I have seen and heard many people try to sell sponsorship for motorsports teams, drivers and series over the years. Some methods I would call a science, and others I would call a shot in the dark, but I don't know that anyone would argue that there aren't a myriad of ways to go about it. The same thing is true if you are looking to become a sponsor. There's a bunch of different approaches to take: sponsor a driver, a team, a race, a series...No matter what it is, if your company is considering sponsorship, asking the right questions is always a good place to start.
So here are six quick questions that your company should be asking before signing on the dotted-line:
Why is our company considering motorsports sponsorship?
Your company might save itself a whole bunch of time by starting here. Make sure your expectations are sensible and achievable. Answers like "because our biggest competitor is doing it" or "because everybody at our company is a race fan" might not be the best reasons.
Who is your company trying to target?
Make sure that your company can clearly define your target audience. Don't let the team or series define it for you.
What does your company need or expect to get out of this sponsorship?
Most, but not all companies want action, not just impressions from a motorsports sponsorship. So know what your company needs before you buy the wrong thing. As an example, consider an aftermarket, mail-order parts company. What do they need to get out of a sponsorship? Obviously, they want to sell more product, but obtaining additional names to add to their database may be the way to make that happen, not just buying impressions.
What marketing tactics does your company currently use and what other options are you considering?
This is about knowing your options. If you don't research and study everything that you possibly can about each, how can you make an educated decision?
How will your company measure the impact (ROI) of this marketing effort?
In racing, the goal is pretty easy, cross the finish line first. In marketing, it may be a bit more difficult. So know how you are going to grade this performance and communicate this to the organization you are sponsoring. Put yourself in their shoes. There is nothing worse than thinking you are doing a great job and then being told you're not.
What does a successful sponsorship look like for your company; what level of ROI are you looking for?
This is all about managing expectations. Connecting with one of the top motorsports (driver, team or series) doesn't mean that your company instantly becomes a success, but combined with other efforts (sales, marketing, operations, etc.), it may be a means of getting there.
Are these all of the questions that you should be asking? Probably not, but it is a great place to start, and it might save you a headache or two after you cross the finish line.
If you've had some experience with this, what are some of the questions that your company asked?