This week in The Business of Being a Race Driver I focus on the importance of building B2B relationships in your sponsorship acquisition plans. Remember that is not so much what you can get from a sponsor that will entice them to become a partner, but what their business can get from the relationship. I also look at the legalities surrounding breaking a contract as well as a new guide to landing sponsors.
What Is B2B and Why Is It Important?
Sport Dimensions has a great article called How do B2B Relationships Work in Motorsports? that looks into the whole concept of B2B (business to business) relationships. In “Get The Drive”, Enzo Mucci describes B2B in relation to a race driver as follows:
Business to Business (B2B) is your way of monetizing your sport. It’s when you become the middleman: you introduce two companies to one another and they go off and do business with each other. You then get paid for making that introduction.Get the Drive: The Only Way To Get Motorsport Sponsorship Now by Enzo Mucci
As Sport Dimensions explains:
Professional racing has evolved from the days of “impressions” and “branding” to one founded on business relationships and direct ROI. The brand exposure numbers generated on the track have gone from the priority to being icing on the cake of well-executed B2B and activation programs. Looking around the paddocks of the various professional series, you will find that most of the teams are customers of their own sponsors. This is not a coincidence and is a fundamental characteristic of what makes racing such a unique platform to tell your brand’s story.How do B2B Relationships Work in Motorsports? 4/5/22
It is critical that you understand this concept if you are serious about sponsorship acquisition and both the Sport Dimensions article, with the guide linked within it, and Enzo’s book will give you the knowledge you need to pursue B2B in your business of motorsport career.
How to Land Sponsors in 2022: An Introductory Guide
I mentioned last week that the Wulff Media Group was about to release a free sponsorship guide and gave the website address where you could get a copy. How to Land Sponsors in 2022: An Introductory Guide has now been released and it looks like a pretty comprehensive introduction to the topic and well worth your time.
What happens when you break a contract?
Contracts are a fact of life both within motorsport and life in general so what happens if (when?) you break a contract? Canadian Lawyer Magazine has a great series of articles that tackle popular topics asked by the public and in What happens when you break a contract?, legal experts provide a primer on breach of contract and what you can do about it. While this is a Canadian site and is specifically relevant to Canada, the general concepts will apply almost anywhere. As always, this is not to be considered legal advice so please consult a lawyer for advice specific to your situation.