I have always enjoyed motorsport, and in particular the Formula One. It’s always been an exciting time of year when the annual Formula One Grand Prix is held in Melbourne. The sport itself is European at heart, yet global with races and events being held all over the world. However, it is going to be interesting to view the expansion and changes the sport will undergo as it ventures into the ‘Digital Age’. Late last year Liberty Media Group announced it would acquire the Formula One Enterprise for $8billion USD, and the Formula One CEO Bernie Ecclestone welcomed the acquisition. Liberty Media are seeking to adapt the sport to the current ‘digital age’, they claim that Ecclestone has not done enough to market the sport digitally. Primarily liberty media seek employ four strategies to market Formula One, these consist of:
1) Utilising Digital Marketing channels to target new audiences more attune to digital and social media, as opposed to the print and traditional media channels Formula One have relied on heavily in the past;
2) Using Event Marketing more strategically, that races held in each host nation could become akin to the US ‘Super Bowl’, provided the right channels were used when promoting the upcoming race;
3) Break into the American market, which has been dominated by the Indy 500 in the past. Formula One has seen limited penetration of the US market in the past;
4) Explore new technologies allowing them to connect with audiences globally in a more engaging manner, namely, the use of Virtual Reality (VR), which was identified as a future growth area.
The photo above was taken during the 2002, Melbourne Grand Prix in Albert park. The crash happened moments after the race began on the first turn, very dramatic and luckily no one was seriously hurt. I’m personally excited about the Liberty takeover of the F1 Enterprise, I’m excited to see where they can take the sport using marketing technologies and appropriate digital marketing channels. Given Liberty’s American roots, I think this may be the Agency which can dramatically increase Formula One’s penetration of the American market.
Thanks for reading, and let me know your thoughts on the sport below.
Warm Regards,
Eddie
featured image: http://www.wallpapercave.com