Keeping On Track with Your Racing Career

This week you will learn about a tool that will assist you in keeping on track with your racing career, literally and figuratively. You will also learn about branding, how a sponsor determines ROI and networking in motorsports. All this and much more are in this week’s edition of The Business of Being a Race Driver on Motorsport Prospects. Its actionable business advice race drivers can use.

The Business of Racing

From the Driver’s Point of View

Keeping On Track with Your Racing Career

In the video above, Enzo Mucci explains how his Maxi Attack System using a free Excel template will help you keep your racing career on track.

Keeping On Track with Your Racing Career

At the 2022 Motocross Sponsorship Summit Alex Striler spoke with several motorsports marketing directors about why brands sponsor and what they want from representation. Striler’s guests were: Wing Lam, Cofounder of Wahoo’s Fish Tacos Randy Valade, Moto Brand Manager, Troy Lee Designs Josh Shorter, Brand Manager, THOR Pat Lopez, Athlete Manager, Ogio Powersports. You can watch the video above.

Topics discussed were:

  • How to make a brand part of the fun.
  • Why THOR seeks feedback for transfer of technolgy.
  • Why Troy Lee Designs sponsors racing.
  • Why Jeremy McGrath is a good brand ambassador.
  • Examples of great sponsorships.
  • Why Travis Pastrana is a good brand ambassador.
  • Why Ogio sponsors Twitch.
  • How to get Troy Lee Designs’ attention for sponsorship.
  • What to put (and not put) into pitch decks and sponsorship proposals,.
  • How Wahoo’s creates value and helps their athletes.
  • How TLD works with sponsored riders to cross-promote other brands.
  • The best way to approach Ogio for sponsorship.
  • The importance of social media. Troy Lee Design’s sponsorship window.

In NASA’s Speed News, Rob Krider explains how to network successfully in motorsports.

“The trick to successful networking is to be a curious person. Admittedly it does help to be a bit of an extrovert. I like to stay at the track during a NASA weekend. Sure, leaving and heading to a hotel for a clean shower and a good night’s rest is the correct move to be a fresh driver on Sunday. However, if you go to the hotel you will probably be missing out on a lot of networking opportunities.”

Eric Kunz has kicked off a blog new series called Getting to the Grid, a blog series dedicated to young race car drivers with solid track performance but looking to master the off-track essentials. As it was Father’s Day last weekend, Eric’s first post is about Celebrating the Role of Fathers and Families in Motorsports.

Yesterday’s Driver Development Roundup dealt in part with the appeal that endurance racing holds for young drivers. Kevin Borough ,commenting on my LinkedIn post brought up a good point which I will repeat here. “F1 is the pinnacle, and therefore sometimes out of reach for a smaller brand or a large brand looking to dip their toes in. I think that’s why we’re seeing a trickle down effect to other series in motorsports, which is ultimately good for the whole sport!” Thinking like this will help you identify opportunities that may not be obvious at first glance. Don’t be shy to listen to any and all constructive advice!

This episode of the Motorsport Sponsorship Podcast features sponsorship consultant Charlotte Woods. In this show you’ll learn:

  • What is Branding
  • The importance of branding for gaining sponsorship
  • How to brand yourself

You can listen here.

From the Sponsor’s Point of View

Keeping On Track with Your Racing Career

In the video above, Tom Kelly, CFO of Monster Energy and Matt Burroughs, SVP of Corporate Finance of Monster explain:

  • Monster’s history of sponsorships,.
  • How Monster knows what it’s return on sponsorship investment (ROI) is and what metrics and key perfornance indicators (KPI’s) Monster looks at.
  • What Monster looks for when selecting teams to sponsor.
  • The #1 thing Monster Energy wants from athletes.
  • Monster Energys budget cycle and sponsorship decision-making window.

Power Sponsorship looks at Sponsorship Measurement and how to measure what’s important. “Our industry is guiltier than most of the latter, and that is one of the biggest factors that keep sponsors from performing at their peak. The fact is that once we have worked out what constitutes a “success” – what we are measuring that “success” against – we work to that measure. Create a strong, strategic measurement strategy, and you leverage program becomes immediately more strategic. Measure the wrong things, and your sponsorship leverage will be going inthe wrong direction.”

Sports marketing firm Sport Dimensions explains the difference between sponsorship and other forms of marketing. “In sports, especially motorsports, sponsorship is enthusiastically accepted and intrinsically linked to a team/driver’s ability to compete. Your branding and the work you bring to the world is a natural fit in this setting. It becomes your challenge to engage the audience, be authentic and improve the experience as a fan.”

The Business of Being a Race Driver
Coca-Cola exec Brad Ross discusses the future of global partnerships at SBJ’s Brand Innovation Summit

Sports Business Journal’s Brand Innovation Summit featured a keynote address from Brad Ross, VP/global sports and entertainment marketing and partnerships for Coca-Cola. Ross pulled the curtain back on key learnings from the company’s global sports sponsorships from over the last century, reports SBJ’s Chris Smith; Coca-Cola has sponsored the Olympics since 1928, men’s World Cup since 1978 and women’s World Cup since 1991.

Ross focused on how the most valuable elements of a sponsorship deal are often not in the contract but rather, require creative thinking from both sides.

“In today’s world, especially with long-term contracts, what you sign up for may change in one year, two years, three years, five years down the line. So, you have to evolve, and you have to continue to find a way to engage with your partners and bring new ideas to the table,” Ross said. “What you bring together can actually help both the brand and the rightsholder property, and co-creation is one of the most undervalued and underutilized parts of the sports ecosystem.”

General Motorsport Marketing Advice & Resources

Riccardo Tafà explains how to maximize your sponsorship strategy from the point of view of both companies and sports properties. “Identifying key objectives, target audiences and suitable partners are key components of a successful sponsorship strategy for both sports teams and sponsoring companies, so we will delve into the intricate details of creating a solid plan that aligns with your objectives.”

Mark Boudreau
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.