Many of the advanced technologies and approaches that power Formula 1 racing can also be applied to businesses seeking competitive advantage in the fourth industrial revolution, according to McLaren’s group marketing director.

In an interview in this month’s Admap (topic: partnering for growth), Henry Chilcott explains how, a decade ago, McLaren led the way in Formula 1 by building virtual simulation programmes to aid in the rapid development of both cars and race tactics.

These programmes enabled it to test millions of in-race scenarios, in order to know how best to respond to any eventuality.

“Simulation optimises performance,” he states. “If you transfer this approach and mindset to the world beyond the track – supply chains, production lines, any system, in fact – you can optimise performance in a similar way.”

To illustrate what’s possible, McLaren brings partners and prospective partners into the McLaren garage at track. (For more details read the full article: McLaren: Driving performance through partnership.)

“They see the car on track with all the data being fed back to our engineers in the garage and in mission control at our Woking HQ where we process that data to help the human in the loop make decisions that will drive performance on track,” he explains.

“It’s a powerful demonstration in a live and thrilling environment. Once people see this play out in F1 it’s not hard to extrapolate how this approach could work in the world beyond the track.”

Chilcott highlights three things necessary to establishing a successful and sustainable brand partnership: clarity around your brand; a powerful partnership narrative; and clearly defined objectives.

“Our partners come to us for many reasons,” he observes, “whether for helpful brand adjacency, to drive engagement, build awareness in new markets or access new audiences.”

And McLaren has built multiple global platforms and assets for them to leverage to their own particular end across F1, e-sports, IndyCar and Pro Cycling.

“Ultimately, it’s about value generation,” he adds. “As long as we’re clear on objectives and can demonstrate the value we’re adding to our partner’s businesses the relationships should be a long and fruitful for both.”

The current issue of Admap on partnering for growth features a series of nine articles. WARC subscribers can access a deck which summarises the expert advice from contributors and key considerations on the topic.

Sourced from Admap