Racing To Find Answers To Economic Issues…

May 25, 2008 by Joe Favorito · Leave a Comment 

As gas prices soar, business looks for ways to use economies of scale and look for even bigger bank for a more limited dollar, brands, teams and athletes have to be more conscious than ever to look ahead for the clouds on the horizon and address the very real concerns of their fans and partners BEFORE they become a major issue.  Now more than ever, being creative and proactive can be most important.  With two mega races this weekend, NASCAR’s Coca Cola 600 in Charlotte and the IRL’s Indianapolis 500, there were a few pieces that showed that proactivty and perhaps some answers to the real concerns of fans and brands that are worth a read.  On the NASCAR front, there have been several pieces in recent days on how the gas crunch is beginning to effect fans attendance and spending patterns, and some of the measures that tracks are taking to help ease that burden, while on the Open wheel side, there was a great piece in the New York Times on Indy driver Sarah Fisher and her real issues when sponsors depart and how her team can compensate.  These pieces show both sides of the economic equation…how the athlete can be effected by the economy and what he/she has to do to address it, and what the league or brand has to do when the fan is being so adversely effected.  Both show insight, give solutions and have the opportunity to spin so that all see the brands are thinking proactively in a looming crisis situation.  Good lessons for all.  Also on the ROI front, the data company Joyce Julius released a solid piece of info this week on which sponsors are getting the most return from spending on drivers with TV exposure, with Dale Jr. leading the way.  Good read for all those who often wonder how to correctly monitize brand exposure through TV.