Where's the Value?

Oftentimes, it’s right in front of you. If there has ever been a need to focus on value, it is now. Our friends at Merriam-Webster define value as “relative worth, utility, or importance”.

With the uncertainty of the economic situation, we need to revamp, refocus and ensure we are maximizing our value with all of the sponsorships and programs we are involved with.

Every asset has worth and importance – maybe not to you, but certainly to your stakeholders.

I have reviewed many cases where the available assets are not all utilized. Sponsors use the standard driver visits and exposure elements, but few truly know and understand all of the assets available to them!

Take a closer look at your contract. Delve into the assets sections and consider new and creative ways to leverage them. In most cases, it probably won’t cost you anything.

As an example, make sure you use all of your event credentials - “hot passes”. You may not have hospitality at every race, but it does not mean those credentials should go to waste. Perhaps some vendors or local customers could use them. Offer them to a business prospect. And since they are difficult to obtain and provide unique access, offering a credential provides the recipient with a valuable opportunity that will be remembered.

A prospect may remember a dinner; but they’ll never forget a “behind the scenes” VIP experience at a race. If you can make them a hero, they’ll make you one too.

Make a list for each event. If you receive four per race, make sure and use as many as possible…reach out beyond the normal “guest list”.

You never know, something of value may come back to you.

They always talk about the fans.

Lately, promoters and sanctioning bodies have been talking a lot about race fans. Fans are the foundation and barometer of any sport’s importance. The more fans, the more media attention, financial stability and the higher up the food chain the sport becomes.

NASCAR is an exciting sport for sure, but its relevance comes from the size of its fan base. Without the emotion and loyalty of its race fans, NASCAR would be just another struggling racing sanctioning body in the U.S.

So, when I hear anyone talking about “it’s about the fans”, I often take a minute to see if they are really serious. Knowing that fans are the life-blood of the financial success of the industry, let’s make sure they are getting treated with respect and provided significant value.

For promoters, it’s offering a heightened experience during the race weekend. It is not continuing a PSL (personal seat license) program to force a multiple race purchase (many of the races fans could care less about), rather it is about providing more access, better food options, reasonable prices, adequate and improved restroom facilities, and the list goes on.

Bruton Smith and the SMI properties seemed to be focused in these areas. With choices and limited income to spend this year, fans will be very choosy on what they will spend their money on. Those businesses that provide value, such as the Neon Garage as Las Vegas Motor Speedway, should weather this financial storm quite well. Those that don’t are in for a tough season.

And then there are the sponsors, teams and support agencies that should be valued as well. That’s a topic for another day…