MOD 029: Your Growth Model Needs To Go To The Gym
Merchants of Dirt Episode #29
Learn how race promoters use the Always Be Racing (ABR) growth model to maintain their sales volume enough to make racing a full-time gig.
In This Episode
- 0:01 – Welcome
- 0:01 – Be an MMA Business Fighter
- 0:01 – Using Encores and Playoffs to provide value
- 0:01 – Always Be Racing
- 0:01 – Call to Action
Key Take Aways
Be an MMA Business Fighter: First, I talk about why your competitors are lazy. By this, I mean that they don’t change their strategies all that often, especially when challenges show up. They’re used to seeing new promoters show up, get frustrated, and quit long before they need to do anything serious about it. But when you enter the market, you want them to be lazy. Do you want that fight to include the best fighter there ever was? Of course not. You want to compete against a sickly, ill-prepared, underserved, under coached fighter. Then when you get into the ring, you want to beat that fighter to a pulp and take away all of his lunch money.
Using Encores and Playoffs to provide value: Next, I get into how off-road race promotion is a close cousin to Event Management and Sports Management. You can learn a ton by observing other industries. Think about the business that rock bands and football teams are in. Just like race promoters make money by putting on races, the real money in performing music and playing sports is in putting on rock concerts and football games. And just like in race promotion, it is the volume of concerts and games that will make the business a profit.
Always Be Racing: Finally, let’s take the championship concept we derived from looking at encores and playoffs and apply it to your race promotion business by implementing the Always Be Racing or ABR concept. Building volume has everything to do with the number of races you host in a season. Your goal is to maximize your promotion efforts by producing a multiple of each of your race products over an entire season. Instead of hosting only a few races a year, the ABR concept focuses on producing groups of race disciplines over the entire year.
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