Much like one of the articles that I am linking to this week, the business of being a race driver is to be SMART. While that is a specific reference to social media marketing (Specific, Measurable, Achievable, Relevant, Time-Bound), it can also apply to all your off-track brand-building and sponsorship activities.
In addition to this, Megan Meyer explains how to approach your sponsorship proposal meeting, Sport Dimensions explains how to maximize your sponsorship ROI in 2023, Nico Rosberg explains what he learned about Formula 1 sponsorship, and I bring you the answer to the question, what is sports sponsorship?
All this and more in this week’s edition of the Business of Being a Race Driver.
The Business of Racing
From the Driver’s Point of View
Social Media Strategist Eddie Garrison explains the concept of setting S.M.A.R.T. goals for social media. “Setting social media goals is a key step toward proving (and improving) the value of your social media work. Writing your goals down and regularly reporting on your progress also significantly increases the likelihood that you will achieve what you set out to do. Goals help you chart a course for improvement and success. They allow you to see how effective your efforts are. They give you purpose and direction, in a documented way that you can share with others.”
Megan Meyer offers some helpful tips on what to think about for your sponsorship proposal meeting. “You’ve spent hours crafting the perfect pitch deck for your potential sponsors, but now it’s time to actually present your proposal. Beyond the key information like deliverables and payments, there are a few other details you’ll want to know about so that you can be your most comfortable and confident in your sponsorship proposal meeting. Like a good date, the meeting hour itself isn’t the only part of the process that matters. What happens before and after the meeting is also a routine you should follow, as well as what you wear and who should be in the room.“
Megan Meyer also offered a recap of her takeaways from the the 3rd Sponsorship Summit hosted by Alex Striler on her social media and I have included it here.
Here are my top 5 powerful takeaways:
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1. Sponsorship is no longer about brand awareness and exposure; instead companies want help with the buyers journey, testimonials, and B2B deals.
2. If a company doesn’t sell directly to consumers figure out a package to promote their products at one of their retailers!
3. Do things that are UNIQUE and add value OUTSIDE of racing try to grow your following and media reach because you control your communication there, and it builds your value and strategies.
4. Use hospitality to make business deals between companies and your sponsors can do business with their customers at your hospitality.
5. Collect leads and data at your races and activation events; and have products for sale on sight because a buyer will forget as soon as they leave. Win on Sunday and sell on Monday is NO longer relevant today
in Worldwide exposure for decades, be that company, invest your money wisely, racing is business!, Luc Debeuf explains how racing is a business and should be treated as such.
From the Sponsors Point of View
Sport Dimensions looks at maximizing the ROI of your sponsorship program in 2023. “Executive teams demand clear ROI formulas to be delivered regularly to ensure maximum value is created with every dollar of investment. We believe there is no “silver bullet” in sports marketing that boils everything down to one number because there are too many extraordinary ways to activate sponsorships with your most important stakeholders. The storytelling, the emotion, the passion and some of the other more intangible elements sponsorship brings to your brand is a healthy balance to the data-heavy traceability of digital marketing.”
General Motorsport Marketing Advice & Resources
Nico Rosberg explains What I learnt… about Formula One sponsorship. “That’s very often a shortcoming from sponsorship salesmen who will just sell, sell, sell, sell, sell, and try to get cash in, but forget to really make sure that the partner gets the return on investment in the way that he needs. So you really need to understand their needs. It’s super important in order to have a long term partnership. You can always make a one-year deal by just selling well, but if you then don’t back it up with really adding value, then it’s going to be a very short partnership.”
Infront asks and answers the obvious question, what is sports sponsorship? “The Sponsorship Collective has described sponsorship as a verb. In today’s broad world of media and marketing rights there is no “off the shelf” solution for brands and, if they are doing marketing correctly, a simple logo placement will not provide sufficient return on investment (ROI) on sponsorship. Companies investing in sports sponsorship need to look at the bigger picture to engage with fans and not rely on just one piece of inventory. This could include a wide range of options.”
Power Sponsorship has some fantastic resources on their website that you should check out here.
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.