This week you will learn why professionalism is the key to a long-term motorsport career. You will also understand the chances of making F1 as well as building a sponsorship deck. All this and more in this edition of the Business of Being a Race Driver.
The Business of Racing
From the Driver’s Point of View
In the video above, Enzo Mucci discusses your chances of getting to Formula 1. “What’s your chance of getting to F1. Let’s discuss it and start to plan how you are going to achieve it.”
On the October 18, 2024 episode of the Motorsport Coaching Podcast, Belinda delves into the intricacies of professionalism in motorsport and how it plays a crucial role in securing sponsorship and building a sustainable racing career. She emphasizes the importance of making first impressions count, mastering effective communication, maintaining consistent branding, and treating motorsport as a business.
You can listen to the episode, Professionalism – The Path to Long-Term Motorsport Sponsorship Success, here.
Which sponsorship categories are spending most? Find out which categories have experienced the greatest success in delivering business results through sponsorship over the past 18 months. From Apparel, to Credit Cards, to Energy Drinks, to Luxury, to Grocery and more in the various reports from SponsorPulse. Find out more here.
Paddock Sorority has a great interview with race driver and Shift Up Now! chief executive who discusses her motorsport journey and how and why Shift Up Now! promotes women in motorsport.
“Motorsport has always been a sport where money can build or break a career. For women in motorsport, it’s especially the case. With the limited opportunities they are given and the limited resources that come with the opportunities, a lot of times women are measured rather unfairly. “We are here to win races. But for us to accomplish that, you have to give us the tools to do the job – and that means enough funding to do the job. If you just fund us as a side project, or to make yourself feel good, you’re helping us maybe make one more race, but you’re doing it in a manner where we’re going to show up at that race without the resources to succeed. Then you’re going to ask us why we didn’t succeed.”
Read the full feature here.
In the video above, Alex Striler explains that sponsorship pitch decks are to open doors and start conversations that lead to long-term relationships. Striler hosted the 2024 Off-Road Racing Sponsorship Summit on August 20, 2024.
Speaking of sponsorship decks, Charge Sponsorship explains how to successfully build a sponsorship deck. “You’ll include your sponsorship deck when you reach out to a prospective sponsor for the first time. The information in your deck sets the stage for the sponsor’s decision to invest in a relationship with you. You may receive a call-back if you make a convincing case. If not, your inbox will be empty and calls unanswered.”
You can read the full article here.
Charge is also holding a sponsorship diagnosis and AMA webinar on November 13, 2024. You can find out more and register to attend here.
Racer On Demand explains why sponsors don’t care about a sticker on your car. “If people are willing to put stickers on display for free, why would a company pay a racer to do it? Spoiler alert: they won’t.“
You can read the full article here.
From the Sponsor’s Point of View
Sports marketing firm Sport Dimensions explains how to simplify the motorsports sponsorship formula. “Without a strategy to support the assets you have acquired rights to, sponsorship programs often fall flat after as little as 2-3 years. Contrary to most competitors, we advise brands to begin their sponsorship journey with targeted property spending and grow organically through activation.”
Read the full article here.
RTR Sports Marketing explains why the experiential level in sponsorship is so important. “One of the peculiarities of sports sponsorship is the central role of multisensoriality in sports and the sports event. There are numerous studies that show the emotional and cognitive power of the 5 senses to contribute to the communicative power of sports and thus to the effectiveness of sports marketing.”
Read their full article here.
The Costs of Racing
F1 Academy has announced that the 2024 F1 Academy Champion will receive a fully funded seat in GB3 with Rodin Motorsport for the 2025 season. In addition to the full-time race seat, the Champion will receive 20 days of testing in the GB3 car to support her campaign, also funded by F1 Academy. As part of the newly created Pirelli Prize, Pirelli will provide a financial contribution towards the seat.
More information on the program can be found on the GB3 Championship website here.
Neil Braun, founder of Road To Racing Canada (R2R) has clarified misconceptions on how R2R distributes funds to drivers.
“As the founder of Road To Racing Canada (R2R), I want to address some misconceptions about how we allocate the funds raised for our talented young drivers. With over $1 million raised since our inception, it’s crucial for our supporters to understand our funding process, and bring transparency.”
You can read Neil’s full post here.
Driver Lucas di Grassi has has told Motorsport Week that drivers in the Formula E series are the second-best paid in any motorsport after Formula 1. “Before, when I did GP2 back then, Formula 2 now, you had Formula 1, IndyCar maybe, and endurance racing with very few teams in an LMP1, so it was even a tighter market. “Now at least Formula E has another 20 spots or 22 spots that drivers can make a living, a good living out of it.”
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.
