This week I bring you the details on the difference between a sponsor and an investor after you learned in last week’s The Business of Being a Race Driver how sponsors are not in fact the same as investors.
I also bring you tips on building your confidence, how to develop your brand and a guide to motorsport marketing.
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
Just last week I posted an explanation of how sponsors are not investors. In the video above, Enzo Mucci explains the difference between a sponsor and an investor. “Getting money to go racing has always been the biggest challenge. Here I answer whether motorsport sponsorship or driver investment is right for you.”
MotiV8 Training has put together an excellent branding guide called 10 Steps to Building Your Motorsport Career Brand. “Accelerate your motorsport career with our free 10-step branding roadmap! Take the first step towards building your personal brand and propelling your success on the track.” You can download it here.
As part of their Foundations series, Sport Dimensions has published the Definitive Guide to Motorsports Marketing. It is also now available as an eBook. “Our most popular blog post has been updated and now formatted into an e-book by Ryan Shehan Racing. Ryan is a talented, up-and-coming formula racer that is building his business platform with the right partnerships and activation. Download the full book here.”
Confidence is the key to success both on and off the track. In the video above, Enzo Mucci explains How To Get Confident For Success and he explains how to overcome a lack of confidence.
Pitlane Development explains how to make contacts in motorsport. “Making contacts in the motorsport industry can be challenging and daunting when you are first starting out. Especially if you are not from a motorsport family or inner circle. It is important to build a reliable network that can help you advance in your motorsport career. Although not completely true, the old saying goes ‘its not what you know, its who you know.’ Here are some steps to help you make contacts in motorsport and build life long friendships in the process.”
From the Sponsor’s Point of View
Drive Sports Marketing explains how to calculate sports sponsorship exposure. “In the world of modern sports, sponsorship has become a critical element for both teams and brands seeking to elevate their profiles and gain visibility. However, understanding the actual impact of sports sponsorship goes beyond just having a logo displayed on a player’s jersey or a stadium billboard. To maximize the potential return on investment (ROI) and assess the effectiveness of a sponsorship deal, quantifying exposure and media value is essential. In this article, we’ll delve into the intricacies of calculating sports sponsorship exposure and media value, empowering businesses with the tools to make data-driven decisions and boost their brand presence in the sports arena.”
The Costs of Racing
Sportscar 365 reports that Audi Sport’s factory drivers are pondering the next steps for their careers after the German manufacturer announced that its works involvement in sports car racing will stop at the end of this year. Two weeks ago it was confirmed that Audi Sport will release all 14 of its contracted drivers, who were informed of the development in a group video call on July 11. Customer teams will still be able to race the Audi R8 LMS GT3 Evo II next year and Audi Sport has confirmed that trackside support will continue, but there will be no more factory-supported race entries and new car production will be quickly phased out.