Motorsport sponsorship tips and tricks dominate this week’s edition of The Business of Being a Race Driver.
I also have motorsport marketing advice, how sports analytics can help with sponsorship valuation and a sobering discussion from an ex-racer on the real costs of racing.
All this and 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
Megan Meyers explains how your captions are hurting your sponsorships in the video above.
Megan has also announced that her all new Driven by Social Academy is open for enrollment. It is a program designed exclusively for all motorsport racers to help them improve their social media game and attract more sponsorships in 1 week or less.
You can get more information and sign up here.
Sport Dimensions, while not a sponsorship agency works with drivers and teams looking to get sponsors. Based on this experience they have provided their unofficial advice for those seeking new sponsorship.
“We would never insult you by saying that racing is not an expensive sport. It is probably one of the most difficult and cost-prohibitive sports to pursue given the high cost of operating, travel, facilities fees and more. There are also many talented drivers in the world, but a lot of them do not get to the main stage due to lack of funding, lack of contacts, or some other shortfall. At some point in a driver or team’s career, taking on sponsors will be inevitable to move to the next level. It is also true that the world of sponsorship is undergoing significant changes. That does not mean it is dead, however. You just have to be better suited to handle a brand’s evolving demand.”
The purpose of Rebel Team is to create a new method of sponsorship for young drivers, one that does not require wealthy individuals or internal companies but instead pools money from a number of fans or members. By paying a membership fee, these fans will be able to participate in team decisions and have better access to the drivers and members of the team. This fee is then given to the junior drivers to help them on their expensive journey up the motorsport ladder.
Rebel Team have three stated goals: achieve a fully financed car exclusively funded by fans and without dependence on sponsorship, create a community and a racing team where decisions are made by its members and create more democratic and inclusive structure in motorsport and move beyond the established business model, aiming to satisfy sponsors as the only stakeholders.Meet the Austrian royal trying to redefine the route into motorsport
“For me it is how can I use my position of being a racing driver, which is an extremely privileged position that very few people get to hold, to bring the real reason why we get to go racing closer in house and that’s what Rebel Team is about.”
Motorsport Legal lawyer Sarah Franklin explains what she does in A Week in The Life of a Motorsport Lawyer as well as providing some advice for race drivers in an exclusive article for Motorsport Prospects. “Generic contracts, in my opinion, often cause confusion and don’t include everything that is needed, so, particularly during the off season, I spend a lot of time negotiating and preparing bespoke contracts – often picking up things that they probably haven’t even thought of.”
From the Sponsor’s Point of View
Charge Sponsorship explains how to unlock the power of data in sponsorship valuation. “Sponsorship has transformed remarkably in the rapidly evolving sports, entertainment, and marketing landscape. What was once primarily driven by intuition and reputation is now heavily influenced by data analytics and technology. In this era of digital interconnectedness, the power of data in sponsorship valuation has emerged as a game-changer, reshaping how brands and properties assess the impact and value of their partnerships.”
General Motorsport Marketing Advice & Resources
Andre Petcash looks at the rise of “Micro-Influencers” in sports. “Brands have realized that they no longer need to spend millions to create a 30-second Oscar-caliber commercial. Instead, they can employ a roster of social media personalities to promote their product/service at a reduced cost. And this is having a major impact across the sports landscape.
The Costs of Racing
Ex-driver Robert Calisi shares his experience from 31 years in the industry on how much it really costs take to get you up to Formula 1 (or close) in the video above.