Formula E had it’s first race three years ago and since then, it has enjoyed great success, with its fan base growing after each and every race.
This is partially because of the great, action-packed racing that the series offers; each race features close, wheel to wheel action between drivers who work towards getting the most from their car while consuming as less energy as possible. This makes for very intense and close races with the both the drivers and fans enjoying them thoroughly.
But what stands out about Formula E’s success is its successful marketing.
Unlike other racing series, Formula E has targeted the mass market and they have done it successfully by having races in famous and densely populated cities like New York, Buenos Aires, Paris, Hong Kong, Mexico City, London and many more.
Since these cities are largely populated, Formula E uses the tool of advertising very effectively to spread awareness that a race is being held in the middle of the town.
Since Formula E promotes sustainable development, local governments love it and so, they are more than willing to host a race in their town which is very beneficial for the series.
Also, by choosing to have street races in cities instead of traditionally having races on permanent road courses, Formula E has achieved success in its goal to attract the common people who are fans of motor racing.
But how does Formula E gain fans by doing the same?
For instance, if there is a motor race on a peaceful Sunday in your city, you definitely would take interest and would want to go there and see what’s going on. If you like it, which you most probably would because who doesn’t like to see cars racing with each other, you will start watching more races.
Eventually, you will definitely become a fan of the series! Formula E has done the same with the locals of the cities that they race in and thanks to that, their fan base is growing rapidly and so are their number of viewers for a race.
Thanks to this, they are also able to earn a lot of money in ticket sales as the race is very accessible to the locals and they can reach it with ease. This is not possible if the track is situated a hundred kilometeres away from the mainland, a lesson which Formula One cruelly learnt multiple times.
But the series does not race in every city in the world. So, to cover up for the disadvantage caused due to geography, Formula E uploads a lot of videos on social media and spends loads of money in order to promote their brand.
They do so by airing their own TV show and also advertising the series a lot on various social-media platforms. So, this way, people are very well aware that the series exists and the chances of getting more fans increases.
When more fans start to gather, sponsors will instantly take interest in the series as they see a potential market to advertise their own brand and so, that way, Formula E will able to earn loads of money each year.
The best thing that Formula E does is that whenever it organizes a race in a city, it promotes the brand a lot and makes the race like a festival for fans, just like NASCAR and then, after a lasting, good impression is made on the minds of the fans, the series moves on to another city and comes back there after a few years.
This is a masterstroke because if a race is being held in a city every single year, its demand and the effect that it created at first will be ruined and so, people will start to lose interest in the same.
Instead, Formula E picks up a large number of fans from a city and then comes back there after some time, when the demand for the race is increasing and during the time that they are away, they gain new fans from the other cities that they go to.
What Alejandro Agag and his team have done, is simply fantastic and other racing series such as Formula One and IndyCar must learn a thing or two from Formula E about having really close races, increase fanbase and most importantly, retain them.