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The business of NASCAR is evolving, as "new" fans rush into the sport and much more corporate investment comes in; the old formulas of "motorsports marketing" need to change as well. Now that NASCAR has become a huge national phenomenon with incredible public relations efforts - it would seem NASCAR would be a "can't miss" opportunity. The fact is that it's harder than ever to make that connection with fans - your customer.
The fan base is becoming more "casual" which means you have to spend more on "traditional media" to reach the "core" customers - the ones that are important to you. More corporate involvement has driven up the price of sponsorship - which is pricing some companies out of the mix and makes it harder to be seen through the clutter. Unless you are spending tens of millions of dollars in sponsorship, using NASCAR as your "media exposure" is not a great investment. Does that mean NASCAR sponsorship doesn't make sense for a company that only has $500K - $5MM? Absolutely not, it can be a great investment - you just have to customize your communication programs to make sure you are monetizing your investment. There are hundreds of companies using NASCAR to activate their brands today. The old mix of sponsorship, hospitality, and advertising your NASCAR relationship isn't enough today. You have to position your brand and products with your customer to leverage your investment. |
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Some keys to success to "move the needle" with your customer:
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Newbury Partners principal Steve Boguski and our team bring a unique blend of experience and qualifications rarely seen in the motorsports world. We provide consulting whether direct to clients or other agencies that want expert advice as an "audit or review" for their current involvement and how to make a better impact with their customers.
Newbury Partners was formed on the basis of integrity and partnership with our clients. Unlike many motorsports "agencies" - we do not take commissions from a team for bringing them an opportunity. We get paid from our clients for the service to provide them with an objective overview of the opportunities available. Newbury Partners does provide some marketing services for teams, licensees, and other motorsports entities. We provide full disclosure on ongoing activities with a client during a project. |
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The Positioning - A full scale confidential review of your brand/product, goals, objectives, distribution channel, and the best way to take a long term commitment to market in the motorsports world in a way that "sells" product. This includes:
The Review - You might be very happy with your current motorsports relationships, but how do you know you are getting the most out of them and you are monetizing your assets as best as possible. A confidential review of your current involvement and make recommendations on how to improve your efforts. Suggest promotional and media activation to support your current efforts. This includes:
On a Budget - Many companies know NASCAR fans are their target audience, but are either getting priced out of sponsorship or are looking for smaller opportunities. How do you reach your customers in alternative ways? You could become the "big fish" in a "smaller pond" or look at cool alternative opportunities to reach your customers without losing the customer focus. Opportunities abound for these types of companies to reach their customers in very effective ways. This option includes looking at efficient and effective strategies to still reach your customer in a very targeted and effective way. This includes:
Ongoing Services - Provide a partnership with your marketing group/agency team to provide constant intelligence and review of opportunities and making the most of your motorsports involvement and excel at promotional activation. |
