Global motorsports spending totaled $5.75 billion last year alone. From events to teams to entire racing series, there are many ways for your brand to leverage this platform 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. 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.
1. Identify your goals before you start looking at things to sponsor
What are you looking to get out of a sponsorship? Once you’ve decided on your goals, it will be much easier to decide what your brand will mesh best with. Are you looking to develop engagement from your audience? Are you trying to raise awareness of your brand? Do you already have brand awareness but you want to change the perception of your brand? Your goal will play a major role in the decisions you make throughout the life of your partnership.
2. Identify the unique selling points you would like to convey
Your unique selling points are what will make teams excited to partner with your brand and allow for synergies to develop in partnership. Knowing the unique aspects of your product or service you are looking to promote will help your team stay focused as you develop the various brand activation programs that are key to delivering ROI in a sponsorship.
3. Is winning really everything?
Winning is never guaranteed in motorsports. Being strategic with what kind of team you partner with could mean not being part of a winning team but overall, having a more successful partnership for your business. A successful partnership will mean tying your brand activation to sales growth, efficiency, or another business objective. We believe in guiding your brand toward a sustainable relationship with the right value equation to bring you results.Read more about how this works here.
4. Be prepared for trial and error
Finding the sweet spot in motorsports sponsorship is a process. It takes time and a little adjusting to figure out what the best formula is for your brand and partners. Just like a driver testing out a track for the first time, it’s important to find your groove, even if it takes some trial and error. We recommend you start small, and grow into the results you see.
Check out our ebook, covering the other top considerations to maximize sponsorship ROI.
Updated for added value.