Bill Gates once said, "Whether it’s Google or Apple or free software, we’ve got some fantastic competitors and it keeps us on our toes."
No matter what kind of business you operate in, an attitude like Bill Gates' is essential for long-term success and growth. This kind of competition with the new challenging the established is critical to progress. Look at the world's largest airplane manufacturers as an example. The younger Airbus recently completed 50 years of successful airplane operations and the more established Boeing made a fun video for them as a tribute.
Spoiler alert: Boeing team members from around the world congratulated Airbus on the success. Before that, Airbus had also congratulated Boeing on completion of 100 years of innovative competition.
We get these wonderful stories of competition when the best are performing at the highest level in the name of progress. Moving into the motorsports world, BMW spectacularly captures the competitive spirit between their organization and Mercedes by giving a playful nod to the CEO of Mercedes retiring in this video below.
Today, motorsports organizations around the world are witnessing some noteworthy partnerships like Crowdstrike and Mercedes F1, Acorns and Roush Fenway Racing as well as MoneyLion and Team Penske competing in NASCAR. These partnerships bring new talent and skill to the table where the companies can collaborate and create fantastic outcomes for fans, customers and partners alike.
Leveraging your motorsports marketing strategy
Growing tech companies can offer innovative solutions to pressing challenges that existing teams and series face as well as make improvements to the system as a whole. These lesser-known brands are starting to recognize the potential in motorsports and benefit from the immense platform to build their business. They are the up-and-comers in their industry, and they are trying to engage the up-and-comers in the world. With one of the largest and most loyal fan bases in sports, the right activation for these new sponsors can provide access and engagement that can't be bought or found on any digital-only platform. We like this thought from marketing guru Seth Godin:
Any metric you can buy your way out of is probably not a useful metric to measure yourself by. If it’s important and you can spend money to fix it, by all means, go do that. But the helpful metrics are the ones where cash isn’t the solution.
On the property side, F1 and NASCAR teams benefit immensely from the improved applications of tech in their competition as well as the support system they provide for their fans, customers and partners. These new developments are exciting because we see a massive increase in ROI when sponsorship is leveraged in unique ways that neither partner could access if they were not working together. The idea of "2+2=5" is more alive than ever with these new alignments that are pushing the limits of innovation and creativity.
The benefits of these new partnerships extend beyond the two parties in the agreement. New sponsors bring new audiences to the sport, while simultaneously motorsports are introduced organically to a new audience that may have not otherwise paid attention to what was going on in this space.
How do you start?
All the "new" is exciting but if you are a brand looking for blue oceans to market your product or service, we recommend you consider consulting with activation expertise before you begin investing. Motorsports sponsorship is not like other forms of marketing, so it can't be approached like other forms of marketing with expectations of being successful. Here are some reasons why.
Learn more about what it takes to succeed in motorsports with our definitive guide.
Updated for added value. Header photo courtesy of MRN.