For this month’s marketing analysis, we’d like to put the spotlight on Ferrari. The Ferrari brand has been around since 1947 when this world-class Sports Car manufacturer was founded by Enzo Ferrari. It remains a world leader in luxury sports car brands because of their focus on quality engineering and impressive design.
Ferrari’s successful marketing strategies may be centered on the automobile’s engineering and design, but they also focus on the brand’s history of innovative sports car performance and Italian heritage. They are associated with the Formula 1 Racing Team, Scuderia Ferrari. Since its start in 1950, the professional racing team has won 224 Grand Prix races. This has helped make Ferrari a preferred brand with racing fanatics across the globe.
The Ferrari brand designs and manufactures cars in Maranello, Italy. They distribute their cars to over 60 markets all over the world. Making their product available to more customers throughout the world is another marketing strategy that has helped Ferrari remain successful.
A Closer Look at Ferrari’s Marketing Strategy
Ferrari is one of the most highly recognized sports cars in the world because of their excellent marketing strategy. It revolves around the 4P’s. These are Product, Pricing, Promotions, and People.
While third-party merchandise may play a major role in the brand’s marketing strategy, the primary product focus of the Ferrari brand will always be its high-performance supercars. When you have a product that is as well-known throughout the world as Ferrari’s sports cars, sometimes that is all you need to create a successful marketing campaign.
Ferrari prices their cars at a premium amount which starts at around $175,000 US dollars. And vintage Ferraris can be worth even more than that, making them a worthwhile investment for avid sports car collectors. Unlike other vehicles, Ferraris appreciate in value over the years and are worth millions of dollars.
Even those who have never owned a Ferrari are familiar with the brand and its logo. In parts of the world where the brand and its vehicles are not even present, the people who live there are still familiar with Ferrari and their dedication to manufacturing quality vehicles designed for speed.
In 2007, Ferrari was recognized as the Best Place to Work in Europe, and for good reason. Taking good care of the people who work for them each day is another area that Ferrari gets right. The satisfied workforce behind the scenes at Ferrari work inside of factories, production units, and other workplaces designed with the safety and health of the workers in mind. While it may not seem like much of a marketing strategy to many, there are some consumers who will be more inclined to purchase a product if they know the employees who worked on it were treated fairly by their employers.
What Other Brands Can Learn from Ferrari’s Marketing Strategies
While not every brand can turn into a household name like Ferrari, there are still some things that companies from all types of industries can learn from the sports car leader.
Making a desirable product that people from all walks of like can connect with is a great place to start. While Ferraris may be out of the price range for many drivers throughout the world, it doesn’t stop car enthusiasts and sports car lovers from admiring them and purchasing third party products featuring the brand’s name. Their connection with Formula One racing is another advantage that Ferrari has over its competition.
Ferrari also wins with their marketing strategies by creating products that appreciate in value, making them a worthwhile investment.
Consult with V12 Strategies Today for All Your Marketing Needs
V12 Strategies understands the importance of good marketing for your company’s success. Their experts can help you compile information to create the best possible strategy for your brand so that you reach out to your target audience and improve your bottom line. Get in touch with them today for more details on how they can help your company rise to the top.