Motorsport is expensive, a few have rich relatives and some have to work for it. Getting sponsors is not easy, it requires hard work, lots of thought and professional material. So how do I start? I have an online course that describes detailed steps on how to get sponsors. Focusing on value creation and on the needs of the company.
If you want a head start I can recommend Tim Ferris podcast where he interviews Ken Block. The perspective that Ken has on marketing and sponsors are spot on. Which also shows how successful he has become.
Today’s difficulties and what do about it
A problem that, is facing not only Motorsport, is that arena sports are having more and more difficulty in getting crowds and attention. It’s more comfortable sitting behind the TV or streaming on Facebook than actually going to the event. A sport where the atmosphere, sounds, and smells are so important for the experience will have difficulties in delivering that experience thru media. This results in that selling the experience of a race live has less and less value.
What do the companies want? Two things that 95% of all companies want is attention and selling products. Ken Block created attention for his sponsors, and that´s why he is successful. The attention value that he created most likely surpasses that of a Formula 1 team. What Formula 1 has that Ken doesn’t is the business model and the historical value creation. Which means that he cannot get paid as much as the Formula 1 teams are. Most teams and drivers are stuck in the old model of selling a sticker on the car or trying to get people to the race. Both of them has little value.
If you want to succeed with your sponsors you should go where the attention is, Facebook, Instagram, and Youtube. Use new technology and create attention or try and sell products. The value your creating is so easy to follow up and report, the sponsor knows exactly what they are paying for instead of the very diffuse value of a sticker.