The Business of Auto Racing
Just like owning hotels, guest houses, real estate management or any other profitable business you can think of, you can also own a motorsport racing team as a business in which if you play your cards right, you can make a good fortune out of the business. You can make your team and scale heights up to the upper level or you can buy shares in a team. But in both cases, you need extensive capital thus have to be an established businessperson ready for any risks to put your money in this type of business.
Examples of people who have ventured in the business of motorsport racing are Roger Penske of Penske Racing, Rick Hendrick of Hendrick Motorsports and also owner of Hendrick Automotive Group which currently is the largest private dealership group in the country and finally Chip Ganassi who was a sportsman in motorsport and when his career ended, he gathered enough money to be a part-interest partner in IndyCar team and later become successful enough and now owns a team in IndyCar known as the Ganassi Racing Team with facilities in Charlotte, Pittsburgh, and Indianapolis.
Today we are going to focus mainly on this team and how they have managed to become one of the most successful brands as explained below:
· Safety First
This is the primary objective of everyone including sponsors and most importantly, the team which takes part in the competition. It is with this reason that speed is limited not like the F1 racing where technology is far much ahead.
· Efficient and Productive Marketing
A good marketing plan is the center of success in a brand. Building knowledge to customers about their brand makes a greater turnout and the marketing is done to the right audience. In this way, there are more returns per race making the brand grow spectacularly.
· Diversification of the Brand
The Ganassi Racing Team unlike many of its competitors are involved not in just IndyCar but also IMSA and NASCAR which offers more strong partnership providing synergies for NTT Data. It takes more than just a logo brand on a race car to be successful business partners in sport. It is all about maximizing on each other’s strength thus enhancing the well-being of each other.
· An Ecosystem of Partnership
Setting up a successful partnership in sports with both parties truly understanding the needs and requirements to achieve maximum output is not just a walk in the park. Therefore, it is essential to create a genuine and solid relationship with all the parties not forgetting the sports fan who always enjoy being part of the whole experience and in that way, more returns are registered. It is also of much necessary to have the best communication systems with the fans about the schedule and always try to win in all races.
· Having a Constant Evolution
The times change now and then, and technology continues to advance. You also need to advance as a brand and be on par with everything. All opportunities must be utilized whenever realized. Like NTT Data, they have experienced high growth market because, apart from Japan, they undoubtedly realized North America as a great opportunity to work and grow since winning is both on and off the track field.
· Friendship in Teams and Individuals
Sharing ideas and thoughts as friends is a good thing vital for growth. An example is the four Ganassi Racing Teams often stick together even though they are individual drivers all of them wanting the Checkered flag which is simply winning. Nevertheless, professionalism is key and thus you have to know where are your boundaries making sure you don’t go beyond them.
· Having a Unified Series
The IndyCar has used this trick to market themselves and it has worked making the company flourish. This is because the series attracts more foreign drivers and also takes place in different cities like the 2014 series which had 18 races and took place in Detroit, Toronto, and Houston. The series has gained popularity over the years and has made Car Racing the top-level sport in North America.