As promised, here's the new post regarding potential sponsorship dollars.
In this current time of economic slowness, the facts are quite simple; first, that some traditional sponsors will be choosing other investments for their NASCAR dollars, second, that there will be a decreased number of potential sponsors in the traditional industries, and third, there will be at least a steady demand for sponsor dollars, if not an increase.
Given that, it would seem to suggest that the solution should very well be to search alternative industries for potential sponsors.
Currently, the main industries that tend to be sought are beer, hardware/home improvement centers, non-alcoholic beverages, food industries, automotive and electronic media. In most cases, that's a logical connection with NASCAR. The problem, though, is that most of those industries tend to be the places most consumers cut back when the economy gets tight. So, the answer must be to seek out other avenues.
Although it might seem to be a case of strange bedfellows, some of the areas that might make a surprising partner for NASCAR could be the green industries. I know that this doesn't seem to make much sense, but if you stop and think about it, it could lead to even bigger paydays for everyone involved. For example, such a partnership could pave the way to fast tracking the acceptance of alternative fuels for the average driver. I mean, this culture is geared toward a faster pace, how much faster can you get than NASCAR?
Another potential source for sponsorship revenue might just be colleges and universities. It is probable that the money issue may be a problem for some universities, but for some of the smaller teams, it could very well prove to be an untapped gold mine. Most of these colleges and universities have services that could prove to be most valuable to some teams with limited resources. Besides, isn't that where a good portion of the sponsor's dollars go toward? Research and development and engineering?
Other options might include publishing companies, promotion firms, state tourism bureaus, governmental departments, (I know, they have sponsored teams, but there's more than just the DoD!) and even entertainment industries.
Even though I have covered some of the potential industries the teams may approach for their next seasons' ride, these are by no means an all-inclusive list of possible sponsors. Unfortunately, where a team gets its bankroll is just the first half of the issue. The other half will be addressed in my next post; the roles that NASCAR and the tracks must assume in order to help the industry, not only survive, but thrive through this current economic situation.
So, stay tuned for part 2!