As the racing season starts to\nwind down, organizations are assessing their performance and charting the\ncourse towards the future. This month we\nwill look at how they navigated thru the shutdown and laid the foundations\ngoing forward.<\/p>\n\n\n\n
During the shutdown, sanctioning\nbody officials took the initiative with big changes from a schedule standpoint.\nMix it up, new venues, circuit configurations, and date modifications.<\/p>\n\n\n\n
Most of races on the calendars\nwere held with a few minor exceptions. \nThey remained flexible and made changes deemed necessary by municipal\nofficials due to health concerns.<\/p>\n\n\n\n
From a minimal admissions\nrevenue standpoint for the prior year, venues knew fans would be in the stands\nbut at what level. Therefore, they knew\nthe traditional playbook was not going to be the norm. <\/p>\n\n\n\n
Tracks had to consider a broad\nrange of potential solutions. <\/p>\n\n\n\n
They needed to grow the fan\nbase. This meant reaching out to meet the needs of groups who have not attended\nor following racing. <\/p>\n\n\n\n
Increase visibility and ease\naccessibility thru outreach and promotion. \nThe goal would be to inspire new and diverse groups to be part of the\nracing community.<\/p>\n\n\n\n
The key to success would be to\ndevelop, retain and strengthen the fan relationship on a year\u2013round, two-way\nbasis. The result leads to ticket and merchandise purchases during the season.<\/p>\n\n\n\n
It has to be built on\ntrust. This means the tracks, teams, and\ndrivers will meet the physical, emotional, financial, and digital needs of\ntheir supporters.<\/p>\n\n\n\n
Once the foundation is\nsolidified, they have an unprecedented opportunity to embrace all fan groups\nfrom casual followers to fanatics.<\/p>\n\n\n\n
Technology is important on and\noff the track. The use of information for\ndata monetization to generate revenue cannot be underestimated. <\/p>\n\n\n\n
Analytics are being used to\nguide decision-making and support marketing efforts. Tech platforms and artificial intelligence\nhelp racing entities understand fan sentiment and behavior.<\/p>\n\n\n\n
The result is connecting with\nfans in ways that creates a better fan experience and new sources of revenue.<\/p>\n\n\n\n
Sports and entertainment have a\nunique role in society, they have a platform in which they promote positive\nchange. This has become more evident\nover the last few years.<\/p>\n\n\n\n
Series, teams, and drivers have\nembraced this critical role in addressing issues related to inequality and\ninjustice. They are making part of the culture and operations.<\/p>\n\n\n\n
It is not an easy task since\nthe target is always moving with shifting societal dynamics and trends.<\/p>\n\n\n\n
Being proactive with decisions\non social justice is not without its controversies. It becomes news headlines and creates fallout\nwith segments of the racing community.<\/p>\n\n\n\n
Working with its key\nstakeholders and partners, motorsports was able to move forward with positive\nresults. New teams and sponsors entered\nthe sport and deepened their commitments.<\/p>\n\n\n\n
Fresh initiatives such as\ndriver development and internship programs tend to grow opportunities at all\nlevels.<\/p>\n\n\n\n
Over the eighteen months, motorsports\ntook the unprecedented initiative to reevaluate certain aspects of its business\nmodel to build a new future. It is not\neasy to continually reinvent how they think and operate. <\/p>\n\n\n\n
Bold moves and willingness to\ntry new things – that\u2019s what racing is all about.<\/p>\n","protected":false},"excerpt":{"rendered":"
As the racing season starts to wind down, organizations are assessing their performance and charting the course towards the future. This month we will look at how they navigated thru the shutdown and laid the foundations going forward. During the shutdown, sanctioning body officials took the initiative with big changes from a schedule standpoint. Mix […]<\/p>\n","protected":false},"author":5,"featured_media":874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts\/873"}],"collection":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=873"}],"version-history":[{"count":1,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts\/873\/revisions"}],"predecessor-version":[{"id":875,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/posts\/873\/revisions\/875"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=\/wp\/v2\/media\/874"}],"wp:attachment":[{"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=873"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/businessofspeed.speedwaysonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}