Fernandes: F1 sponsorship tide turning 17/05/2010 |
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Lotus boss Tony Fernandes believes confidence is starting to return to the Formula 1 sponsorship market after several difficult years.
"I think so and that is one of the reasons why I came into F1," he told Autosport. "You smell an opportunity sometimes and, when everyone is saying that is the end, I am generally a contrarian and I think: 'Oh, there must be an opportunity here'.
"I think F1 is still very popular, I think it is finally engaging more and reaching out to new types of sponsors and reaching out to new media. I think it is a turning point and I think it will start attracting new names and big names."
Autosport reports that F1 has welcomed in more than 25 new and returning companies this season – ranging from major brands like HP, Lada, CNN and Burger King to newcomers like TW Steel, Full Tilt Poker and the Tune Group.
A recent F1 Racing survey conducted in conjunction with LG and the Formula One Teams' Association (FOTA) showed that fans’ purchasing decisions were directly influenced by sponsors' exposure in F1.
When fans were asked if they were more likely to buy products from companies or brands that sponsored teams, 56.3 per cent said yes, while only 6.8 per cent said they were less likely.
However, Fernandes pointed out that F1 sponsorship is changing. "I personally think that the age of just having stickers on the car is finished – you have to deliver value,” he added. “You only have to look at TW Steel. I think it has done very, very well out of its relationship with F1.
"So I think it is going to be a mix of pure branding and people who want to be associated with a team for coolness, or accessibility, to build their own brand, or for people who are looking to F1 to help grow their business."
Watch maker TW Steel began a sponsorship deal with Renault at the final race of last season, having previously backed A1GP.
Stewart Bain, chief commercial officer of TW Steel, told Autosport: "It was definitely the right time to do it. I think that TW Steel has made a very, very good impact in its first steps in F1. How does that transpose to us? In selling more watches.
"Since we launched the Renault collection at Basel, we have had an instant demand for it. The instant demand was based on taking F1 to the consumer, and we created a watch that people wanted to buy, was affordable and good looking.
"Renault recognised that, and I think that the demand for TW Steel is built on the opportunity of what the brand is all about and it fits very nicely to what we are trying to achieve. I think the tide for sponsors is definitely turning. But it had to."
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