Many race teams make promises to sponsors and fail to deliver, especially with marketing. Typically, racers’ deals with sponsors include marketing the sponsor’s products or services. That means, the race teams set aside money in their budgets to do the marketing. But something happens, a blown engine or another major race car failure, and the money earmarked for marketing disappears into the racing budget. The sponsor or sponsors are forgotten, and it is the beginning of the end for that sponsor relationship.
One friend, who is successful in sponsorship, presents seminars on it. He starts off with an interesting exercise, asking attending racers to write down the amount of sponsor money they believe they might need for their racing budget. Okay, you do that right now, too, and keep that…
