September 28

How to Build Your Brand Like Ferrari

Ferrari is one of the most recognizable brands in the world - and it beame so by doing a few smart things. Here's what we learned from this super successful luxury brand.

 

 

Ferrari has one of the most recognizable brands in the entire world.

As a business owner, you may be striving to do this as well but just aren’t sure how to go about it.

By looking at Ferrari’s past and what they’ve achieved, we can learn 10 things about how to build a brand just like them.

 

 

Business Lessons From Ferrari

#1. You Have To Get Over The Fear Of Doing Things By Yourself

Ferarri’s 1-2 seater sports cars represent something that all business owners should keep in mind if they want to build their brand.

It’s okay to do things on your own or with only a few other people around you.

While it is important to have people close to you to help you when you need it, you are the one that’s ultimately responsible for the success or failure of your brand.

You will never be able to build a successful business if you are constantly doubting yourself and have to have others around to reassure you all of the time.

 

#2. It’s Always Necessary To Pay Attention To The Little Details

Have you ever stopped to think about why a lot of people dream of having a Ferrari?

It’s often because these cars are just so unique. Ferrari cars are like no other, and a lot of thought is put into even the littlest of details.

Ferraris do cost a lot, but many consumers feel that they are worth the price since they are made so well.

When you are building your brand, you need to ensure that you aren’t making small sacrifices in order to save money or speed up your production time.

These little things might not seem like a big deal, but many of your customers will notice. This will cause your brand to develop a poor reputation among consumers.

 

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#3. You Have To Have A Wow Factor

The flashy appearance of Ferraris certainly does leave many consumers in awe. They just can’t get over how they look, and this makes them want to buy one.

Ferrari has been able to come up with ways to make their products stand out from others. They are always concerned with the wow factor that leaves consumers speechless.

They were actually the first company to put an automated manual transmission into a car as well as offering a V12 engine when no one else did. This left a lasting impact with their consumers.

How can you come up with a wow factor of your very own for your brand?

You need to research similar products, and think about some changes that you can make to your own products in order to make them unique.

You may be able to simply change the size or color of them, or you may need to go as far as changing some of the technology that is involved.

Whatever changes you do decide to go with, you need to make sure that they will make your product more desirable to your customers.

 

#4. It’s Imperative To Think About The Future

One of the reasons why Ferrari has been around for so long is that they’ve always thought about the future.

When they first started manufacturing their cars in the 1940s, they didn’t just get comfortable with their current success. Many people don’t realize that the company originally only built cars for races.

The street cars were only developed as a way for them to pay for the racing portion of their company.

They continued to think about what they wanted the future to look like for their company and ways they could meet the needs of the current market. They soon discovered that there was a demand for unique street cars.

Because they kept thinking about the future, they were able to change their original plans in order to grow their company.

As you examine what you want your brand’s future to look like, you may find that you do need to make some changes as well.

While change can be scary, it may be necessary in order for you to take your brand to where you want to go.

 

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#5. It Can Pay Off To Market To Only One Type Of Customer

Many companies make the mistake of trying to market to way too many people.

They want everyone to know about their products, so they aren’t able to develop marketing strategies that really are memorable to anyone. Ferrari is completely opposite.

They know they have an exclusive product, and they tend to only market to exclusive people.

Because many of their customers are wealthy or powerful, many different types of people purchase Ferraris because they want to be looked at as powerful and wealthy as well. The people that Ferrari has marketed to inadvertently market to other people when they buy into the Ferrari brand.

If you are struggling with how to go about successfully marketing, think about the type of customer that you want to buy your product.

Develop a marketing campaign that focuses on only marketing to them, and revisit it several months down the line to see if your sales have increased.

You may be surprised to find that you sold products to a lot of people that were outside of your marketing campaign.

 

How to Build Your Brand Like Ferrari 2

 

#6. You Need To Be Passionate About Your Brand

If you aren’t passionate about your brand, you can’t expect other people to be.

Ferrari’s passion for their customers is one of the things that makes their brand so unique. They work tirelessly to make sure that their customers have a great experience.

For instance, Ferrari knows that their consumers are concerned with safety, and so they purchased their very own race track so that they can test their cars for things like braking and the ability to handle a variety of hazards on the road.

When you interact with your customers, they should be able to spot your passion about your brand right away, and they should feel reassured that you want them to have a good experience.

They should know how much you believe in what you are offering just by the way you talk about your brand.

 

 

#7. Success Doesn’t Come Overnight

If you are like most business owners, you want to become successful as soon as possible. You don’t want to have to wait for years in order to turn a steady profit.

Unfortunately, overnight success isn’t realistic for most brands.

It took Ferrari’s years of hard work in order to get to where they are today. They didn’t just give up because success didn’t come right away.

They dealt with numerous setbacks along the way, but they kept going as they were able to see the bigger picture.

It’s imperative that you keep this in mind. It may take a while for your company to be as successful as you’d like.

Don’t give up when you find that you are struggling with lack of sales or failing to bring in new customers.

You will never know how successful your company could be if you just give up during the hard times.

 

#8. It’s Okay To Be Different

A lot of people like the Ferrari brand because it is so different. There really aren’t any other products like the ones they offer on the market.

When Ferrari first started to become available to consumers, they were a lot of other different types of cars that people could choose.

Most vehicles were made for families rather than individuals looking to cruise the roads by themselves.

This set Ferrari apart from other brands. They became recognizable thanks to the fact that they offered something different.

They were able to set themselves apart without really even trying. Because of this, consumers remembered their brand when they were in the market to buy a sports car.

If you are wondering whether or not it’s a good idea to offer products that seem to be a lot different than others that you are seeing, you need to keep in mind that it’s okay to be different.

Your brand’s difference can leave a memorable impression with your audience.

People will remember it, and they may end up buying your products based on the fact that your brand is so unique.

 

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#9. A Strong Social Media Presence Makes A Difference

Social media wasn’t around when Ferrari started. However, they quickly changed their marketing techniques when the world of social media started to explode.

They figured out how to reach a lot of people with a few strategically timed social media posts. They now have millions of followers across their social media platforms.

Ferrari is constantly posting new content in order to engage people.

This includes things like sneak peaks of their new cars or live streaming with their followers.

You might be having a difficult time just trying to stay on top of your daily tasks, and you may feel that you don’t have a lot of time to spend on your social media pages.

However, this time isn’t wasted. It will allow you to get other people talking about your brands, and it may have a positive affect on your sales.

 

#10. People Will Pay A Lot Of Money For Things That They Think Will Make Their Life Better

A lot of people are frugal, but many of them don’t mind paying for things that would make their life better.

The Ferrari brand has learned out how to show people that their products really are something that they need in their life even if the cost is high.

You can increase your profits if you are able to figure out how to do this as well.

When you are marketing your brand, you need to make a list of all of the ways that your products can help people make their life better.

Highlight these things on social media or in ad campaigns.

You may be surprised to find that people are willing to pay a lot of money for something that will help them save time or make their day just a little bit easier.

 

PLANOLY

 

So What’s Next?

Hungry for more from successful businesses? Check out this piece we wrote on the business lessons we learned from Intel.

 

 


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