The stakes are high. Formula 1’s Liberty Global backed expansion into the U.S. market, has a billion-dollar annual upside. Their self-promoted Vegas F1 race comes to the fore this weekend. Breaking the US is a big strategy and plan for F1. Let’s take a look at a few of the tactics that are being deployed to make it happen.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet consectetur adipiscing elit dolor
Jay Leno is the petrolhead’s petrolhead. His belting car collection, overt passion for and real credibility help drive F1’s awareness to his large social media audience. He talked about how he loves how Formula One and how it has grown in the States. He credits the Netflix Drive to Survive series and comments on the inaugural Vegas race as a pinnacle of F1 presentation.
F1 took a leaf from the National Basketball Association (NBA)‘s playbook and got pop culture icon U2 on the team. Bono who is playing at the Sphere name-checked F1. He compared the band members to F1 drivers, “On the bass, the most elegant man on the circuit. Who is it, who is it? Lewis Hamilton is on bass! On guitar, the Monaco model himself, Charles Leclerc! I’m at home with country music and metal and I am the right person to bring peace between Formula One and NASCAR – on vocals, Daniel Ricciardo!”
We’ll be back, Las Vegas… For now, over to you @F1! pic.twitter.com/fS6PFgVWx8
— U2 (@U2) November 6, 2023
Tomorrow Las Vegas Grand Prix, along with presenting partner the @Las Vegas Convention and Visitors Authority (LVCVA), will host a concert to green-light the event. Andra Day, Bishop Briggs, J Balvin, Journey, Keith Urban, Steve Aoki, Swedish House Mafia, Thirty Seconds to Mars, and Will.i.am are all set to perform along with the Vegas regulars Blue Man Group and Cirque Du Soleil
F1 drivers are still an underutilised asset. Hidden behind a helmet. Deep in the cockpit. Scant seconds on the podium just for the top three finishers. They have long been underexposed. F1 took flack for pushing the drivers to the fore, just 30 minutes before race time at Miami. The Controversial driver walk-ons will return at Vegas- despite being criticised in Miami earlier this year. Perhaps the execution could have been better but F1 is on the right track. Positioning the drivers as Superstars with clearly defined characters will help build fan identification in a sport where only Ferrari has genuinely got deep team brand loyalty.
The NBA did it well with Shaq, LeBron, Tim Duncan or Alan Iverson or against defined geographical audiences like Tony Parker, Yao Ming, Gasol or Dirk Nowitzki helped to expand the game across Asia and Europe in the mid-2000s when I was there.
Lots of press around the premium prices of Vegas F1 tickets. The big news of someone paying a staggering five million dollar price tag for the terrace at Caesar’s Palace is a lesson in anchoring. Price anchoring is a powerful tool used by luxury brands that deploy a highly visible high price point, which serves as an anchor for comparison against lower prices. By positioning the anchor at Vegas so high, F1 makes any lower prices seem more attractive and enticing. The $2,180 Grandstand seats look a bargain despite being very high – comparable to a full hospitality package at most Grands Prix. The highly publicised anchor price creates a perception of value and quality, making the lower price appear more appealing.
We are YEG! the GCC’s leading sports, MICE, and cultural events agency. We work with blue chip clients and government on travel, sports, conferences and celebrations.
Contact us here
