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Getting Started In Racing – Budget Planning – Preparing to Attract Sponsorship For Your Team
Motorsports Marketing Mentor and Sponsor Attraction Coach, Annamarie Malfitana-Strawhand of Marketing At Full Speed offers helpful tips and advice to start up race teams and race car drivers on how to outline and plan a racing budget and begin planning your efforts to attract sponsors and marketing partners to support your racing program.
As a motorsports marketing coach, I tell my clients and students to add the full “Title” Sponsorship” Plan into proposals that will cover the bulk of the budget or the full budget plus a percentage added for marketing costs/activation. Sponsorship to cover your full racing budget is attainable if you are racing with a high media exposure racing series, or you are giving high levels of multi-media and promo programs to them personally – of course depending on the value you can give a sponsor then say if your budget is $10,000 per race and you have national or regional TV coverage then that is of a great value to the sponsor. I wanted to be realistic and make sure short track racers don’t over-price themselves based on the exposure they can give – and I see that happen a lot. This video is mainly talking about preparing a budget and knowing what your costs are from the get-go BEFORE you GO RACING or approach a sponsor, especially start up teams have to plan this out before they start purchasing equipment and working on marketing presentations.
My clients and students who are short track racers, I show them how to come up with sponsorship breakdown value amounts based on exposure and marketing benefits, and how to research what these amounts should be – such as comparing the price of a billboard at the track for ad placement on your hood/quarters, etc. – This is something I work very closely with their specific racing programs to make sure they have ideal sponsorship levels balanced with the exposure values combined – along with the marketing and promotional benefits and return on investment that they can realistically provide. The key to remember here is to UNDER promise and OVER deliver – and you will be all set!! Please check out my youtube channel for more videos on this subject.
If you need specific help on how to put together a budget, marketing presentation or how to even get started in racing- I am here to help – I offer private strategy sessions just for your specific needs! – Annamarie