Ferrari (NYSE:RACE) Marketing ‘Genius” Maintains Brand Mystique
Selling more cars is not the strategy behind Ferrari marketing genius Enrico Galliera. For him selling too many cars is a problem. And maintaining exclusivity is the Key to maintaining the brand’s mystique and allure.
Even if you have the money and the ‘want”, that does not guarantee you a spot anywhere near the top of the months-long waiting list for one of Ferrari’s cars.
If you want a Ferrari, it helps a lot to have a relationship with the iconic brand.
When a new Ferrari model comes out, preferential treatment is given to current members of the Ferrari clienti. If you have 6 Ferraris already in your garages, your order will get moved up in line ahead of someone who’s ordering their 1st one.
That does not mean Ferrari does not welcome new “family” members. For 1st-timers, the most popular choice is the convertible Ferrari California T.
About 67% of California T buyers are new to the Ferrari brand. With a starting price of $200,000 plus and license, it is a affordable, entry level Supercar.
For Ferrari’s most favored “family” members, there are the Special and Limited Edition Supercars with million dollar prices that are often sold out even before they are debuted to the public.
For the very favored clienti Ferrari will build 1-off Supercars. This is something Ferrari does occasionally as a non-gifted “reward” for its best customers. They run in the millions of dollars.
But every new Ferrari, from the California on up, is custom built to a degree and can be further customized by its Tailor Made department. There Ferrari will even match specific colors provided by customers.
Ferrari, does impose some limits.
Ferrari’s cherished brand image, and will gently guide a client away from any request deemed impossibly distasteful. Because, for Ferrari, your choices matter. It is not just about your car. It’s about the value of every Ferrari on the road, personal taste not withstanding.
It’s no accident that 9 of the 10 most valuable vintage and classic cars ever sold at auction were Ferraris. Decades-old Ferraris sell for millions of dollars today because Ferrari has been managing its brand image for that long.
Ferrari’s sales mantra, “build one less Ferrari than the world demands.” Meaning, someone must always be left wanting and waiting.
|NYSE:RACE||47.23||9 August 2016||-0.22||47.52||47.82||47.21||299,729|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Bullish (0.38)||Very Bullish (0.52)||Bullish (0.40)||Neutral (0.22)|
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