Preview - Tutorial 27, Racing Economics: Build Your Own Empire (Part 3)
Part 3 (of 3) in the Racing Economics: Build Your Own Empire Series. In Part 3 of the Racing Economics diatribe, Luke focuses on two topics that are essentially unrelated (except for having a direct result on the financial well-being of our racing endeavors). Those topics are:
Sponsorship and Deciding where to race.
A brief excerpt from Tutorial 27:
Sponsorship (I’ll often use the more politically correct term of “marketing partnership”) has to be a two way street. In order for the agreement to grow and flourish, it has to benefit both parties involved. On our end that means that we have to benefit from the agreement enough that it’s worthy of our time and energy (so don’t sell yourself short). On the other side, it means that we need to go above and beyond in fulfilling our obligations to these sponsors. They need to see the benefits that we’ve promised, plus some added incentives that we’ve created. If we can pull this off, we all but guarantee a longterm, mutually beneficial relationship.
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