Pushing the Limit: Research Live on Formula One's New Insights Strategy
On 16th May, Research Live published an article online detailing the resounding success that Formula One has achieved since operating under new ownership. Entitled Pushing the Limits, the article by Jane Bainbridge details the journey Formula One have taken to success though thorough market research efforts.
Pushing the Limits with Market Research
Under the eye of former owner Bernie Ecclestone, market research wasn’t an area that was explored within Formula One, and as such, the business had little to no understanding of their target audience which resulted in a decline in ratings. However, Matt Roberts, formerly a researcher within the sports media industry, has quickly turned that around and found a massive amount of unprecedented insights as to the current audience and customer-base of the Formula One (F1) motorsport.
Roberts’ research experience within multiple high-profile sports media companies made him the perfect candidate for the Global Research Director for F1. With his knowledge and experience in market research, Roberts’ quickly pulled together a research team and designed strategies to gain actionable insights for the business. With no research input beforehand, whatever insights gained were guaranteed to make an immediate impact across all areas, teams, and sponsors within F1.
The thoroughly insight-led research strategies that F1 implemented started with Flamingo conducting an in-depth study consisting of a number of focus groups within the UK, US, and Brazil, in order to understand the general perception of F1 across both fans and non-fans alike. This general indicator of public perception would allow them to design further research in order to gain insights into why this perception was like it was, and how they could change that to gain a wider audience.
Fast forward two years, F1 have also partnered with the research agency Goodform, who are using FlexMR’s InsightHub to cultivate and nurture their dedicated F1 Fan Voice online community to tap into insights are needed. The research conducted on this platform are structured surveys and polls for quick easy quantifiable insights. To read about the insights gained from F1’s research experience, access the full Research Live article here.
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