Today we talk about turning product deals into Motorsport Sponsorship Hard Cash.
This episode was created to answer a question sent in from Charles via our Get The Drive Facebook Page, his question is:
"I'm currently racing, things are going well but I need to improve my sponsorship strategy. Shall I use product placement deals as part of that strategy?"
My answer is HELL YEAH!
I mean, what do you notice about all products?
Answer - They are all owned by people who simply want to earn money from these products.
Whether they have a passion for what they produce or not, they still keep score by the revenue that is earned. Money is the lifeblood to every company, it's how they survive and thrive.
As a racer if you approach a company and pitch them on the fact that you will help them sell their products / services and promote their brand to a captive audience that you have access to, and all you want in return is some of their products and services...then they will often say "Yes".
It is a much easier deal to pitch.
But most drivers think that product deals are not worth much because they do not provide them with the up front hard cash to pay for their race seat.
If you think this then think again.
If you want to win at this game of sponsorship then you need to think more long term. That means that you need to build business relationships with corporations in order to access their hard cash later on down the road.
The important word here is 'build'. You need to build trust so a business relationship grows over time.
The sponsorship game isn't won over night, instead it takes many years to really get the ball rolling and product deals are a great way of contributing to that.
In this episode I will show you how to do just that.
You can watch or listen to it below: