As India prepares to host its first ever Formula One race, a host of corporates, including Bharti Enterprises, Mahindra & Mahindra, Hero Motors, Mercedes and Shell, are taking different ways to cash in on the craze generated by the mega event.
According to media experts, the F1 race provides Indian firms with global ambition an opportunity to move to the next level of brand building.
"It makes sense for corporates who have a global vision such as Bharti Enterprises...For India market, cricket is enough," ZenithOptemedia Senior Vice-President Navin Khemka told PTI.
He, however, said there is a limited opportunity as F1 is very expensive in terms of advertising and sponsorships and also the deals are done for the entire season and not for the Indian leg only.
While Bharti Enterprises has picked up the title sponsorship for its Airtel brand for the Indian leg of the Grand Prix, Hero Motors has decided to sponsor the only Indian racer Narayan Karthikeyan.
Mahindra & Mahindra, on the other hand, will be announcing on Monday an association with the Buddh International Circuit, the venue for the inaugural Formula One Airtel Grand Prix of India to be held on October 30, 2011.
Looking to ride high on its sponsorship for the Indian leg of the F1 World Championships, Bharti has already launched promotional campaigns that include consumer engagement initiatives.
The company is conducting auditions for the 'Airtel Grid Girls' reality show to shortlist 48 faces who will become paddock girls at the circuit. It is also running contests for people to win free tickets for the mega event.
Hero Motors, on the other hand, is looking to leverage on its association with Karthikeyan, who will be driving for the HRT-Cosworth team. He is also being sponsored by the Tata Group, Base Batteries, Bharat Petroleum and MRF Tyres.
"We will organise a lot of events and activities to promote our tie-up with Karthikeyan," Hero Motors Managing Director Pankaj Munjal said, adding that the racer will sport the company's logo on his F1 car during the race.
According to JPSI Sports, which is constructing the 5.14 km long Buddh International Race Circuit at Greater Noida for the India leg, a host of corporates are keen to buy exhibition spots around the race circuit to position their brand names.
German luxury carmaker Mercedes Benz has already tied up with JPSI Sports to provide safety car for the race. Besides, the two partners have also decided to set up a driving academy.
The company is already doing promotions through mall activation programme, offering race tickets to winners in its "Shell Helix F1 promo" campaign that will last till September 30.
As the companies look join to the F1 bandwagon, AkzoNobel, the world's leading paints and coatings company is also publicising the project it had undertaken for the Buddh International Circuit by supplying protective coatings.
AkzoNobel is also the official supplier of paint solutions to the Vodafone McLaren Mercedes Formula 1 team.
Most of the firms will try to leverage the event by organising on ground activities and events as not much opportunity is available on the mass media and sponsorships.