FORMULA 1 and Its Impact On Businesses and Their Brands

Hoorah! Formula 1 2018 Singapore Airlines Singapore Grand Prix, one of Asia’s biggest motorsport, is happening from 14th to 16th September at the iconic Marina Bay and this marks a 10th edition milestone for Singapore. This recently renewed contract means another S$600 million in incremental tourism receipts for Singapore!

According to The Singapore Tourism Board’s statistics, the Formula 1 race event has attracted 450,000 international visitors over the last 10 years, which we see, makes one of the best marketing platform for many businesses and brands in Singapore.  Let’s look at how business and brands have benefitted from Formula 1 and how those who have not ride on the band wagon could: 

Opportunities and Marketing Ideas 

The Singapore night-time street race saw a record 260,000 attendees in 2017. About 40% of them are overseas visitors. This year’s number would be about 306,000 if it keeps the same growth rate of 18% as 2016-2017.

1. Airlines and hotels can get at least 80% occupancy rate or more by promoting:

  • vicinity and proximity to race venues 
  • sight-seeing or Heritage Tour in the day package 
  • additional room-nights booked at attractive discount rate 
  • shopping vouchers (tie-up) with nearby shopping malls, shops 
  • free Laundry services, entrance fee to parks or games or the night race itself! 
  • jointly with other consumer brands to host exclusive after-race parties for high-profile CEOs and key decision makers, to network, generate new business ideas and opportunities, or simply celebrate alliances and reward associates.

2. Theatres, amusement parks, spas, souvenirs retailers, bars, restaurants and retail shops in shopping malls, can gear up their marketing efforts to get that tourists spending by crafting:

  • group package
  • creativeproduct design and packaging with F1 theme 
  • new menu item specially for the F1 customers
  • special delivery service of their purchased goods (except durians) to their hotels
  • unique multicultural experience
  • organisea competition, held months earlier, to craft a special dish or cocktail for F1, and lobby to allow the champion organisation to launch and serve its winning entry at specially-designed F1 executive hospitality suites. 
  • delivery of special mini-party mealscooked and packed by restaurants. 
  • online sales and free deliveryof existing merchandise or new arrivals 
  • sending spas therapists or foot reflexologies out to customers’ homes for house calls.

3. Local small and medium-sized enterprises are hired for 90% of the preparation work such as circuit set-up, catering, ticketing and security services, for the race event. To gain a foot into the F1 supplier rink, these local companies could do these much earlier;

  • Strategic alliance with the event organisers, sponsors, venue suppliers
  • Provide competitive bidsfor the work to be done 
  • Extra quality services
  • Supply highly-trained talents and manpower of different races with excellent spoken English and at least one foreign language like French or Italian, as service crew, to give a unique multilingual, multicultural touch
  • Combine efforts and resources to sponsorMeet and Greet performing artiste at the different zone

With abundant opportunities to leverage on Formula 1® Night Racing’s combination of sights, sounds and electric atmospheremarketeers must get ready for an exciting breath-taking ride of brand awareness, engagement and ultimately leads and sales.

Image Credit: SingaporeGP @F1NightRace

 

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