Marketing Strategy Of F1

Introduction

 The article investigates Formula One's marketing approach in its quest to promote itself as the world's most popular sport. Since its beginnings, the F1 sport has had a position of leadership in the motor racing world. Many other motor races have been held throughout the years, but none have been able to seriously challenge F1. Most of the car racing championships staged in the 1980s could not continue owing to the enormous expenditures connected with the sport. However, as revealed by the 2010 and 2015 F1 worldwide fan polls, F1 has faced substantial unhappiness among its fan base over the previous decade. This has resulted in a major loss in ranking, as competition has increased and fans have demanded more from Formula One Management (FOM).
Even if Formula One has not lost its place atop the auto racing rivalry that is currently shaping up, the sport is confronted with changing market demands caused by constantly increasing technology as well as changes in tastes and preferences among its present and potential followers. Developments in technology have dramatically altered communication and operations, and the administration of the F1 car racing sport is required to adapt to market changes. This article, therefore, covers Formula 1's marketing strategy in order to maintain its position as the market leader in auto racing competition and to continue to be the ultimate source of entertainment for its fans, whose expectations have always increased the standard for F1 sport management.

About Formula 1 the Sport

The F1 sports season is made up of car races known as Grand Prix (GP) that are held on specially built circuits and in a few incidences on public roads and streets which are closed during the sporting period. Each GP is held in a different country and is named after that country. The number of GPs every year has been varying (Tanaka, 2009). The results of the race are evaluated through points earned to determine the winner of any of its two annual world championships, one for the drivers and the other for constructors.  Most of the Formula 1 racing events are held on the outskirts of big cities with purpose-built tracks (Tanaka, 2009).

Attributes of an Effective Marketing Strategy to address Millennials 

For it to address the needs of the millennials effectively, the marketing strategy adopted by F1 management should be:

Authentic

Apart from laying a strategy that will help F1 to achieve its objectives, authenticity in the marketing strategy is achieved when the FOM communicates its strategy and most importantly follows it with action. By practicing its strategy, the FOM can win over more fans (Stengel, 2011).

Multi-dimensional and Multi-cultural

The strategy should take into consideration different aspects of the lives, characters, and behavior of the target audience. The strategy should defeat the issue of the language barrier and any obstacle to communication that could lock out anybody from enjoying the sport. Even though it is a strategy targeting the young generation, it should be designed in a manner that can seek to accommodate young from diverse cultural backgrounds because F1 is a global sport (Van den Bergh et al., 2014).

Engaging

Millennials are a high generation that needs to be actively engaged in F1 activities. They spend most of their team posting and commenting on various walls hosted on different social media platforms. They are highly mobile and do not find fun in doing one thing, they are ever on the move. This calls for a strategy that keeps the millennials on the move (Hamil, 2016).

Compatible with a variety of media

The strategy adopted by the F1 management should be compatible with a variety of media including social media platforms and specialty websites that will enhance interaction between the fans and the management of F1. The sport is a favorite among a young generation that uses a variety of digital platforms, there is a need to ensure that the strategy allows sufficient flexibility in terms of access so that many fans will be able to interact freely (Hamil, 2016).

Incorporate higher brand purpose

The strategy adopted should be in a position to clearly communicate the purpose of Formula 1 to the world. The strategy should exhibit a high level of congruence of purpose for it to reposition the brand as a world leader. Most importantly the strategy should help the F1 sports management in achieving a balance between business and sports interests. This means that as far as the strategy is targeting to recruit more fans into the F1 sport, it should be mindful of all stakeholders’ interests (Stengel, 2011).

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