What’s your name and position within the organisation?
Robin Fenwick – CEO, Right Formula
How has Right Formula grown in the 10 years since you opened for business?
When we first began, I felt that specialising specifically in Formula 1 was important until our brand had generated the broader awareness it needed. It allowed us to have cut through and attract some of the very best talent in the marketplace.
Over the past ten years, we’ve been fortunate to take some of our motorsport clients into other sports, but also attract completely new clients in some carefully chosen new sports with the new skill sets and experience we had in-house.
Throughout this we’ve maintained the same premise from when we started: hiring experts in their field and ensuring we’ve got the best talent available, so that we know we will always deliver to an extremely high standard. This has allowed us to be true to our vision: to be indispensable to our clients.
The proof is that our clients have stood the test of time. The vast majority of those who were with us at the beginning, are still clients now: Hilton has been with the business for ten years, Red Bull came on board in 2011, and SAP and Sky Sports have been clients since 2012. Given the competitive and fluid nature of our industry, we are extremely proud of the longstanding relationships that we’ve developed.
What kind of diversity does the client roster have now?
Whilst we still have a strong focus on motorsport, the “non-motorsport” part of the business is now just as healthy. One of our golf clients, Loch Lomond Whiskies, recently won the Best First Time Sponsorship Award following their bold partnership with The R&A as the ‘Official Spirit of The Open’.
We’ve just started working with Aggreko and will be running hospitality and event programmes on their behalf at the FIFA Women’s World Cup, Rugby World Cup, the Tokyo 2020 Olympics, Cirque Du Soleil and the Solheim Cup.
We’re also broadening into the entertainment space with the Red Bull Dance project, and last year set up a dedicated in-house esports division.
That said, we don’t plan to expand just for the sake of it. If we are not experts in a certain area, then we will not chase business in that space. Its important that we are not overstretched in a way that would compromise the levels of service and delivery that our clients expect.
What opportunities have you identified within the industry and how does Right Formula help clients take advantage of these?
Historically, sponsorships have largely been justified on the basis of brand exposure but the last five years has seen a shift away from that. We believe that unless a brand can prove a return on investment, then sponsorships will reduce or cease to exist. This will materially affect our industry and so the opportunity that we have identified is to put tools in place to help educate sponsors and rights holders on the value of their agreements.
Nowadays, a large part of the work that we do is the strategic evaluation of current and prospective clients’ existing partnerships and making sure they’re fit for purpose. This is particularly important, given that many large deals are signed on a multi-year basis. We ensure that clients’ partnerships are dynamic enough that they can be adapted.
Central to this evaluation is the ongoing measurement and analysis that can help determine the impact and success of the partnerships. As an agency, we have developed a number of technology tools internally, which are used by a variety of clients.
An area of our work that we’re particularly proud of is around the strategic consultancy that we offer brands entering the sponsorship space for the first time. We work with them to understand their objectives, target audience and product proposition. There’s a robust process to identify and introduce them to the appropriate rights holders that we can prove will deliver a strong return on investment.
Where do you see the industry and agency evolve in the next five to ten years?
As an agency, there are now numerous sports where we have the level of experience and expertise to deliver best in class service to clients.
We’ll never try to be all things to all people. There’s a huge amount of value in having a depth of knowledge about specific areas and the conversations we have with clients on a daily basis reinforces that.
I think this reflects a wider industry predisposition for brands and rights holders to work with agencies and partners who reflect their values.
On an activation level, we anticipate that exposure will continue to reduce in it’s importance for brands, whilst consumer sales, engagement, digital platforms and technology showcasing will rise to the top.
From a staffing perspective, I also think the best agencies will have to fight to retain their talent. The marketplace is increasingly fragmented, and, as business owners, it’s crucial that we nurture and hold onto the best people in the industry, by creating the right environment and ensuring they are valued. I’m confident that Right Formula is a great place to work and will continue to be in the future!
Contact Robin Fenwick:
e: info@rightformula.com
w: https://rightformula.com/