversation in the video above.
AutoWeek looks at how prospective NASCAR drivers need talent, money and a social media following to succeed in the sport. “How many followers you have is a big thing on how sellable you are and how attracted people are to you,” Chase Briscoe says. “I think 15 years ago, nobody cared how many Twitter followers or Instagram followers you had, but now certainly they do and, for sure, the sponsors do. Just the landscape of how we do things has evolved.”
MotiV8 Training has a great article on youth branding that is well worth your time. “In the fast-paced world of motorsports, building a strong, compelling brand is essential for young athletes seeking to secure sponsorships and connect with their audiences. In this episode of *Motorsport Sponsorship*, Belinda hosts Stefan Honeycutt, managing partner at YABA, a youth athlete branding agency based in Charlotte, North Carolina, also known as “Race City, USA.” Stefan shares his insights on the importance of storytelling, consistency, and personal branding for young drivers.”
Also from MotiV8 Training, starting Tuesday, June 29th, they are launching a free 3-day video series on “Getting Started with Sponsorship Proposals and Next Steps“. It’s interactive, with prizes to be won. Full details can be found here.
In his article The World Needs Racing Drivers, Terrence Dove explains how drivers should approach potential sponsors and some of the misconceptions drivers hold regarding business and motorsport.
“Most of us have absorbed all sorts of dodgy ideas about wealth and business. They’re floating around in society, seeping into our brains without us noticing. And when it comes to chasing sponsorship, these beliefs can absolutely kneecap you before you’ve even started.”
Sponsorship agency Charge are holding another one of their Deck Diagnosis webinars on July 10th. “Join us for the next LinkedIn Live event, where sponsorship coaches Ken Ungar and Eric Beadle will dissect the art and science behind effective sponsorship decks. In this interactive workshop, “Deck Diagnosis,” Ken and Eric will conduct a live interview with a sponsorship seller, delving deep into their current sponsorship deck.”
Full details can be found here.
From the Sponsor’s Point of View
Power Sponsorship looks at the difference between sponsorship leverage and activation and why it matters. “Ten years ago, the terms were basically interchangeable, referring to the activities a sponsor undertakes around a sponsorship, to turn that opportunity into the results they need against objectives. Fast forward, and the meaning of “activation” has, for many organisations, morphed into something completely different.”
General Motorsport Marketing Advice & Resources
Sports marketing agency Sport Dimensions looks at how B2B (Business to Business) relationships work in motorsport. “All that action on the track is compelling for entertainment purposes, but everyone does not see the action happening off-track among sponsors and strategic B2B relationships. While sponsorships can cost brands millions of dollars to access the platform, a lot of that “cost” is considered an investment for business development and growth.”
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.
