The F1 team is working with intermediary creativebrief to find agencies to push its museum and conference centre in Grove, Oxfordshire as well as seeking additional brand partners.
The hunt for new agencies follows the appointment of Adam&Eve in May to work on positioning Williams Grand Prix Engineering, which manages Williams F1.
Speaking at Marketing Week Live! last week, Tom Potter, head of commercial alliances at Williams, says the team is looking at different markets and sectors for sponsors and revenue opportunities.
Williams recently announced a new sponsorship agreement with Hungarian energy drink brand Hell Energy Drinks. It also signed a new partnership with Angolan company Ridge Solutions last month.
“We are targeting slightly differently, letting traditional big brands get back on their feet,” Potter says.
The financial crisis and subsequent worldwide recession has led to many brands fleeing the sport this year.
The Royal Bank of Scotland said earlier this year that it was dropping its sponsorship of Williams at the end of next season after reporting huge losses while Dutch bank ING is cutting investment by 40%.
Williams F1 currently has a title sponsorship deal with telecommunications AT&T as well as a number of other partnerships including Allianz and Philips.