Where all the fun happens.

Who are you competing against?

Over the weekend, I had the privilege of watching my husband, Carl Bowser, win his fifth feature of the year and, with it, clinch his second track championship at Lernerville Speedway.

We heard a lot of the generous and kind feedback you’d expect, but a particular comment struck me. One person told me that when you’re sitting down with potential sponsors, and they’re comparing you to another driver, it’s essential to have as many of these accomplishments and titles, worth money or prestige, on your résumé as you can.

While I don’t disagree that great on-track performance helps you to stand out, I doubt that in today’s world most of us are competing against each other for sponsorship.

We’re not toilet paper – you can’t just substitute one of us for another.

And that’s where the value of the sponsorship comes in – it’s differentiating us from one another and providing something that another competitor can’t.

And when I say ‘competitor’, I don’t necessarily mean another car on the track.  I’m referring to the other ways that companies can spend their money to generate sales, whether that’s a billboard, a ski trip for their best clients or a radio advertisement.

When talking about racing sponsorship – which is different than the ever-elusive ride, no doubt – you’re most likely competing off the track. You’re showing your value on social media, via your website, in person and via your network of friends of colleagues.

You’re likely competing on a playing field that most of us don’t know that much about. And that’s why every little bit of knowledge about what your potential marketing partner wants counts.

While there are a few people with businesses that will always sponsor someone in racing, those people are becoming few and far between.

So it’s important to ask yourself as a racer, as a track or event promoter, as a retailer or manufacturer – who am I competing with?

And how can I use that knowledge to do it better?

Xo. Kristin

P.S. If you didn’t see my recent ramblings on social media, I had an accident at the track over the weekend that left me – luckily – with only some bruises and a concussion. Good thing I keep a few posts in my back pocket, eh? In light of that, I’d like to point you towards an old post where you’ll find a checklist for the information your team might need in case of an emergency at the track here.

Sponsorship Pricing: It’s too expensive versus it’s not worth it.

Everyone wants to know about sponsorship pricing. And the expert response is to base the price on what it’s worth to the sponsor, not how much you want or need. Price should be based on value. But that’s really hard information to put into practice, I know.

The truth is that your sponsorship package price is just like Goldilocks and the three bears. It is either: too expensive, too cheap or just right. You rarely hear the it’s-too-cheap response. Most often, you hear ‘it’s too expensive’.

The truth is, ‘it’s too expensive’ usually has an underlying meaning and it’s this: the value to us doesn’t match up with the price.

Too expensive means something specific to everyone. Too expensive doesn’t always mean someone can’t afford it – sometimes it does, but mostly it doesn’t.

Ever bought a $500 sandwich? Probably not. And I bet you have more than $500 in the bank.  Just because you have the money doesn’t mean it’s not too expensive. It means you don’t think a sandwich is worth $500.

Now, let’s talk about something a little bit more reasonable – a $50 burger. You probably wouldn’t buy a $50 burger 364 days of the year. But let’s say you’re on a date with the girl of your dreams and you really want to impress her. That $50 burger is boasting gourmet cheese, a specialty-blend spice rub, a homemade bun and Kobe beef.

Last night’s dinner – a grass-fed burger with bacon, fried egg and avocado. Don’t be fooled. Delicious, yes. Not $50.

With this burger, you can impress her with your knowledge of gourmet food. You can show her you know the value of good quality. You’re not cheap. You’re getting a $50 burger.

But, as delicious as that burger is, you’re not paying $50 for the burger. You’re paying $50 for what it does for you. The value is how she perceives you. A memorable date. Maybe a second one.

You were the right customer for that $50 burger on the right day at the right time. You needed a $50 burger. You probably would have paid $100.

There are some people that will never pay $50 for a burger. That doesn’t mean that it shouldn’t exist – it just means that they’re not the right customers for that restaurant. The same applies to your race car.

If you’re providing value that matches up with what you’re asking for it, ‘it’s too expensive’ rarely means ‘we can’t afford it.’ You need to surround yourself with the type of people that think what you do is worth what you ask.

You need to find your $50-burger-lovers. 

xo,

Kristin