The new Formula 1 market

Part of that transformation has been based largely on an expansion of markets and attraction of new fans through a new relationship in social me

Part of that transformation has been based largely on an expansion of markets and attraction of new fans through a new relationship in social media, content generation and gradual, but significant, changes to the rules that have returned to make competition exciting in the clues.

To understand, we have to review the market definition for a product or service. The market is basically a group of people who share a need, who WANT and CAN satisfy it. This entry definition is an initial segmentation that reduces the universe of potential consumers and in elementary mathematics, the more universe, the more possibilities of having a larger market.

And that’s what a country like China means. Having assets that can open the way to a huge market like China is a natural step to seek penetration and link to a market that must have many more people who want and can consume F1 than in other countries.

For this reason, this week we saw the announcement indicating that the Alfa Romeo team will feature the first Chinese driver in history: Guanyu Zhou.

“F1 is emotion, talent, risk, speed … But when it sends the money it can be ruthless,” said Antonio Giovinazzi, the Italian driver who will “give up” his seat for Zhou to occupy. There will be no Italian pilots in the so-called “Great Circus” in 2022.

Fred Vasseur, Director at Alfa Romeo said: “Everyone is excited. It is not just about Alfa Romeo, Orlen or another, everyone is trying to develop business ties with China, and this is the best way to do it. “

“It is much more about the potential. It could be much earlier than ’23, ’24. For us and our sales department it is a great opportunity, and we have to work on it ”. It is clear that it is a factor of market expansion and audiences from which the team and F1 itself benefit.

The latter is explained by the President of Formula 1 himself, Stefano Domenicali, who said: “It is fantastic, both for this sport and for the millions of Chinese fans, who will now have a national hero to support throughout the season.” We must maintain the enthusiasm of all Chinese fans in 2022 ”.

Guanyu Zhou is not an improvised person, he has his journey within motor sport and is a sports bet to develop. It’s not just about the business factor, but the weight is undeniable. In addition, the drivers are usually accompanied by sponsorships or financial support and it is the same case of Nikita Mazepin, Nicholas Latifi and Lance Stroll, incorporated to Haas, Williams and Aston Martin thanks to the financial support that their stay in the teams implies.

We must be attentive to the commercial and economic effects that this is going to bring. There will be. Let’s just think about what happened in the Grand Prix of Mexico and the delivery to “Checo” Pérez. Now, the Chinese Grand Prix will have a local appeal, with such a large market and the deployment capacity that the Chinese have, we will see an expansion and an example of how to enter new markets. Path that the NBA already explored at the time.