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8 Lessons I Learned from Enzo Ferrari on Building the World's Most Valuable Brand — Ferrari.
"Race cars are neither beautiful nor ugly. They become beautiful when they win."
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"Race cars are neither beautiful nor ugly. They become beautiful when they win."
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Exclusivity as a Marketing Strategy
Ferrari doesn't want just anyone to own a Ferrari. "If anyone can walk into a dealership and get one, then it loses what makes it special ... for the model to work, you have to keep prices up.”
Their €3.7B in net revenue proves it works.
Ferrari doesn't want just anyone to own a Ferrari. "If anyone can walk into a dealership and get one, then it loses what makes it special ... for the model to work, you have to keep prices up.”
Their €3.7B in net revenue proves it works.
Be the Best At One Thing
Ferrari has won 237 F1 Grand Prix races. It's closest competitor has 56 fewer wins. Ferrari is first and foremost a racing company. Its success in racing has increased the demand for its road cars. People want to drive the best and the best is Ferrari.
Ferrari has won 237 F1 Grand Prix races. It's closest competitor has 56 fewer wins. Ferrari is first and foremost a racing company. Its success in racing has increased the demand for its road cars. People want to drive the best and the best is Ferrari.
You Don't Need to Follow the Playbook
Ferrari goes against all common marketing practices. They have 0 ad budget, intentionally limits supply and even build all their cars by hand. These practices might seem absurd but add to the allure of the brand. People value exclusivity.
Ferrari goes against all common marketing practices. They have 0 ad budget, intentionally limits supply and even build all their cars by hand. These practices might seem absurd but add to the allure of the brand. People value exclusivity.
Shrink to Grow
Ferrari adopted shrink to grow. Many companies can learn from Ferrari on this. They never tried to expand outside their core business. If the product doesn't strengthen their core business, they don't pursue it.
https://www.bain.com/insights/shrinking-to-grow/
Ferrari adopted shrink to grow. Many companies can learn from Ferrari on this. They never tried to expand outside their core business. If the product doesn't strengthen their core business, they don't pursue it.
https://www.bain.com/insights/shrinking-to-grow/
Restricting Ownership
It's not just enough to be selected to own a Ferrari. You actually have to follow a set of six rules. Ferrari wants its owner to be an extension of their brand. You should respect the car and the legacy of the brand. Otherwise, you can't own it.
It's not just enough to be selected to own a Ferrari. You actually have to follow a set of six rules. Ferrari wants its owner to be an extension of their brand. You should respect the car and the legacy of the brand. Otherwise, you can't own it.
Building Brand Loyalty
Ferrari values existing Ferrari owners above all. They are invited to special events and their customers are family. If a new model comes out, existing owners have preferential treatment over new owners. Ferrari owners are loyal for life.
Ferrari values existing Ferrari owners above all. They are invited to special events and their customers are family. If a new model comes out, existing owners have preferential treatment over new owners. Ferrari owners are loyal for life.
Putting Their Money Where Their Mouth Is
They didn't just say they had the best car but proved it. They've not only secured 237 F1 victories but also secured an additional 238 victories as a builder. No company comes even close to the legacy they've built on the track.
They didn't just say they had the best car but proved it. They've not only secured 237 F1 victories but also secured an additional 238 victories as a builder. No company comes even close to the legacy they've built on the track.
Avoid Innovation If It Abandons Your Values
Ferrari isn't just looking for the best and brightest technology. A Harvard Business School article best captures Ferrari's sentiment.
Ferrari isn't just looking for the best and brightest technology. A Harvard Business School article best captures Ferrari's sentiment.
Enzo Ferrari died over 30 years ago, but his guiding principles are still adhered to today. When you think luxury, you think Ferrari. Today, Ferrari is worth nearly $35B and has the world's most valuable brand — $7B.
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