It’s been 1 week since the 2022 Motorsports Sponsorship Summit and I’m still getting messages about how powerful it was for those that attended live! (Weren’t able to join us? Don’t worry you can purchase the replay and save 30% off using code MM30 >>> HERE.)
Alex Striler, author of Motorsports Marketing and Sponsorships, and myself hosted over 15 guests from various companies within the racing industry, including Permatex, RACER Magazine, Eibach Springs, Mint 400, The Dirt Life Show, USAC, Hookit, and more to share their insights on motorsports sponsorships and exactly what they look for when it comes to choosing a racer to sponsor. I’ve shared my biggest takeaways below:
- Ask questions about what a company’s goals and campaigns are before you pitch to them. You should come to them as a solution to their problems not as “I need your product to race”.
- Your approach is all wrong! Sponsorship is more than just product for decal, you should bring B2B or B2C deals to them – focus on ROI and what lanes can you get them in?
- With that being said, focus on building your network and B2B relationships as often as you can. Use LinkedIn to find the right people to get in touch with at companies, and join the Motorsports Professional Group to network with other executives and marketers within the racing industry.
- Most companies want sales not exposure! How can you SELL more of their actual product, not just get air time?
- Stop thinking of what a sponsor can do for you; instead, show what you can do for them and how you can add value to their company.
- Stick to 1 primary social media platform – do not copy and paste or repost directly from one to another. Also, do not tag all of your sponsors on every single post! Make 1 post for 1 brand – your other sponsors are still getting recognition even if you don’t use their @ or #s.
- 5% is a good engagement rate – what’s yours? Your value on social media comes from interactions and impressions. Hookit has an excellent system to rank your score among other racing drivers.
- Base your funding request on what you can deliver, not what your expenses are. If you need $10,000 to race, you should be able to sell that much of products for your sponsor or save them costs somewhere in their production.
- When you’re creating your pitch deck, and you’re trying to figure out how you can help the company, it’s important to be aware which assets (tangible and intangible) are of value to that brand.
- You want to include all of the details inside of your proposal NOT your deck. (Learn the difference >>> HERE.) Never assume that the person you’re speaking to grasps the benefits of your proposal. Quantify the tangible benefits very clearly and express the intangible benefits so the potential sponsor recognizes the emotional value as well as the marketing value.
And that’s not even everything that we covered! Want to learn more about virtual and SIM racing? Want to know how to get your story published in a magazine? Or are you interested in joining a podcast? CLICK HERE to purchase the replay of the virtual 2022 Motorsports Sponsorship Summit and remember to use coupon code MM30 to save 30% off!