NASCAR’s Microsite Fuels Sponsor Engagement
NASCAR’s Fuel for Business events each quarter bring together official partners and industry members for a day of exclusive b-to-b meetings set up to foster business and increase sponsorship partnerships. Hard to imagine that the coordination of meeting requests submitted by attendees was once handled by a staff of six equipped with, well, sticky notes.
New custom software and a unique algorithm have resulted in a matchmaking process that is now super tech-savvy. For the event, partners access a secure microsite to review available, attending partners, their bios as well as partner meeting histories, and then select six companies to request a meeting with, in order of priority. Next, NASCAR unleashes the algorithm that starts the matchmaking process.
The algorithm manipulates the schedule until every company has at least two of its requests fulfilled. Wherever possible, the system works to fulfill third and fourth requests and, if companies still have open spots, the system pulls from past history and matches partners who have had the most time pass since their last meeting. Once all partners are assigned to four meetings, a schedule with company descriptions is emailed to participants. In the past, NASCAR had to make complicated decisions about schedule changes when partners didn’t show up last minute.
Today, all the team has to do is re-run the algorithm to update the schedule and assign partners to new meetings that are preferred and most likely to be effective. The software program has decreased the man hours required to plan the meeting schedule from a whopping 240 hours to just five hours.