Much of the work that you will do in trying to get sponsors is selling your story and the sales skills required to do this are discussed in this week’s Business of Being a Race Driver.
Before you even get to the point of discussing things like ROI, B2B and all the rest with a potential sponsor, you need to sell yourself and your story. And as I have written before, everybody has a story.
In addition to sales skills, this week also features details on the Penrite Oil Ambassador Program for 2023, the difference between sports sponsorships and hospitality packages and more. If you are in the market for a new track car, I also have a review of the Hyundai Elantra N in The Costs of Racing.
All this in this week’s edition of Business of Being a Race Driver on Motorsport Prospects. News that racers can use.
The Business of Racing
From the Driver’s Point of View
Getting sponsors is all about selling. Selling yourself, your story and why anyone should invest in you as a race driver. Racing Mentor discusses this very topic in Sales skills: How to get a racing sponsor. “Your skills as a racing driver will get you noticed by team bosses, commentators, supporters, and fans. But when it comes to closing a sponsorship deal to take your racing career to the next level, it’s not always easy to bring the same level of confidence.”
Part of these sales skills is how to overcome objections. The Sponsorship Collective looks specifically at this in How to Overcome Objections in Sponsorship Sales. “Have you ever gotten to the point in your sponsorship program where you have a discovery session as well as a few good follow-up meetings (or so you thought they were good) only to be told once you start talking sales that the prospect doesn’t want to go through with the deal?“
The Penrite Oil Ambassador Program for 2023 is now open to applications.
“Submissions will open on the 1st of December and will close on the 1st of January, submissions will be accepted via our website www.penriteoil.com.au and we will announce the opening of submissions via our social media channels. What’s in it for you? We offer premium product support to suit your Penrite product needs and you’ll have access to our access to support via our digital media platforms. Previous ambassadors with the requisite mechanical skills have crewed with Penrite Racing at Supercars race meetings via our junior apprenticeship program and have been hands on at our activations at motorsport events like Bathurst and the Australian MotoGP which is a great opportunity to meet successful athletes and teams and build relationships within the motorsport industry.”
Power Sponsorship answers the question, is it better to have fewer, bigger sponsors or more, smaller sponsors? “The problem with that is that, in many cases, it isn’t any easier getting a “yes” for a small sponsorship than it is for a larger one. If you’re asking for really low dollars, you may be dealing with someone who can only approve really low dollars. Or the dollar figure may be so low that the potential sponsors are devaluing what you have to offer. Or they may see the dollar figure and think you don’t know what you’re doing or what you’re worth. In other words, going for very low sponsorship really makes a rod for your own back.”
From the Sponsors Point of View
Sports marketing firm Sport Dimensions explains the importance of aligning your marketing strategy with the right platform. “When you invest in any type of marketing program, zooming out to understand the full scope of what you can do with it right from the start can be extremely valuable. While running digital ads and accessing traditional media still play an important role, sponsorship brings your brand to life and gives you access to an entirely new platform. You just need to make sure it is the right one for your brand and the audience you are looking to engage with.”
Drive Sports Marketing looks at the differences between sports sponsorships and hospitality packages. “As a sports marketing agency, we believe that sports sponsorship is one of the most powerful marketing tools for a brand. However, we are often asked comparisons between signing a sports sponsorship with a team and buying a hospitality package. In all fairness, it is a bit like comparing apples to oranges and here we explain why.”
General Motorsport Marketing News
Sport Dimensions has listed their 5 Questions We Get Asked About Motorsport Marketing. “Motorsports is an exciting, effective, and fast-paced world to bring your brand to life. With many opportunities to take advantage of, onsite and offsite, a successful program requires some planning. There are some key questions here to get you started, followed up by a link to the ultimate guide to motorsports marketing, a place for you to pick up the fundamentals.”
Yan Lefort has an insightful look into how meaningful sponsorship has driven change in Formula 1. “One aspect you cannot ignore is Liberty’s impact on sponsorship in Formula One. It has been extremely strong when it comes to marketing the product. The most obvious and best example is the relationship with Netflix. Their inclusion caused a lot of issues in the paddock and many people didn’t understand why they should have access ahead of other broadcasters that have been there for a long time. It didn’t resonate with some people. But it has proven that if you invest in that kind of marketing, it is possible to actually reach new countries and fans. As a result, the sport is healthier than it has been in decades and that is, partly, thanks to the brands now investing in Formula One.”
The Costs of Racing
Has the Hyundai Elantra N taken the throne from the Honda Civic Type R? Grassroots Motorsports took the new Elantra N to the track to find out how it stacks up against the Civic and the Veloster N.