Many people look at horse racing as an age-old sport that is heavily tied to tradition, but the truth is that horse racing follows the latest technological trends to prepare for the future.
After all, horse racing is a sport that dates back centuries, and which other sport has managed to stay relevant for hundreds of years?
This means that either horse racing is very exciting to watch and draws people in, or they use very successful marketing techniques to build hype over the sport.
Well, both of them are true. Let’s focus on the marketing part of horse racing and find out what we can learn from this veteran.
Branding
Much like racehorses with unique and memorable names, your business needs a distinct brand identity.
However, building a successful brand isn’t tied to sales. Instead, it is connected to true emotional connections to your audience. To showcase the 2023 Breeders’ Cup Contenders by TwinSpires.com you need to connect with the animals and know their names and their paths to achieve the ultimate goal of competing in the Santa Anita track.
Think of your brand as your prized stallion – it should stand out, reflect your values, and leave a hoofprint, um, I mean, a lasting impression on customers.
What makes a brand truly stand out?
A stand-out brand is one that not only looks good but also resonates with customers. It should tell a story, convey a purpose, and connect emotionally. Think about the Apple logo or the Nike swoosh; they’re simple yet incredibly powerful.
Storytelling
Most brands are focused on sales and what problem their product or service solves, but they forget about telling a story.
In horse racing, it is the other way around. First, you are slammed with an exciting story that evokes emotions; then, you get to witness the action.
Let’s take Kentucky Deby as an example. The race attracts more than 140,000 fans each year. Do you really think that people travel from all around the world just to see horses race for two minutes?
Even though there are passionate horse racing enthusiasts, most of the people there are for the story.
You should share your brand’s journey, mission, and values to create an emotional connection with your audience.
What’s the secret to compelling storytelling, you may ask?
Great storytelling involves not just sharing facts but also evoking emotions. You should create narratives that resonate with your audience’s desires, fears, and aspirations. And in this digital age, you can easily share your story through social media and make an impact.
Know Your Audience
Successful racehorse owners understand their horses’ unique strengths and train them accordingly. Your marketing efforts should also be customized to your target audience.
Many people make the same mistake of promoting a product or a business without doing any market research on what their ideal customer is and their needs. That way, your entire marketing campaign might be unsuccessful due to poor targeting.
Do your homework – get to know their preferences and needs. After all, you wouldn’t feed hay to a racehorse, would you?
How can I really get to know my audience?
Start with market research, surveys, and analyzing customer data. But don’t stop there; engage with your audience on social media, respond to their comments and feedback, and build genuine relationships.
Adaptability
Just as racehorse trainers adapt to track conditions and racing trends, marketers must stay agile.
Most marketing ‘gurus’ make the same mistake of crafting a strategy that seems to be working at the moment but sticking with that strategy for a long time. In most cases, the results from that strategy will start to go down.
We live in a fast-paced world where your marketing strategies need to adapt to the latest trends very quickly.
Horse racing is a sport that confirms that this is possible. Despite being one of the oldest sports in the world heavily tied to tradition, they are always looking to explore new markets, like the crypto market recently.
Consumer behavior shifts, technologies evolve, and industry trends come and go.
How can I keep up with rapidly changing marketing trends?
It’s hard, but possible. Stay informed and embrace continuous learning. Attend industry conferences, subscribe to relevant publications, and encourage your team to explore new ideas and technologies. Flexibility and adaptability are your best assets.
Engage and Entertain
Horse racing isn’t just about races; it’s a complete entertainment package. If you’ve ever attended a horse racing event, you’d know this. It is about the food, the carnival days before the race, the passion, and more.
We get it; your product or business might solve a problem for your customers, but they want more in return. They want to be entertained and for brands to engage with their audience on a much more personal level.
Building Relationships
In horse racing, strong relationships between owners, trainers, jockeys, and fans are crucial. The whole idea of horse racing is centered around building relationships.
For example, most of the people attending horse racing events are only there to increase their network.
And the situation should be the same in the world of business.
There are multiple benefits to building relationships with fans, other businesses, and even competitors.
The key here is to have open communication, set a goal, and be honest. In the future, these relationships might bring you a lot of money.
