Driving brand forward with F1
More impactful than traditional media
©Jamey Price Photo @jameypricephoto
In case you missed it, Charles Leclerc won his home race in Monaco last week. It might be one of the most unanimously beloved home wins in recent memory. And while the race might be a bit of a procession these days, qualifying is always epic. An actual battle of man versus machine versus narrow street.
New sponsors are entering F1 and partnering with the teams, most recently and notably the HP x Ferrari title partnership. But McLaren continues to make moves through partnership extensions and impressive displays.
Let’s dive in.
Leveraging F1 for Brand Elevation
As Formula One continues its tremendous rise, partners like OKX are strategically positioning themselves to capitalize on this momentum and improve their brand reputation.
Ahead of the Monaco Grand Prix, OKX unveiled a special tribute to Ayrton Senna with the McLaren F1 Team, showcasing their strong partnership.
Chief Marketing Officer Haider Rafique noted that consumer perceptions of the crypto sector are shifting positively. With the popularity of Netflix’s “Drive to Survive,” the synergy with McLaren is key for OKX, the second-largest crypto exchange, to gain traction.
Monaco transforms into the ultimate stage for F1, attracting a mix of business moguls, motorsports fans, and media. OKX aims to resonate with the “crypto curious” audience.
Rafique highlighted, “McLaren’s journey from the back of the grid to current performance is incredible. Being part of this journey is inspiring.” Despite keeping partnership costs under wraps, OKX’s sports sponsorships extend to the Tribeca Film Festival, a LIV golf team, and Manchester City.
Rafique believes in the power of sponsorships for better audience engagement. “It’s about building meaningful relationships with communities, beyond traditional media.”
While acknowledging the challenges post-FTX, Rafique emphasized the growing acceptance of cryptocurrencies, driven by institutional milestones and market confidence.
A bit of a traditional use case for large enterprise brands like HP is showing off their shiny new F1 sponsorship at trade shows to signal to prospects, partners and competitors of their success.
It helps when everyone wants to come to your booth and be exposed to your brand, too.
More impactful than traditional media
McLaren CEO Zak Brown and CMO Louise McEwen have propelled the team commercially, even incorporating digital screens for dynamic sponsor placements.
Of course, the “Drive to Survive” series has been pivotal in attracting younger fans.
The tribute to Senna connects new fans with McLaren’s legacy. Current drivers Oscar Piastri and Lando Norris idolize Senna, further strengthening this connection.
Rafique underscored that the partnership with McLaren has been more impactful than traditional media buys. OKX’s activations, like the Singapore Grand Prix event, have proven successful in engaging audiences.
F1’s unique appeal for commercial partners is the global reach and a calendar that spans the majority of the calendar year, unlike an event such as the NFL’s Super Bowl that have a more siloed geographic impact and for one week or so.
OKX’s strategy aligns perfectly with the young, engaged F1 audience, making it an ideal platform for the exchange.
Why Modern Firms Are Drawn to Formula 1
Corporate sponsorship isn't new, but tech, fintech, and crypto firms are increasingly jumping on board, thanks to shifts in industry dynamics.
When Liberty Media took over Formula 1 in 2017, they transformed it into an entertainment brand, tapping into a younger audience through social media and content sharing. The same approach works for tech, where younger demographics crave involvement and behind-the-scenes access.
Netflix's "Drive to Survive" proved the power of storytelling, drawing new fans and boosting the sport's popularity, along with sponsorships. Similarly, modern tech companies see the value in reaching global audiences through high-visibility sponsorships.
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