Studying other industries and bringing their strategies back to your own can give you a bigger advantage than just studying your direct competition.
Formula 1’s popularity in North America was minuscule for a long time, but it has recently started to swell, with the Harvard Crimson reporting that viewership per race
For example, consider your social media strategy. These platforms do not require a fancy production; in fact, viewers tend to prefer a lower-quality look as it feels more “real.” With a large suite of creator tools, you can start producing behind-the-scenes content that humanizes your brand. Remember: People buy from people, not from logos.As a result of F1’s prioritization of social media, fans feel as though they are a part of the race-day story.
Relationship building is a two-way street. It’s important that you put the time and effort into fostering a relationship with your customers.F1 Fantasy is a free-to-play product for F1 fans. F1 devoted time, budget and resources to building and maintaining this product. Why? Because it ultimately led to them retaining and acquiring more customers.
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