The president and CEO of F1 explains how the circus has been able to grow despite the critical issues of the moment: “More sensitive to the input sent by Formula 1 fans. The Covid period was a phase of great change”
The last five years have been extremely uncertain and critical for everyone brands, Formula 1 included. Yet you can still grow. He reiterated it Stefano Domenicalipresident and CEO of the circus during the event Brand Connectionorganized by Deloitte in its Milan headquarters. “We are the first to be affected by the change – underlined the number one of the world championship series – There are different cultures. If we had remained stuck to the original project, we would have disappeared. Being relevant means knowing how to listen and to do so we have changed the paradigm of F1”.
new challenges and protagonists
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But how do you combine modernity and loyalty to tradition? In front of a parterre de roi composed, among others, of Toni Bellonipresident of Lvmh Italia, Lorenzo Bertellimarketing director and manager of Corporate Social Responsibility of Prada Group, Marco De Benedettichairman Italy of Carlyle, Fabiana Giacottijournalist and historian of customs, Raffaele GigantinoGoogle Cloud’s country lead Italy, e Stefania LazzaroniCEO of Altagamma, Domenicali revealed the recipe for Formula 1.”Competitions remain a central themebut, beyond this, we must remember that sport is a form of entertainment. We had the obligation to be sensitive to the input that the fans gave us.” The analysis was then extended to the moments of greatest difficulty for the world championship series. “The Covid period was a phase of great change – continued Domenicali, answering the questions of the journalist and moderator Myrta Merlin – We managed to be protagonists, using the new protocol. We have not taken away the depth of the sporting performance, the races are more spectacular.” During the event the former sporting director and team principal of the Scuderia Ferrari Formula 1 also provided his vision on the topic of sustainability: “We consider it an important topic. Sustainable petrols were chosen precisely to be consistent. In the field of true sustainability we are working without ideological positioning. We put our face to it by appearing credible.”
brand between growth and innovation
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The speech of the president and CEO of Formula 1 is placed in the analysis of the study Brand Connection – The Age of Meaningful Brandshosted by Deloitte on a sample of more than that 7 thousand consumers in seven countries. They range from the United States to Asia, represented with the United Arab Emirates, China and Japan, passing through European countries such as the United Kingdom, France and Italy. The survey finds that, despite the particularly uncertain global context, brands still represent a point of reference for consumers. Looking at the last five years, in fact, trust in local commercial activities has grown 43.1% of those interviewed (+28.6%), towards small and niche brands for 39% (+29.2%), but also towards the big brands for the 36.9% (+20.1%). Young people remain optimistic, declaring they have a greater propensity to place trust in both niche brands (today 51% compared to 48.1% Of 5 years) is larger (confidence today at 58.2% compared to 46.6% Of 5 years ago).
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