Driving business benefits from the pace of change
Business models break, new ones develop, technology evolves, regulations are revised and customers alter buying habits.
Every industry is witnessing change, and Formula One is no different; as a multi-billion dollar sport it has seen unprecedented change in the last 20 years. The number of events has grown, shifting from its heartland of Europe to a truly global calendar which sees 65% of events in long-haul destinations. The media landscape is changing out of all recognition; gone are the audiences made up of families watching television together, instead global sports are having to develop products to appeal to all ages and demographics, across multiple digital media platforms.
Not only are the sport’s teams doing business in new places and in new ways, but diversification strategies are being implemented as business models evolve. The EU ban on Tobacco Advertising and Sponsorship in 2005 caused a seismic shift, so do did the aftermath of the 2008 financial crisis. Today teams are selling technology solutions into diverse sectors including automotive, healthcare, pharmaceuticals and aerospace; a radical transformation for Formula One teams, now operating as technology providers to industry.
Above all, Formula One’s leadership teams have had to communicate, manage and implement transformation strategies, bringing their teams with them, and ensuring that they make the most from embracing change.
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