Motorsport Sponsorship Proposal Assignment Help
Motorsport as an industry is heavily reliant on Public Relations. The sport has a high level of interest from the members of the public and the media. Therefore, a high level of media awareness is essential in running a successful motorsport business. The money on which the industry is reliant upon in in turn reliant upon the publicity and message transmission potential generated by the sport. For any organisation to be successful in the motorsport industry, it needs to understand and apply public relations strategy.
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British Grand Prix
The British Grand Prix is car racing contest and part of F1 formulae one racing. Formulae one racing is conducted in different circuits all over the World. Amongst these, the British Grand Prix is considered as the oldest racing competition in the World. The British Grand Prix is mainly conducted in the Silverstone Circuit as shown below:
Any sports event requires an adequate amount of sponsors to arrange and manage the event professionally. F1 British Grand Prix is considered as big business and the amount of money involved is difficult to track. It can be concluded from the longevity of the Silverstone circuit that this British Grand Prix is continuously getting an adequate amount of sponsorship (en.espn.co.uk, 2018).
However, F1 British Grand Prix in the Silverstone circuit is going through some problems. An uncertainty is being continuously surrounded in the future of the British Grand Prix at the Silverstone circuit (Sportsmedia, 2018). Branding of the event is going through problems and one of the major sponsors, mainly Johnnie Walker has tapped into this opportunity of fewer competitions. Johnnie Walker has united a great group of people who have one common goal by putting social issues at the forefront of the branding campaign. The Silverstone track is full of Johnnie Walker banner reflecting the sponsorship of Johnnie Walker in F1 British Grand Prix, as indicated in the figure below:
Motorsports Sponsorship is a complex form of sponsorship among different sports, as it involves different kinds of sponsorship in track manufacturing, car design, branding and promotional strategy and sponsorship related to medical arrangements (Raconteur, 2016). Today's racing circuit is developed by different sorts of technology, both in the development and design of tracks and design of tracks. The reason behind, the British Grand Prix is attracting attention from Worldwide because of glamour associated with the Motorsport racing. The organization that sponsors the F1 race will be advertised in a major sports event, which is viewed by millions of viewers worldwide. Sponsors to increase the visibility of their business (Forbes, 2017) can use this opportunity. The situation is reversible and therefore the British Grand Prix can use this opportunity as well. The different sorts of promotional field related to motorsports sponsorship are described in the following points.
Cost in promotion
As investigated by a British tabloid, formula one race is viewed 3, 50,000 spectators in the weekend. Eighty-nine percent (89%) of individuals view this programme online as like on YouTube. 58% of the subscribers go one further step to share this event online along with feedback (Cars247, 2018).
Any sports event has multiple promotional strategies like launching event in a platform (like any auditorium), promotion in social media and audio-visual promotional strategy. The promotion of an event requires a substantial amount of cost. Promotional strategy at social media incurs a great amount of cost, as the business account has to be created (Baines, et al. 2004). A business account in any social media like Facebook, Google+, and Snapchat requires sponsorship to proceed. Social media strategy is useful in promotional activities as sponsors can reach most of the people within a short duration. Advertising in social media costs almost 3000 GBP to 19,000 GBP per month (en.espn.co.uk, 2018). This amount of money, cannot be sponsored by the organizers only, rather sponsorship is required to afford this kind of money.
Promotional activities can be associated with auditory and visual promotional strategy also; however, these two types are being continuously obsolete because of advancement of electronic media. However, visual promotional activities can be also undertaken by digitally animated advertisement. A motion picture is required to be produced in the official website of British Grand Prix to increase the visibility of the F1 event in Great Britain. Although British Grand Prix is the oldest of F1 race among the entire F1 race conducted in the worldwide-established circuits, the advertising, promotion, sponsorship, and acceptance of other outdoor sports like football, cricket and tennis are far greater than that of F1 racing (Sportsmedia, 2018). British people like football above any sports and they usually buy season tickets to watch premier league. Moreover, the arrangement of a motorsports event is far greater than that of football, cricket and tennis as a separate circuit with all cautionary arrangement is required and a smooth track required to be maintained. A smooth track requires a greater sponsorship amount than football and cricket. The rules and regulations of an F1 race are different than that of other outdoor sports and people of the young generation in the UK is not much aware of racing as they are aware of football, cricket, and other sports (magazine.nd.edu, 2017).
The young generation of the UK is required to be informed about the championship, the prize money and the cost of tickets. For convenience, discounts may have to be offered in tickets and along with that, seasonal ticket may have to be made available. Therefore, it can be concluded that the British Grand Prix requires more sponsorship like sponsorship of Johnnie Walker to support their development.
Cost of track
Cost of the track of a street F1 race is about 57.5 million dollars. In a street racing, circuit track cost is comparatively lower than a professional F1 circuit. Overall, $270 million dollars is required to build an F1 racing track. A pictorial representation is shown below:
Earthworks and infrastructure cost $50 million dollars. In track development (smooth, with a low coefficient of friction) and maintenance of the track, $75 million dollars are required. Polishing of track requires most of the money. VIPs invited in British Grand Prix has to be given a special place to watch the race. The main grandstand has to be set up for this purpose and it costs $30 million US dollars.
Technically, various developments have been made in designing cars as well as accessories in the track of British Grand Prix. For example, the arrangement of a giant TV screen has to be kept outside the main Silverstone circuit to attract more people (McKee et al. 2010). A television set has to be kept inside of track also for better viewer experience especially for the viewers who seat at the backside.
The track has to be equipped with a PIT building or Paddock club for better operational management of the race. A separate media box has to be kept separated for press coverage, which will increase the visibility of the event among common people (Ledingham and Bruning, 2000).
Cost of cars
As per the official record F1 race has over 400 Million viewers worldwide. The reason behind this abstract amount of viewers is due to the glamour circuit appearance an exemplary show of cars is also responsible for attracting viewers. In this era of technological development, the design of smart cars is required (Brown et al. 2018). There is a clear difference between commercial cars and smart cars in its engines, appearance, and tire and even in fuel. Approximately 64 million pounds is required in designing racing cars with state of art facilities ( Reeves et al. 2016). A pictorial representation of cars and the cost of separate parts of cars are provided below:
Manufacturing of cars as per the requirement of races is someway sponsored by different well-known organizations such as Mercedes, Redbull sponsor the necessary equipment of cars. However, as the design and capability of cars attract viewers from a worldwide basis. Therefore, event organizer also required to call reputed companies to sponsor in the event (Bird and Yutzy, 1957). In order to put back the British Grand Prix in its old reputation, these types of sponsorships are required.
Engine, Rear Wing, Airbox, and Sidepods incurs most of the money and in this context, sponsorship is required in a greater amount.
Cost of medical arrangement
The F1 race is not as safe as any sports and accidents happen in a more frequent and violent manner. Hence, a medical center has to be established in the track to support evacuation in medical emergencies. Setting up a medical center costs about $5 million dollars (public.asu.edu, 2015). Medical arrangements of a racing track need to be equipped with a stretcher, ambulance and trauma care ambulance, including doctors and nurses. Doctors and nurses will be hired from reputed hospitals and standard fees have to be paid to these doctors and nurses by the event management team. In this context, medical sponsorship is required for the British Grand Prix, although different participating teams generally bring their own medical support team.
The track of formulae one circuit itself requires a great amount of money. British Grand Prix is going through uncertainty and lack of sponsorship although Johnnie Walker is actively supporting the development of this racetrack. As an alternative approach, the authority of the Silverstone track has to use another permanent facility to avoid running costs. However, using an alternative circuit comes with promotional flaws (academia.edu, 2018). Over a typical period of ten years, F1 race costs approximately 933 million dollars. The organizers of the British Grand Prix have to sell all the tickets, promoting the event in every possible media and attract people. For example, one may take the example of the Mexican Grand Prix where the following costs occurred:
The organizers of the British Grand Prix may take this cost as a reference; however, sponsorship money will be greater in case of the UK because of the high currency value of GBP.
Sponsorship Proposal for British Grand Prix
British Grand Prix has to perform promotional activities appropriately to attract an adequate number of viewers. British Grand Prix is going through a sponsorship problem where different sponsors cannot be found like other sports. Based on the research, social media promotional strategy is seemed to be an appropriate strategy due to its time effectiveness and cost-effectiveness.
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