This week you will learn about the costs required to get to F1 and IndyCar. You will also learn how to refine your sponsorship strategy, common questions about motorsport marketing and more great sponsorship and marketing advice from the Motorsport Prospects archives.
All 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
In the video above, championship-winning racer and sponsorship consultant Megan Meyer explains how to refine your sponsorship strategy.
“Have you started working on your quarterly or year-end proof of performance (or fulfillment or progress) report? In the fiercely competitive world of motorsports, it’s crucial to get this started and continually evaluate and refine your sponsorship strategy to ensure long-term success, and increased funding. In this video, I’m going deeper into the world of sponsorships and exploring strategies that can help you strengthen your sponsorship relationships and maximize the benefits for both parties involved.”
If you are new to News Racers Can Use here at Motorsport Prospects and specifically my Business of Being a Race Driver column, you may have missed some incredible content that I have curated from the most knowledgeable motorsport professionals covering motorsport marketing and sponsorship.
Here are more articles for you to review that you may have overlooked. I have been featuring highlights from the Business of Being a Race Driver column every week as this information is still effective and valuable. As they say, knowledge is power!
- Why You Should Consider Becoming a Motorsport Content Creator
- How to Write a Sponsorship Proposal
- Networking Tips for Race Drivers
- Let’s Talk About How to Get Motorsport Sponsorship
From the Sponsor’s Point of View
Motorsport marketing agency Sport Dimensions answers the 5 Questions We Get Asked About Motorsport Marketing.
“Motorsports is an exciting, effective, and fast-paced world to bring your brand to life. With many opportunities to take advantage of, onsite and offsite, a successful program requires some planning. We focus on starting small, thinking sustainably, testing and learning, and growing steadily toward the results. This approach insulates you from third-party risks and major market shifts by empowering you with flexibility and accuracy. There are some key questions here to get you started, followed up by a link to the ultimate guide to motorsports marketing, a place for you to pick up the fundamentals.”
The Costs of Racing
In the video above, Enzo Mucci looks at the cost of the F1 route VS IndyCar route. “Here is how much the ladder system championships cost for both F1 and IndyCar. Prices will vary in the real world due to the reputation of the driver and what the teams include within their budgets, but this gives you some good ballpark figures.”