Magazine article Marketing

OPINION: Italian Stallion Has Proved Itself a Master of Marketing Strategy

Magazine article Marketing

OPINION: Italian Stallion Has Proved Itself a Master of Marketing Strategy

Article excerpt

What's red, Italian and goes from 0mph to 60mph in three-and-a-half seconds?

The answer is the Ferrari Enzo. It's the highest specification Ferrari ever manufactured for the road and features a mid-mounted six-litre V12 engine, which makes 660 horsepower at 7800rpm and 485 pound-feet of torque at 5500rpm. While I don't actually know what anything in that previous sentence means, it certainly sounds impressive.

In contrast, when it comes to the marketing of the Enzo I am able to appreciate the efforts of these Italian maestros, because aside from technical expertise, Ferrari also understands how to go to market.

Ferrari's targeting strategy offers an excellent example of its expertise.

Not just anyone can buy an Enzo. In fact, unless you are invited by Ferrari, you will not be able to get your hands on one. Ferrari knows one of the biggest secrets of marketing: nobody ever made money trying to sell to everyone.

The secret of profitability is not to sell a lot, but rather to sell a specific offering to a specific group and, crucially, not to waste time or resources on customers who fall outside the target group.

Granted, Ferrari's invitation-only approach is at the extreme end of the spectrum. But too many organisations believe that mass marketing offers them the biggest potential market and thus the maximum possible sales.

These organisations discover that without a specific target market to design their products around they are poorly positioned and vulnerable to competitors that adopt a more targeted niche approach. …

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