Powerful partnerships – how sports sponsorship really works
Image source – Raconteur
Partnership not sponsorship
The answer is simple. In Formula 1, as in many other sports, companies are much more interested in building meaningful partnerships than they are in briefly increasing their brand visibility. Longer-term partnerships are what matter, the logo on the car is simply the symbol of that partnership.
Consumer brands vs B2B brands
Of course there are consumer brands, such as Red Bull and Vodafone, who successfully use the sport as a vehicle to engage a wider audience through brand visibility in a very appealing environment. For instance Red Bull had David Coultard drive an F1 car on the helipad of the Burj Hotel in Dubai, and it became one of their most watched pieces of social media content ever.
Image source – The National
However business-to-business sponsors can really reap the wider rewards of association with this glamorous, technologically innovative and high profile sport. Take for example the Williams team partnership with world-leading human resources provider Randstad.
Shared learning and innovation
Established ten years ago with a common goal of driving high performance and understanding the future of engineering and IT, Randstads partnership with Williams has been described as ‘a huge success’.
In the same way that technological developments in automotive engineering have been passed down from the F1 test tracks to today’s road cars, so innovations in IT and technology have been shared between the Williams team and their brand partner.
In an article on the Randstad website, the companies director of international marketing Joost Schriever says ‘We are one of the world’s biggest recruiters in engineering and IT. It is vital that we understand what technologies and skills are going to be needed in the future. Formula 1 gives us that insight.’
Image source – Randstad
There is currently a large shortfall in the number of science and technology graduates, and as new talent becomes increasingly scarce in this field, the partners are collaborating to address the issue with creation of The Randstad Williams Engineering Academy, an elite institution designed to identify talented young engineers.
Image source – Randstad
The power is in the partnership
This example, along with others such as Ferrari’s deal with Kaspersky Lab and McLarens relationship with technology company SAP, are proof that the true power of sponsorship lies in mutually beneficial partnerships.
Naturally there are the obvious perks of F1 sponsorship – track days, driver experiences, factory visits, VIP tickets, glamorous events. But it is clear that the real value lies in the sharing of knowledge, innovation, technology and profile. The logo on the car is merely the seal on the deal.
If you would like to know more about how we can help your brand or business present and build powerful partnerships please get in touch