Motorsports is an incredibly unique industry. Between navigating racetrack properties, promoters, leagues, sanctioning bodies and other sponsors, entering the world of motorsports can be a daunting task.
To help start the process, we wanted to point out a few key areas to focus on:
Who are you working with?
The number of different types of stakeholders in motorsports can be staggering to beginners. For a typical IndyCar or NASCAR weekend, you may have to account for the track itself, the promoter of the race, the league (IndyCar, NASCAR, etc.), race teams, drivers, network TV, vendors, agencies, and well, you get the picture.
Relationships are key in motorsports and take time to develop. The more people you know and can turn to in different areas, the better off you’ll be. Make sure you know your direct contacts and who they work for. Basically, are they the track, the promoter or the league. This will be key when you have questions ranging from credentials, parking all the way to issues surrounding your sponsorship.
Understand motorsports sponsorships
Sponsorships are the lifeblood of motorsports. When looking at sponsorships, make sure to understand what you’re buying. Understand whether or not your sponsorship includes exclusivity. For example, if you’re an exclusive sponsor, a different sponsor can’t supersede you for a particular event. Always ask what assets are available to you and what assets at a race or track need to be bought through someone else. The more you are prepared the less surprised you will be when your competitor shows up.
On a different level, what are you trying to achieve with your motorsports sponsorship? Analyze your goals and select the right entity for you. (Make sure to check out Part 1 and 2 of our series on things to consider when investing in motorsports.)
Have you considered activating at a racetrack? Event activation can be a great way to introduce a brand to potential customers and reach out to current and loyal customers. Whether your goal is to generate leads or build brand awareness, activation allows you to interact and make an impact on consumers.
If you’re wanting to engage in a motorsports event sponsorship, you may have rights built into the contract to be able to activate at the event. Since you have the rights (and therefore paid for them), make the most of the activation.
Ask the track questions and find out what the best place to activate is, whether it’s in the midway (the primary location for brands to activate) or elsewhere on the property. You want to be seen by the most people possible to be able to drive traffic to your event.