Among the most prestigious and popular car brand in the world, Ferrari has a wide range of celebrities that form a part of it’s clientele and take the brand name forward. The brand brings together prestige, royalty and invokes a feeling of richness across all generations alike and for which, it is considered to be one of the most powerful brands in the world.
So what kind of strategies led Ferrari to become one of the most renowned brands in the world?
Exclusivity
Founded by Enzo Ferrari in 1929, this brand has kept the core value of exclusivity to it’s heart right from the beginning. The brand was founded with the wish of fulfilling the true passion of the founder, that of motorsports. The company sold just two road-going cars, the 125 S in 1947 for the first time and since then, the brand has maintained that it sells only a few vehicles. It also factors in the wait time to manufacturer and deliver the vehicle to its client, which has consistently been over 12 months as another indication of building on exclusivity.
Consumer Prestige
The Ferrari Owners Club is also an indication of being a part of a coveted club of the select few who own a Ferrari. The exclusive invites to extravagant events prove testament to the building of brand value as a strategy which Ferrari vehemently adopts. Extremely desirable for the uber and elite, these glamorous events highlight the exclusivity even more that the brand imbibes.
Pricing Strategy
As is stereo-typical thought process which has worked for every brand, the pricing utility wherein a consumer is likely to perceive a higher-priced product to be far superior than a decently priced product continues to reign the minds of those who believe in this form of utility. The demand for Ferrari cars keeps on increasing as the price of the cars too increase. This form of utility encourages a the belief of being a part of the upper strata in society which the elite wish to depict their wealth with.
Building on Brand Value
The brand has further ensured that it imbibes all elements that enhance the brand’s value in spite of being one of the oldest brands in the world. The company invested in the most successful and oldest team in Formula 1 which proves their prestige in the automobile industry. Moreover, the logo with the prancing horse has also maintained itself to be an icon and has been recognised all over the globe.
The brand has continued to build a legacy for all and it’s safe to say that no other brand has managed to steal the hearts of the audience like this one.
