Formula 1 is one of the main pinnacles of open wheel motorsport, however, it is also one of the biggest platforms for high profile advertising.
Not only are the drivers now celebrities in their own right, with Lewis Hamilton having his own line with Tommy Hilfiger, and our home-grown golden boy Daniel Ricciardo with over 2.4 million followers on Instagram, but the sport as a whole has increased its capacity for sponsorship and advertising opportunities through social media, especially since the shift from Bernie Ecclestone to Liberty media.
So, what did Formula 1 and Liberty media change to bring about this big marketing success?
Well there are many great initiatives that were put in place.
This relationship with fans has been drastically improved with the introduction of Fan Zones at race events, consistent social media interaction between teams and Fans, as well as, more opportunities to get up close and personal with your favourite drivers.
2. Greater access: Passionate fans just can’t get enough of the sport, so providing even more exclusive behind the scenes content through avenues such as the Netflix original ‘Drive to Survive’ series and Team generated content it has allowed fans to become even more engrossed in the sport
3. Danger: There is no denying that as human beings there is an innate part of us that thrives on the thrill of danger. A mixture of high speed, fights for the championship and the unforgiving nature of some of the worldwide tracks makes for great viewing. However, sometimes the stringent rules and incomparable team budgets can lead to some of the heart pumping action being tarnished.
Therefore, it is crucial that these elements are balanced and consistent. Especially as in the beginning of 2019 over regulation and lack of consistency with the steward’s decisions led to one of the biggest downfalls Formula 1 has seen in many years. Fans, team principals and former world champions openly criticised the sport and were unsupportive of where it was heading.
However, upon approaching the mid-year break things seem to have turned around with 3 action packed races at Austria, England and Germany.
Have Formula 1 and Liberty Media finally found the right formula, or is this the beginning of the end for Formula 1 as we know it?
Comment down below and join the conversation with your thoughts about where Formula 1 is heading.
Category: marketing, Social Media, UncategorizedTags: AbuDhabi, Alfa Romeo, Australia, Charles Leclerc, DanielRicciardo, Daniil Kvyat, Ethihad, F1, Fernando Alonso, Ferrari, FerrariF1, Formula1, FormulaOne, Honda, Honda Racing, Lando Norris, LewisHamilton, LibertyMedia, MaxVerstappen, Mclaren, Melbourne, MercedesF1, Michael Schumacher, Nico Rosberg, Pierre Gasly Carlos Sainz Jr., Pirelli, Racing, RedBull, RedBullRacing, RenaultF1, RenaultRacing, Rolex, scuderia ferrari, Sebastian Vettel, Singapore, TommyxLewis, Torro Rosso, WTF1