This week you will learn some tips on how to use ChatGPT to secure motorsport sponsorships, read about the digital transformation of motorsport sponsorship and find out how much it costs to get to Formula 1. All this and much more 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
In the video above, Heath Cofran, the Media & Communications Director at Alpinestars, discusses the various racing series that Alpinestars is involved in. Heath was interviewed by Alex Striler at the 2024 Motorcycle Racing Sponsorship Summit on June 12, 2024.
Drag racer Megan Meyer has unveiled her brand new website and company Motorsport Marketing Tips with the goal of making it easier for race drivers to find and sign racing sponsors quick and easy. The site offers sponsorship and marketing templates to download, free tips and advice and bespoke consulting.
“Is your racing success not paying off? Dreaming of racing full-time and securing those lucrative sponsorships? Our powerhouse team excels in creating standout marketing strategies tailored for you. From logo designs, to videography and photography, to activations and social media mastery, we’re fueled by a passion for motorsports and professional branding. We are ready to propel your team to the forefront with unmatched strategies and content for your sponsors.”
John Wall Street has an interesting article that is worth having a look at. Pretty self-evident by its title, Leveraging Generative AI to Create Sponsorship Proposals That Convert is part of a series on “of AI-powered solutions in the weeks ahead that can help rights owners grow revenues and optimize operations. These are the easy wins that every sports organization should be taking—an AI Playbook, if you will.” Now this is not directly tied to the needs of a race driver which I have covered (and link to at the end of these post) but there are always nuggets of useful information that can be gleaned from articles like these.
“But integrating AI into the sponsorship evaluation and pitch refinement process isn’t about keeping up with the Jones’. The powerful tech can be used to gain deeper insights on a prospective partner, to craft convincing narratives, and ultimately to drive successful tie-ups in an increasingly competitive sports sponsorship landscape.”
Here are some more tips on using ChatGPT to help in your sponsorship search:
- How to Use ChatGPT for Sponsorships
- How to Get Racing Sponsorship According to ChatGPT
- How to Find Sponsors Using Chat GPT
- Your Brand is Everything
- Finding Out What Billionaires Want
In the video above, Charge Sponsorship looks at tips on pricing your sponsorship packages. “In addition to the real “tangible” benefits of a sponsorship package, you also should be pricing your sponsorships by including the relationship value (intangible value). Sponsorship consultant Ken Ungar explains what the relationship value is and how to include a value for it in your sponsorship price.”
RTR Sports Marketing has a fascinating article on the digital transformation of motorsport sponsorship. While this covers developments in major series such as Formula 1 and MotoGP, with the price of technology rapidly falling, this may give you some ideas that you can use in your own racing career.
“The world of motorsport sponsorship is undergoing a seismic shift, driven by the rapid advancements in digital technology. As brands seek to maximize their return on investment and engage with fans in innovative ways, virtual reality (VR) and augmented reality (AR) have emerged as game-changers. These technologies are not only enhancing the fan experience but also providing sponsors with unprecedented opportunities for brand activation and engagement.“
The Costs of Racing
SpeedCafe looks at how much it could cost to make it to Formula 1. Although the site looks at the costs for a driver based in Australia, the European budgets would apply to anyone.
“With just 20 seats available on the F1 grid and only one or two of those open to a rookie driver each year, competition at the top of the pyramid is ferocious, and timing critical. And with over 200 drivers on the ladder at any one time, it makes the F1 feeder industry worth more than $3.6 billion annually – excluding what is spent in karting (which can easily climb into the six-figure range).”
Enzo Mucci looks at whether sim rigs are worth the money for race drivers. “A lot of racing drivers and parents of drivers ask whether simulators are worth the money. That’s what I will answer (from my perspective) here.”
André Eriksen of Asetek Sim Sports explains how sim racing can help you overcome the financial barriers of motorsport.
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.
