The Business of Being a Race Driver for May 24, 2022-The Value of Motorsport Sponsorship

This week in The Business of Being a Race Driver, I look at the value of motorsport sponsorships, being consistent in your motorsport marketing, the benefits of marketing minimalism, a great podcast on branding for the athlete, and more. This is marketing and sponsorship advice that race drivers can use.

The Business of Racing

• Sport Dimensions looks at why Sponsorship Works More Than Ever in 2022. “Sponsorship can be an integrated alternative to traditional media marketing and a platform where consumers are receptive to hearing your message. The data points to how motorsports, and also emerging sports, score much higher than the average messaging engagement figures captured by SportsBusiness Journal in their annual online survey.”

• In Episode 117 of the Motorsport Coaching Podcast, Leanne Di Fazio discusses marketing your athlete business.
  • Who is Leanne
  • Marketing a Motorsports Business
  • Branding as an Athlete
  • How you can get a free consultation with Leanne

• Ikoniqa has a fascinating article that explains the benefits of minimalism in motorsports marketing. “So, why then do I think the motorsports industry would benefit from minimalism in this department? As if motorsports wasn’t loud enough as a sport, some feel the need to create even more noise in their marketing efforts.”

• Megan Meyer Lingner looks at how to be consistent on social media between races in a video replay of her recent webinar.

• LawinSport has an excellent overview on negotiating sponsorship and endorsements deals in their The Lifecycle Of An International Athlete series. “Most athletes in most sports have relatively few years at the top. The average playing career of a Premier League footballer is eight years, and it’s a similar story at the highest level of most other professional sports. For this reason alone, it is important that athletes and their advisers consider how to leverage their elite status and commercialise their name and image rights, through sponsorship and endorsements (and possibly also merchandising). Not only is it an important revenue stream but it may also enable the athlete to maintain their “brand value” long after their playing career has come to an end.” As always with legal advice, please ensure you consult a lawyer with experience in this area to endure that your specific needs are protected.

The Costs of Racing

• Grassroots Motorsports looks at one of the most significant costs you will incur as a race driver in how to pick the right track car for you and your needs. “Not surprisingly, a diverse pool of experience yielded diverse answers. But somewhere–either here or out there–lies the correct answer for you.”