The 2024 Motorsport Sponsorship Summit is just one of two events you will learn about this week that you should consider attending if you are serious about The Business of Being a Race Driver.
I also have great tips on thinking outside the box when it comes to sponsor acquisition, more great articles on motorsport sponsorship from the sponsor’s point of view and a shopper’s guide to getting the best value in motorsport gear.
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
On Saturday, January 13, 2024 the annual 2024 Motorsport Sponsorship Summit takes place online. Here is the agenda:
- Sponsorship 101
- Finding, Signing, and Renewing Sponsors
- Decks, Proposals, & POP Reports
- Motorsports Marketing Across Multiple Brands & Distribution Channels
- Reaching a Global Audience thru Diversity
- Creating Value through Social Media
- Successful Activations
- Sponsor Speed Dating
You can find out more about the 2024 Motorsport Sponsorship Summit and register to attend here.
Another great online seminar to consider is MotiV8 Training’s How to Get Started with Motorsport Sponsorship taking place January 30th, 2024.
Key Topics Covered:
1. Understanding What Sponsors Are Looking For:
Uncover the key elements that sponsors seek in motorsport partnerships. From on-track performance to off-track presence, we’ll dissect the qualities that make athletes stand out and attract valuable sponsors.
2. Defining Sponsorship:
Gain clarity on what sponsorship truly means in the motorsport context. Learn about the different types of sponsorships, from financial backing to product endorsements, and understand how each can contribute to your racing journey.
3. Crafting Your Personal Brand:
Explore the importance of building a strong personal brand both on and off the track. Discover how a well-defined brand can enhance your marketability and make you more appealing to potential sponsors.
4. Utilizing Social Media and Digital Platforms:
Dive into the world of digital marketing and social media. Learn how to leverage these platforms to increase your visibility, engage with fans, and create additional value for sponsors.
By the end of this webinar, you’ll be equipped with the knowledge, tools, and strategies needed to kickstart or elevate your motorsport career through successful sponsorship ventures. Don’t miss this opportunity to gain a competitive edge in the exciting world of motorsports!
More information and how to register can be found here.
Racing Mentor have published a great blog post on something I am always promoting, thinking outside of the box. In Start thinking outside the box for sponsorship success, Jess Shanahan gives you some ideas of what you can do to get started.
“When it comes to sponsorship in racing, the traditional approach often revolves around hospitality, track days, and stickers on cars. While these tactics can be effective to some extent, they don’t always make a driver stand out from the competition. To truly catch the attention of potential sponsors, it’s important to come up with more creative ideas.”
From the Sponsor’s Point of View
Lee Zohlman has two interested articles covering Motorsport Sponsorship that are well worth the read. “For all brands that are interested in becoming motorsport sponsors, it’s important to understand that racing partnerships aren’t just an investment, they’re a fast lane to more recognition, engagement, and profit.”
General Motorsport Marketing Advice & Resources
Stephen Diorio in Forbes explains A Formula For Multiplying The Financial Value Of Sponsorships. “Marketers lack a financially-valid equation to explain the value of sponsorships to their leaders, CFOs and peers. Chief Financial Officers complain the marketing industry lacks agreed upon measurement, accounting, and financial standards for evaluating sponsorship that lets them compare investments in athletes, singers, jersey patches, and stadium naming rights with other growth investments on an apples-to-apples basis.”
Here are two great articles from Sport Dimensions to start off the year.
- Finding the Right Platform to Engage Your Customers
- How is Sponsorship Different Than Other Marketing?
The Costs of Racing
No Money Motorsport has prepared a Shopping Guide for Motorsports-Specific Gear, Parts, and Cars: Where do I buy it? Note that as No Money Motorsport is based in the United States, this will apply more to that country and to a lesser extend Canada.
“I’ve built this entire blog around spending less on this hobby, but motorsports isn’t actually “no money” or even cheap. The goal is really to spend smart, and use your money wisely. I try to avoid buying things I don’t need to continue. However, for the myriad of things I do need to purchase to participate: 1) There are certain items where I shop for the cheapest option 100% of the time. 2) There are other times when paying for quality and/or service is important. Overall value is the most important thing to me.”
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.
