Iconic Formula One motorsport team WILLIAMS MARTINI RACING is at the forefront of a movement to change the way sponsorships are valued by appointing the recently launched platform, Turnstile, to more accurately value its sponsorship portfolio for existing and potential commercial partners.
WILLIAMS MARTINI RACING is the first Formula One team to sign onto the Turnstile platform, which takes a revolutionary new approach to valuing sponsorships by incorporating methodology that goes beyond just exposure measurement by also analysing the intellectual property value of sponsorship assets.
Turnstile was launched globally by sport and entertainment consultancy, Gemba, earlier this year. Formula 1®, recently acquired by Liberty Media, were a foundation client for Turnstile and launched the platform at the MIT Sloan Analytics Conference in Boston.
Commenting on the rationale for appointing Turnstile, Head of Commercial at WILLIAMS MARTINI RACING Richard Berry said, “We were really impressed when we saw how Formula 1® was using Turnstile to underpin more strategic discussions with existing and prospective partners. WILLIAMS MARTINI RACING is always working to ensure that we are providing our commercial partners with best practice and we saw the adoption of Turnstile as another proof point of this commitment.”
Berry continued, “The Turnstile methodology will allow us to have more holistic discussions with commercial partners by recognising the full extent of our value proposition. We are also very conscious that WILLIAMS MARTINI RACING fans are consuming our sport across a variety of mediums and Turnstile will be able to capture the full extent of our global audience. Finally, and most importantly, we are excited about working with Turnstile to understand, for the first time, the full global value of our Intellectual Property.”
The adoption of Turnstile by WILLIAMS MARTINI RACING, is another proof point of the positive reaction the new platform is receiving from the global sport and entertainment industry.
“Our aspiration is to make Turnstile the global standard for the pricing of sponsorships in sport and entertainment, so the endorsement of such a powerful brand like WILLIAMS MARTINI RACING is a very important milestone for us and strong recognition of the value of the platform,” said Rob Mills, Director of Gemba.
“Since the launch of Turnstile in late February, we have had a tremendous reaction to the platform from both brands and rights holders. The industry is desperate to get a new approach to pricing sponsorships, that moves the conversation away from the current obsession with simply counting logos,” concluded Mills. Turnstile is currently being rolled out across a number of markets with projects relating to leagues, teams, events and stadiums recently completed.
ABOUT WILLIAMS MARTINI RACING
WILLIAMS MARTINI RACING is one of the world’s leading Formula One teams. The Williams name has been synonymous with top-level motorsport since the 1960s and has been winning grands prix for more than three decades.
The team has since won 16 FIA Formula One World Championship titles, nine for constructors and seven for drivers, and is the third most successful team on the grid.
Williams Martini Racing launched its 2018 Formula One challenger, the Williams Mercedes FW41, at the team’s season launch in London. In 2018, the Williams Martini Racing driver line up is Lance Stroll (Canada) and Sergey Sirotkin (Russia).
Turnstile has been developed by Gemba, a leading authority in the sport and entertainment industry, after more than three years in development. Gemba carried out extensive testing with leading international brands and rights holders, including Formula 1®.
Turnstile provides the first holistic measurement approach to sponsorship by quantifying value across three core components:
- Benefits: The market rate for tickets, hospitality, media assets and other inventory with proven market rates.
- Exposure: Using a proprietary methodology to assess the effectiveness of logo exposure, Turnstile captures logo exposures and then outputs values that reflect the actual market rates of the sponsorship industry.
- Intellectual Property: A proprietary algorithm that calculates the fan bases of sponsorship properties, with consideration of fan engagement levels and the purchasing power of fans.
Twitter handle: @turnstile_sys