This week in The Business of Being a Race Driver I have some great tips and advice on how to determine if your sponsorship has passed its effective date, how DTC brands are investing in racing, as well as future sports marketing trends. I also bring you a video on the costs of getting to F1, LinkedIn profile writing, a great sponsorship webinar you can attend, some available drives and more.
The Business of Racing
- Sportscar365 looks Inside Wayne Taylor Racing’s Driver Development Program, and what is interesting is that above and beyond the driver development aspect of the program, there is a business aspect as well. “It’s really grown and opened other doors for us, bringing new members into our family that contribute to our success at all levels. The series is a stepping stone for both drivers and businesses to capitalize on motorsports through WTR’s channels of influence.”
- Power Sponsorship looks at 6 Warning Signs Your Sponsorship Has Passed Its Use-By Date. “Sponsorships get stale. And when they get stale, they don’t work. What was a great sponsorship or an awesome leverage idea several years ago, may be well past prime now, requiring a total overhaul – if it can be saved at all.”
- Modern Retail looks at how Direct to Consumer (DTC) brands are sponsoring second-tier sports to find new audiences. “But instead of pouring millions of dollars into halftime commercials, a number of DTC brands are tapping less mainstream sports and their respective players, including racing, bull riding and surfing. These companies include DTC workwear brand Brunt Workwear, sustainable footwear brand Cariuma, Peloton and Vuori, among others.”
- Here is a great idea from sponsorship consultant Alex Striler: Don’t Solicit Current Sponsors; Call their Competitors Instead. “You’ll never get a sponsor if they’re already invested in someone else—in that case, find a different sponsor.”
- MotiV8 Training is putting together a feature-packed webinar called 10 Things You Can Do Now to Gain Sponsorship on August 2nd. You can register here. Included is the following:
- Live & Free webinar on ’10 Things You Can do Now to gain sponsorship’
- Workbook outlining those strategies.
- Question & Answer time available at the end.
- Replay available if you can not attend but you must register to receive the recording.
- Sport Dimensions gives some context at what a company buying a sponsorship and not activating it looks like.
- While not motorsport-specific, The Drum‘s 6 trends that will dominate the next decade of sports marketing is an important read. It looks at first party data, reach vs impact, the importance of sustainability, a more human conversation, and more.
The Costs of Racing
- If you are eventually looking to race in Formula 1, Enzo Mucci looks at how much does it cost to get to F1 as a driver in the video above.
- Trying to figure out how to pick the right track car for you and your needs? Grassroots Motorsports has some suggestions.
- In Episodes 121 of the Motorsport Coaching Podcast, MotiV8 Training looks at Linkedin profile writing and training and how it brings connections and opportunities to you. And if you don’t have a LinkedIn profile, make one today! Here is mine: https://www.linkedin.com/in/mark-boudreau-ll-b-6526133/
The P1 Groupe has a number of drives available. Please contact them direct for more information.
- Discounted drive available in new Porsche 992 GT3 Cup in the Porsche Sprint Challenge round at Road America on the Indy Car weekend of July 29th with top program. Also have multiple options in Porsche 992 GT3 Cups for the 2022 Porsche Carrera Cup on IMSA weekends.
- Lamborghini Super Trofeo – both single and shared driver opportunities available with win-capable programs.
- SRO GT World Challenge Europe – Endurance Championship: A great opportunity for a fast/funded Silver rated driver to join a very strong line up with a top European GT3 program for the balance of the season at a discounted rate. Balance of season also includes official test, optional are tests at Hockenheim and Barcelona. The balance of the 2022 season includes Spa 24H test followed by the Spa 24 hours. Season closes with 3H races in Hockenheim and Barcelona. Additional testing is available, at-track hospitality, damage insurance premium, and sponsor placement on the car are included. Please inquire for pricing and opportunity details.
- We have a Bronze rated driver opening in IMSA Prototype Challenge in LMP3 for balance of 2022 season with Silver co-driver.
- Also, there is an option available for fast Silver rated driver, heavily discounted, with quick Bronze co-driver, for balance of the IMSA Michelin Pilot Challenge in the GS class in win-capable GT4. Other options exist around the globe depending on your availability and budget. Inquire for details.