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.
I’m guessing you are reading this to procrastinate further from studying from your upcoming exams… well don’t stop reading just yet, take in these tips and you’ll be well on your way to passing those exams.
Tip 1: Set achievable goals
Trying to study a whole subject in a short amount of time can be extremely overwhelming, so make sure you cut it down into achievable goals so that you don’t lose hope.
You could start by focusing on the main topics and then smaller topics after.
This is a guaranteed way to ensure that you’ll end up knowing the bulk of the information even if you run out of time.
Most key exam questions stem from the largest sections of a subject.
By taking achievable steps you are more likely to keep revising instead of giving up because there is just too much to do!
Tip 2: Practice Practice Practice
Grab out your favourite pen (Yes, everyone has one) and any other stationery that you need and practice some questions to get yourself in the mindset of exam taking.
By practicing answering questions as well as studying the information you are more likely to form a ‘context dependent cue’, that is, improving your memory and recall based on repeating a process or situation.
That way when you are actually taking your exam your mind is tricked into being more confident and feeling as though you are just at home practicing.
Less stress, and better performance.
Tip 3: Eat and Stay Hydrated
This one may sound simple, but it is probably the most effective.
Treat your brain like a muscle. An athlete needs to take care of themselves in order to achieve maximum performance, so why treat your brain any differently.
Make sure you eat and drink enough in the lead up to your exam to ensure that you can think with the best clarity and put all that hard studying into practice.
Try each of these and see your exam results skyrocket.
Join the conversation and comment down below your key exam tips!
How is marketing evolving?
What does this mean for the future of your business?
Well, there is no simple answer.
However, I have reached out to one of Monash University’s esteemed academics, Peter Wagstaff, who I have had the incredible ability to have been taught by over my time studying at the University. He has a wide range of knowledge and expertise in the marketing field and has inspired me to create my own in-depth analysis about marketing which have been the basis of my blog so far.
Wags was able to offer me some key insight and concepts that affect the marketing industry, I have outlined these below.
Whilst traditionally marketing has been viewed as a very creative field there is a strong movement towards also having a core ANALYTICAL understanding.
This means being able to understand huge data sets and create meaningful interpretations to help the business move forward and remain competitive.
Try Google analytics, it’s a great tool to be familiar with in the industry.
These two ideas have begun to merge rapidly. Most marketing approaches include some underlying digital aspect which is key to the overall marketing process. They should work simultaneously, not in isolation.
However, it is clear that consumers are wanting more and more control over what they allow companies to access. This is likely to drastically affect the way companies currently undertake marketing processes and will only get more complicated as the digital age evolves.
This is a highly contentious issue which we still do not know the full extent of, but we do know that it will affect the way in which businesses gather information and it will likely limit the extent to which they can use the data they do collect.
These are only guidelines and opinions; however, they are worth keeping an eye on.
Join the conversation and comment down below any insights you have about marketing/ digital marketing.
Another Thank-you to Peter Wagstaff for your valuable insight and support.
Additional readings and references: