Posted on | May 25, 2010 | 4 Comments
Ferrari is a myth and a legend in the automotive industry.
The Ferrari tale is one of an astounding and unique worldwide success.
An unparalleled one.
Ferrari success cannot be measured in terms of revenues and sales, or in terms of market capitalization. Ferrari never made an IPO and is not even quoted in any stock exchange market. Ferrari success has to be measured only in terms of Brand Value and Product Value.
Probably, the Ferrari brand is worth more than the Google brand, the Apple brand, Nike, GE, IBM, BMW, Mercedes, Exxon, Shell, or any other brand. No other brand has the allure of the Ferrari Brand.
Ferrari is known and is highly valued everywhere in the world. From the US to Japan, from Germany and Switzerland to India, to France, Australia, New Zealand, Russia, Brazil and Argentina.
Yet, Ferrari factory never spent a penny in advertisement. The Ferrari factory has a comprehensive website but does very little marketing, instead leaving marketing communications to a worldwide viral network, of dealers using eMarketing to enthusiasts and loyal groups – the ultimate in “word-of-mouth” social network marketing and social media marketing.
The Ferrari case is of maximum interest in marketing strategy. To understand how Ferrari achieved this stunning result, we must review the beginning of Ferrari, and its development.
Enzo Ferrari founded Ferrari back in 1943, during WW II. The first Ferrari premises were bombed and heavily damaged.
Enzo Ferrari was not an Engineer, nor was he an entrepreneur. Enzo Ferrari never went to college, not even high school, no PhD, never made an MBA.
Enzo Ferrari was “just” a mechanic at Alfa Romeo, with a strong passion for engines, speed and racing. He was a tough guy, and he had his own ideas on engines and cars.
Passion has always been the “drive” of Ferrari.
And it’s only marketing tool.
The first Ferrari car was the 125 S. It was built in1947. Only 3 of them were produced. None survived to our days, yet a 125 S engine is on display in Galleria Ferrari in Maranello, Ferrari dynamic museum. Galleria Ferrari is the Louvre, the Guggenheim, and the Moma of Car Racing. You feel the thrill, an overwhelming excitement and admiration when you are inside. A unique, amazing experience.
After the 125 S, the Ferrari 166 came, and the races. Formula 1 did not even exist at that time.
Since the beginning Ferrari was doing both things it still does today: Car Racing and constructing extraordinary sports cars for exacting car and speed lovers. How can you call them just clients?
This has been the marketing strategy of Ferrari. The unaware, unstudied, unplanned marketing strategy of Ferrari. The Passion for speed, the Passion for engines, the Passion for Car Racing. And this Passion and excitement goes through to every racing sport lover all around the world.
And this Passion and excitement goes through in each Ferrari 360 Modena, in each Ferrari Enzo, in each 575 Maranello, in each F430 you drive or simply encounter in the streets. Winning races, losing races, fiercely fighting in car racing has built the brand.
In 2007 Ferrari sold 6400 sports cars. 88% of the production is exported.
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