Understanding the sponsorship journey is the whole point of my Business of Being a Race Driver series and this week is no different. You will learn secrets to ace your sponsorship meeting, how the sponsorship process works, a free sponsorship webinar you can attend as well as tips on how to manage your money. All this plus much more. Let’s dig in!
The Business of Racing
From the Driver’s Point of View
When going to meet your prospective sponsor face to face, this is how Enzo Mucci advises that you approach your meeting. Watch the video above and learn.
In August 13, 2024 episode of the Motorsport Sponsorship Podcast, host Belinda Risley delves into the crucial process of seeking sponsorship for athletes in the motorsport industry. Belinda emphasizes the importance of understanding the financial aspects of sponsorship to ensure long-term sustainability and avoid bankruptcy. She highlights the need for external accounts and a thorough understanding of expenses versus sponsorship income.
Belinda also discusses the key elements of a successful sponsorship strategy, including building a strong personal brand, creating a compelling sponsorship proposal, maintaining an active social media presence, and developing a professional website. She also stresses the significance of nurturing relationships with sponsors and providing value beyond financial support.
You can listen to the episode here.
If you liked the podcast above, Belinda is also putting on a free live webinar on 10 Things You Can Do Now to Gain Sponsorship that will take place September 24, 2024.
“Mark your calendars for September 24th! Join our free and live webinar, 10 Things You Can Do Now to Gain Sponsorship, packed with actionable steps to help you secure the backing you need.”
You can get more information and register for the webinar here.
Jess Shanahan at The Racing Mentor explains why your perfectionism is stopping you from making progress in motorsport. “I have ‘unrelenting standards’. This is a term coined by the type of psychology known as Schema Therapy. There are lots of other schemas you might fall into, but let’s look at how having unrelenting standards might affect you as you search for motorsport sponsorship.”
5 Reasons Why Every Race Driver Needs to Manage Their Money Wisely is the first article in a three-part series titled Driven to Succeed: Financial Planning for Motorsport Athletes by financial advisor Elliott Ellis. Parts 2 and 3 will be published This Thursday and next. Managing finances is important for everyone and race drivers are no exception.
Read Part 1 here.
Motorsport sponsorship consultant Kevin Borough of 181 Solutions explains in News Racers Can Use the importance of personal branding in motorsport.
“Why do driver or rider moves matter so much in racing? There are number of factors, but the short answer is sponsorship. Perhaps a little-known fact to casual fans, but teams are not the only ones that receive sponsorship over the course of a race season. Drivers receive direct sponsorship as well.”
Read Kevin’s full column here.
From the Sponsor’s Point of View
Sports marketing firm Sport Dimensions looks at how sponsors can maximize their motorsport sponsorship portfolios.
“From events to teams to the entire series, there are many ways for your brand to leverage motorsports as part of your marketing strategy. You know what they say, “there’s strength in numbers,” and being partnered with a motorsports property can be incredibly beneficial to your brand – even if that means hooking into an iRacing event. Heightened visibility, increased sales, differentiation and unique assets make this one of the most exciting platforms to be involved with. It is a different world, so there are some things to consider before heading in.”
Read the full column here.
General Sports Marketing Advice & Resources
RTR Sports Marketing looks at brand activism and sports marketing and how sport is intertwined with society.
“Brand activism and sports marketing are two concepts that are increasingly intertwined in today’s landscape, where sport increasingly becomes a powerful vehicle for social and cultural messages. This article will explore how sports companies and athletes themselves use brand activism to influence society, creating a deep link between the world of sports and contemporary social issues.”
Read the full article here.
The Costs of Racing
Eurocup-3 general manager Marco Rodríguez explains to Feeder Series how the series is positioning itself in an evolving landscape for Formula Regional championships and the budgets required to race in it..
“A race in our championship costs a little more than a test session in an FIA F3 car. We thought that a driver who competes in FIA F3, because it is a championship that has such little track time, could even do an entire championship with that budget and that’s happening. I don’t think that’s FRECA’s philosophy. However, we do have it inside our philosophy for drivers to have confidence that many teams can adjust the budget to their conditions.”
Read the full interview at Feeder Series 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.
