AMEX at the Grand Prix
Formula 1 is a global brand, with a global following, and global attention for nearly 9 months out of the year. Each Grand Prix has different partnerships and sponsorships beyond the sponsors of F1 itself and its teams, and recently American Express signed a partnership deal with F1 and some of the North & South American races, including the annual Canadian Grand Prix.
When F1 arrives at a new track, it is a whole weekend experience, with track being open to fans from Friday-Sunday, from the first practice session to the race itself. During the course of the weekend, fans get to experience more than just cars racing on track - there is so much more activity off track, including various brand activations. AMEX has jumped on the off-track opportunities, noting that Millennials and Gen-Z are a quickly growing fanbase for F1 and also their "fastest growing consumer cohort".
The AMEX activations across the Grand Prix weekend are being supported by content creators and influencers, with the company noting that "we are in the midst of an experience era, where people value travel and lifestyle more than ever before". AMEX's goal for their partnership is to get people to want to join as a cardholder and member to be able to access exclusive, premium experiences. Being able to experience exclusive opportunities during events "is what matters to this generation" and being able to share those experiences on social media platforms.
The experiences begin on Saturday during the Quali session, when AMEX hosts a custom art installation with giveaways and photo ops and is sponsoring a premium trackside lounge, accessible only to Amex cardholders. The activations continue to race day, where the brand is providing radios with live commentary during the race and a 10% discount on merchandise purchased by AMEX cardholders.
By creating exclusive opportunities for cardholders encourages people to join, especially when it's for an experience they are passionate about themselves. Having meaningful value with their membership is key to AMEX's perks and partnerships - offering best in class travel, dining, shopping, and entertainment experiences is what AMEX aims. And Formula 1 is best in class.
This partnership makes sense - AMEX wants to be the best of the best when it comes to exclusive memberships and cardholder opportunities and Formula 1 is the best of the best when it comes to live sporting experiences. Amex plans to hold brand activations at all the Grand Prix tracks they have signed partnerships with - Austin, Las Vegas, Miami, Sao Paolo, and, as mentioned, Montreal.
On one hand, I understand what their goal here is. I'm not an AMEX cardholder but I am a Formula 1 fan who has attended the Canadian Grand Prix. While I would love to experience these premium brand activations exclusive to cardholders, fans spend more than enough money already and can have just as good an experience without all of this. I paid a lot for more seat to watch the race, why would I watch it from somewhere else? I paid a lot on food and drinks and already have F1 merch, I don't need to buy more or spend more on a credit card. In my experience, the best part of this might be having access to a restroom. I only found one restroom while at the race and waited in a 10-minute line, just to avoid the portable toilets, so personally, it would make me consider joining AMEX just for that.
Would you ever sign up for a new credit card, just to have access to exclusive, premium opportunities? Do you think these brand activations make the difference between a good and bad event experience?
I don't have any pictures with AMEX (again, not a cardholder) but I did have fun this past weekend!
Great post Alexandra! I recently read an article that said that there is a mantra of the Instagram era – pics or it didn’t happen. Organizers of events like the Grand Prix, understand that photo opportunities are important. Attendees want to take photos of themselves at the event and post them on social media so their friends and families can see what they are up to. These photo ops act as organic advertising for the corporate sponsors and attract future attendees who see how fun the event is and want to experience it for themselves. Like you, I am not an Amex cardholder but my parents are and I have experienced the cardholder benefits through them. I recently went to see the Lion King broadway show at the Princess of Wales theatre with my dad. There was a bar exclusively for people who were Amex cardholders. The other bars, open to anyone at the show, were a bit crowded so my dad and I took advantage of the Amex exclusive bar to pick up some snacks in the intermission. I personally think that this exclusivity elevated the event since it stuck in my head as a memory, which might lead me to become a cardholder myself one day.
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