Tracks: Do you know your Fan Cost Index?

And, are you marketing it? As a numbers geek through and through, I love looking at costs, return on investment, growth…really any number I can get my hands on. One of my favorite geeky reports to look at each year is the Team Marketing Report’s Fan Cost Index for professional sports. Why? It points out a critical disparity in the cost difference between most dirt race tracks and professional sports venues. And guess what that creates? You guessed it: An enormous marketing opportunity for local race tracks, events and series’.  The TMR “Fan Cost Index” represents the cost for a family of four to attend an MLB or NFL game. The TMR staff compiles costs for all venues in that sport using the price of four average weighted non-premium tickets combined with four sodas, four hot dogs, two beers and two souvenir caps, plus a parking spot. In 2018, the NFL’s average Fan Cost Index increased .7 percent to $536.04 for a family of four. In the MLB, it rose 2.4% to $230.64. In the NFL, the ticket cost is the bulk of that $536.04. FYI: the average beer price is $8.17, soft drinks are $4.71 and a hot dog is $5.23. They’re squeezing every last dime out of those ticket holders because they’re likely only attending one game per year and willing to splurge on that experience. In the MLB, the average ticket price is much lower at about one third of what the NFL charges. Beer is also $5.98, soft drinks are $4.65 and a hot dog is $5.01, all on average across the 32 MLB ballparks. Think about that and compare it to a local...

Sponsorship: A mile wide and an inch deep.

It’s the time of year when we see a flurry of press releases in the racing world that boasts exactly how many sponsors a racer has as he or she launches this season’s racing campaign.  While the world is all about big numbers, racing is different. In racing, you win by having the lowest times and finishing in the #1 spot.  When I think about adding sponsors, I consider that concept. I evaluate what our team, event or property will be trading off to post another ‘number’. And I advise my coaching clients to do the same.  For every marketing partner you add, you potentially split your time, effort and the attention span of your audience. Keep in mind that if you’re not maxed out on any of those assets, then adding another partner is purely a positive for your team.  But I often wonder when I see lists of 20+ sponsors on a release: is that team providing equivalent value to those partners?  Or are they going a mile wide and an inch deep?  If you have two dozen partners, but each of those businesses only invests in one or two properties, how equivalent is the promotion of that partnership going to be? You’re splitting your time between 24 businesses on your race car, social media, website, and activations. But they’re only promoting you.  The racer is getting the majority of the benefit, as their audience will come to equate your team or property with that business, but your audience is struggling to keep track of who your partners are and, most importantly, why.  As an aside, many...

Make It Easy for Marketing Partners to Say ‘Yes’

There’s a group of racers that still believe that sponsorship is just a logo and a check. Some tracks still think a billboard does the trick, too. Since you’re taking the time to read this newsletter, you’ve likely already qualified yourself out of those groups. Welcome!  So, you’re one of the racers who are as motivated to find marketing partners as they are to perform well on the track. You’re ready to match up your offerings – your tangible assets and your audience – to a company’s goals, whether those are customer-focused, business-to-business or internal. Instead of talking about sponsorship mentality, I wanted to give you some ideas about where you, the motivated and educated sponsorship seeker, might get hung up in the process: making it easy for sponsors to say ‘yes’ to your offer. Have you ever wanted to buy something and gone to the business with the full intent to make a purchase, only to walk out with nothing in hand? Ask yourself, why? When you’re buying a gallon of milk or a pack of zip ties, you might not have a hard time purchasing a different brand than your preferred, or choosing a different color. You might pay a little more than usual, or have to make a different size work. But you still make a purchase. But, let’s say you’re buying a car. Or a computer. Or a couch. When you’re spending a decent sum of money on a purchase you don’t make often and that has utility in your life, the buying process becomes more complicated. How do you find the right product? Can...

10 Pieces of Offseason Content for Your Race Team, Track or Business

Right now, most of us are still in the offseason. If you’re one of the blessed few that are actually racing now, know that we wish you the best but can’t truly be happy for you at the moment in the nicest way possible. (Mostly kidding.) During the season, the business side of a race team or track most often goes into maintenance mode. You’re not taking on new projects. You’re focused on the performance and day-to-day of your car or event.  The offseason, then, is a critical time for all of the off the track work that most of us can’t get to during the season. For you, that might include: pitching sponsors and securing marketing partners (you know that I can’t help putting that first on the list!), building and doing major maintenance projects, gathering and assessing data, doing taxes and paperwork, and giving your team a much-needed breather. One of the things that often gets overlooked in the offseason is the ability to build your brand because in our minds there isn’t much going on. If we’re not racing, we’re not promoting. The fact that we’re not racing, though, means fans are hungry for information and there is generally a lack of it. It’s the perfect time to grab some attention for your team or business, and lay the groundwork for in-season content and opportunities. (P.S. Our 30 day free Build a Brand Challenge has generated results for countless teams. Sign up here for a month’s worth of ideas on strengthening your brand’s presence.) So, what do you talk about in the offseason? Here are a few ideas...

Dave Blaney Teams with Pete Grove to Launch 2018 All Star Campaign

High Point, N.C. – (January 15, 2018) – ‘The Buckeye Bullet’ Dave Blaney will return to full time sprint car racing in 2018 for the first time since 1997 with the All Star Sprint Circuit of Champions in the Pete Grove-owned No. 70. Blaney, who earned his most recent victory with the All Star Sprint Circuit of Champions in August of 2017 at the $10,000-to-win Open Wheel Championships at Atomic Speedway, will run the full All Star schedule along with select World of Outlaw shows and major events.  “I’m really excited to be partnering with Pete and racing more this year,” Blaney said. “It’s a good fit for both of us, in my opinion. We’re going to be taking care of the cars here in North Carolina, and that takes a lot of time off of his plate to focus on his businesses. And he’s got great equipment and the drive to go out and be competitive.” Blaney and Grove will start their All Star campaign in Florida at Bubba Raceway Park and Volusia Raceway Park in February. “It’s a short time to get it all ready for Florida but I’m excited enough to get back to a full time schedule that I’m not worried about the amount of work we have in front of us,” Blaney said. “I’ve been focused on working with Ryan over the last few years and that’s only allowed a part time schedule. The more you race, the better you’re going to be so I’m ready to take that on again. And Ryan’s going to be able to be involved in the team a...