The importance of building relationships with your sponsors is just one of the topics covered in the latest edition of The Business of Being a Race Driver. I also have tips on building your online presence, the importance of networking for a race driver and some new approaches to the costs of racing. All this and more in this week’s The Business of Being a Race Driver on Motorsport Prospects.
The Business of Racing
In the video above, Ben Dolan, the Vice President of Marketing of VP Racing Fuels, explained how to approach VP Fuels for a sponsorship. Dolan was interviewed by Alex Striler at the 2023 Motorsports Sponsorship Summit, recorded live from Mechanix Wear HQ on January 7, 2023,
MotiV8 Training is putting on a webinar with tips on how to create a professional and engaging social media profile and tips on how to grow your fan base. It takes place on July 23rd (today!) at 11:00 PM EDT or 1:00PM AEST on July 24th (Australian time). More details can be found here.
Speaking of MotiV8 Training, check out their article on How a Professional and Engaging Social Media Profile Can be Built for Motorsport Athletes. “Your social media profile is only one step away from becoming that mighty weapon of impressive first impressions and setting everything apart. “
Sponsorship consultants Turnstile recently published their report “The Power of Athletes” that looks at the sway athletes hold, bringing both opportunity and risk to commercial programs for brands and rights holders. You can access the report here.
“The combination of athlete-owned social channels and a more sophisticated commercial environment means athletes increasingly have the power to shape the sports landscape. We are seeing long-held commercial models in the USA college sport market and the Olympics being challenged as athletes seek to monetise their name, image and likeness. Athletes bring fan bases and open up new audiences, but also take them with them when they go.”
I have mentioned the importance of networking numerous times in this column. So when I saw race driver Eric Kunz’s latest edition of his Getting to The Grid series called “The Importance of Networking in Motorsport” I knew I was not alone in stressing how important this is to a race driver.
“In the fast-paced world of motorsport, talent and performance on the track are essential, but they are only part of the equation. Networking is the bridge that connects your racing skills with opportunities for sponsorships, team placements, and career advancements. Developing a strong network can open doors, provide valuable advice, and create partnerships that propel your career forward.”
Read more from Eric on the importance of networking here.
Greg Engle has a great article on racer Conor Daly and his approach to sponsorship and how he treats his sponsors in a somewhat unorthodox “journeyman” career. “I mean, the only reason I essentially still have a career,” he said, “is because of the relationship building that you have to do in this sport.” Read more about how he builds and maintains sponsor relationships at Forbes.
General Sports Marketing Advice & Resources
Sponsorship consultant Riccardo Tafà has put together what he calls The Ultimate Guide to the Marketing of Sports and Marketing Through Sports: Strategies for Success.
“A major sporting event, such as the recent EuroCup Final, Wimbledon or the Silverstone F1 Grand Prix plays a crucial role in creating immersive experiences that draw in both devoted sports fans and newcomers. In a world where sporting events garner massive viewership and fan loyalty, these events, or better these marketing platforms offer unparalleled opportunities for businesses to connect with consumers.”
In a recent article in The Drum, Beatrice Cornacchia, one of the masterminds behind Mastercard’s sports sponsorship strategy, explains what the brand looks for in a winning partnership.
“As consumer expectations evolved, so did Mastercard’s approach. The brand shifted from merely showcasing its presence to offering otherwise impossible-to-obtain experiences. Today, this represents the key plank of the brand’s sports playbook, which we set out below. Here’s what Cornacchia told us the brand looks for in deals.”
Read more at The Drum.
The Costs of Racing
The new FG Series will work closely with the DTM through an exciting new collaboration that will support the next generation of motorsport.
The goal of the cooperation is to promote the development of motorsport in a sustainable and forward-thinking manner, and to offer talented young drivers comprehensive support throughout the process.
FG Series, of which former Formula 1 and Formula E driver Nick Heidfeld is a co-founder, has set itself the task of reducing the financial obstacles standing in the way of those wishing to get involved in motorsport, and to make the sport more accessible and raise its profile around the world.
The groundbreaking concept, which includes using one car for two championships (FG1 and FG2) forms a bridge between karting and professional racing series. The dual power concept, which includes two different performance levels, and two different drive types (rear and four-wheel drive) allows FG Series to offer drivers comprehensive training for all the challenges they may face in the world of motorsport.
FG Series and DTM launch innovative collaboration to support the next generation of motorsport
In a recent feature as part of National Motorsport Week, Motorsport UK explains the various relatively affordable motorsport opportunities that exist in the UK.
“Motorsport UK has made significant strides in broadening accessibility with efforts to make the sport inclusive for all, reducing the costs and complexity associated with participation and has broadened the range of grass roots disciplines available.”
Author: Mark Boudreau
Mark is the publisher of Motorsport Prospects. As a 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.
