Introduction to the New Era of F1:
In 2016, Liberty Media appointed Chase Carey, an entrepreneur with a notable track record at renowned companies such as Fox, Inc, DirecTV, News Corporation and 21st Century Fox, to head the Formula 1 organization. With his vast experience in business and entertainment, Carey took on the challenge of revitalizing and transforming Formula 1 into a benchmark for digital marketing and effective promotion.
The Absence of Initial Digital Marketing Strategies:
At the time of his appointment, Formula 1 lacked a formal digital marketing, promotion, sponsorship and research department. This deficiency raised the need to introduce effective strategies that would transform each race into an event accessible and attractive to a wider audience. With this starting point, F1 embarked on the task of implementing innovations and marketing tactics to boost its presence and popularity among the general public.
Arrival to Streaming:
Formula 1’s transition to streaming marked a significant milestone in its audience reach and engagement strategy. The availability of online racing, along with the “Drive to Survive” series on Netflix, has allowed viewers to enjoy the sport in real time and access more intimate and detailed content about life in the world of F1. This initiative has considerably expanded the fan base and facilitated greater interaction between F1 and its audience, thus strengthening its presence in the digital marketing world.
Signature of Checo Perez and his Impact:
The addition of Checo Pérez, a prominent Mexican driver, to Red Bull Racing was a turning point for Formula 1. Despite the previous presence of Mexican drivers in F1, the signing of Checo by Red Bull Racing generated unprecedented excitement in the fan community. His participation in one of the best teams not only highlighted his exceptional talent, but also strengthened the emotional connection between F1 and its fans in Mexico and around the world. This exciting move had a significant impact on F1’s marketing strategy, providing a closer connection with its fans and expanding its global reach. Today Checo is runner-up in the world championship and as Mexicans we feel very proud of that.
Exclusive Merchandise for Drivers and Racing Teams:
The availability of exclusive driver and team merchandise has broadened the Formula 1 fan experience. From custom-designed T-shirts to commemorative products for featured events, exclusive merchandise has allowed fans to show their support and loyalty to their favorite drivers and teams. This focus on personalization and emotional connection has strengthened the relationship between Formula 1 and its fan base, contributing significantly to its marketing growth.
F1 on TikTok:
Formula 1’s presence on TikTok has provided an interactive and dynamic platform for sports experts, drivers, teams and fans to share content related to Formula 1. Through entertaining videos, detailed analysis and exciting projections, the Formula 1 community on TikTok has managed to offer a deeper understanding of the technical and emotional aspects of the sport. This active participation in TikTok has attracted a younger audience and promoted a greater appreciation and understanding of Formula 1 among the younger generation.
Formula 1 has proven to be an unstoppable force in the world of digital marketing, using innovative and creative strategies to expand its global reach and engage a diverse audience around the world. With its focus on technology, accessibility and connecting with fans, Formula 1 has brought the excitement and adrenaline of the tracks to the screens of millions, establishing itself as a powerhouse in the global digital marketing landscape.
Sources:
Meet the Formula 1 Marketing Strategy that brought it out of the sporting shadows
https://www.blucactus.com.mx/estrategia-de-marketing-de-formula-1/
What is behind the Marketing strategy of the F1 Mexican Grand Prix?
https://www.merca20.com/que-hay-detras-de-la-estrategia-de-marketing-de-la-f1-gran-premio-de-mexico/
