How F1 is using social media as a tool for promotion and the Click to edit Master subtitle style
Social media introduction∗ The importance of social media …∗∗
F1 concerns∗§ F1 Revenues to double to $3 Billion in 4 Years - but possibility of only 1 more track to join ..§ § Track fees to reach $100million for newer tracks. § But other new tracks losing attendance and money – Korea – Shanghai§§ How to maximise revenue for these new locations?§ § 12.5Million viewers last year in India - 0.9% of the 1.2 Billion population § § 160Million middle class audience – expected to increase by 67% in 5 years *** § § Sponsorship concerns over tight budgets of firms due to recession affected 2010 revenues for f1 teams and track events. 2011 showed slow signs of improvement .. So how does social media help? §
AIDA RepresentationAwareness – Conversations that includedNews Articles, Reviews and Informationabout Formula 1.Interest - Conversations and Campaignswhere opinions were expressed,Interesting news regarding the event andviewpoints were discussed.Desire - Conversations where usersshowed a desire to attend or be part ofthe event.Action - Conversations where usersmentioned that were attending the eventand had taken some action towards it. Source: 2011 Formula 1 Social Media Study.
Result?∗ Vodafone, Lenovo, Tag Heuer, Johny Walker, Hilton Hotels, Hugo Boss are all impressed with the development and growth of the middle-class here.∗∗ Although it hasn’t brought about results yet, brand recognition is penetrating the new market. Yet the key aspect is social media is – low cost! But can have negative impact as mentioned before
Social Media in F1∗ The greatest ingredient of sport is the fan element – a collective identity that all share the same fanatical ideology over a game∗∗ The sport can use the opportunities that social media allows for interaction to appeal to a much wider national and global audience. Furthermore, there is the chance to engage younger people who are spending much of their time online, conversing, following and creating on various online channels. These young audiences are the future fan base for Formula One and missing out on the chance to connect with them now can turn out to be grave for the sport∗ ∗ Ferrari uses video chat in bringing F1 fans closer to the action ∗ Lotus declares strategy on twitter during race – also of any new changes. ∗ Individual driver accounts – personal thoughts – fueds etc .. Hamiton, Vettel, Webber, Alonso, Button ….. And room for growth – nothing compared to Football – Ronaldo and Messi alone have 70 milionfans on facebook .. The collective fans for F1 for all driver in 2010 was approx 4 Million ..