Change is always with us, and in the business of Formula One™ the teams forever have to manage change whether as a result of external or internal forces.

The sport is closely regulated by its governing body, the FIA, and each year new rules and regulations are agreed and applied to the teams, necessitating changes to the F1 cars, the processes involved in competing or the technologies employed.

For 2014, for example, the FIA has introduced a step change in powertrain regulations, necessitating an estimated 35% reduction in fuel consumption, the creation of sophisticated hybrid systems and the requirement for F1 cars to be powered by electricity alone when in the pit-lane – all within the context of maintaining performance.

The ban on tobacco sponsorship and advertising

 

passed by the European Union in 2003 and implemented on July 31st 2005 ended the single largest source of revenue for the Formula One industry, necessitating a top-down change in the commercial model of the sport and a new approach to winning and sustaining customers.

As a result of the change in commercial model, the sport had to learn how to win customers heavily influenced by topics including corporate governance, corporate social responsibility and sustainability. Formula One had to change.

Although utilising a tiny amount of fossil fuels, the fact that the sport does burn valuable resource led to a need to alter its messaging. Hence the ban on tobacco sponsorship led directly to the FIA’s quest to make the sport more appealing to brands sensitive to the needs and preferences of its customers.

 
 

"He was able to combine his experiences of F1, leadership and engagement in a humorous and enlightening way that really connected with the audience."

General Manager and Human Resources Director, Airbus

Please contact Mark Gallagher to find out more and to discuss your business speaker requirements.