This week in The Business of Being a Race Driver, I look at why you should consider becoming a motorsport content creator. In short, it will increase the visibility of your brand and bring you increased sponsorship opportunities.
In addition to this advice, I bring you an explanation of the relationship between social media and sponsorship, why your sponsorship deck should tell your story, and why you need to charge motorsports sponsors for your engagement rate.
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
The PRI Special Report More Than Just Pretty Faces looks at the success of motorsport content creators and influencers that also race, build engines and cars and are otherwise “hands-on” with their motorsport activities. “The case can be made that we are living in a golden age of motorsports content. Thanks to independent creators on social media platforms, there is an almost unending stream of racing coverage, how-to videos, thrilling ride-alongs, and real-time event commentary. Some of it may be forgettable, but a lot of it is genuinely entertaining, informative, and well-made. Many of these social media entrepreneurs have built enormous followings and large fan bases.”
Megan Meyer explains why you need to charge motorsports sponsors for your engagement rate. “You dream of a racing career supported by incredible sponsors is on its way to coming true. But even once you have inquiry emails sitting in your inbox or your DMs, you still need to figure out exactly how much you’re going to charge as a content creator. It might be tempting to choose the lowest possible number you can think of just to make sure they say yes, but that’s not fair to you and ultimately doesn’t actually make you more desirable as a sponsored racer. Your engagement rate is a big influence.”
I have stressed the importance of social media marketing in The Business of Being a Race Driver many times, but sometimes the usefulness of using social media in your sponsorship acquisition efforts is not always clear. MotiV8 Training discusses the relationship between social media and sponsorship. “One of the primary ways that social media and sponsorship are connected is through the increased exposure that social media platforms can provide. When a sponsor partners with a sports team or athlete, they are often looking for ways to reach a wider audience and increase their brand awareness. By leveraging social media, sponsors can tap into the large and engaged fan bases of sports teams and athletes, and extend their reach to millions of potential customers.”
Charge Sponsorship explains why sponsorship decks should tell a story. “Too often, sponsorship sellers’ marketing decks undervalue or ignore the power of stories. Without a story, many decks fail to connect with prospective sponsors. When I review client decks, I ask, “What helps tell your story and helps a sponsor connect with its audience?””
And remember, everybody has a story!
From the Sponsors Point of View
AEW Motorsport looks at 5 things to consider when considering motorsport sponsorship. “When it comes to sponsorship, the world of motorsports is a tried-and-tested playground for companies to enhance their brand awareness, connect with customers, and drive sales. It’s not just about fast cars and thrilling races but also a massive global networking platform that brings together industry players, including sponsors, teams, drivers, and fans worldwide.”
Sport Dimensions looks at finding the right platform to engage your customers. “The most talked-about assets you will unlock with sponsorship are the ones that give you special access to the event, team or venue you have signed with. This mix of assets should be the primary method for bringing your customers right to the center of the action. You are looking for assets that can be turned into can’t-be-bought experiences. Your goal is to position your brand as the one that brought these things to life for your customer.”
General Motorsport Marketing Advice & Resources
Sportico looks at what NFTs mean for sports business. “Two years after NBA Top Shot took the sports world by storm, NFTs continue to be a topic of conversation—though the tone of that conversation has changed numerous times in the interim. Are NFTs the future of sports cards and ticketing? Will they be at the center of 21st century fandom? Or are they a fad—or worse, a scam? No matter what, they don’t seem to be going away, even if crypto companies like FTX implode. Existing players like Ticketmaster and DraftKings have launched their own NFT projects, to say nothing of the many stars—Patrick Mahomes, Tom Brady, Stephen Curry, etc.—who have at one time backed the technology.”
Just keep in mind that in the United States, there is a current legal case that looks at whether NFTs are considered securities with a federal judge recently ruling that they are. The case will be appealed so the question is not settled yet. Stay tuned.
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.