Source Credit: This week Drive.com.au ran an article written by Sam Hall titled “Latest Prancing Horse brings prodigious performance and added exclusivity”. While not reproducing the entire article here I have used some of Hall’s text and value added to it from a Science of Influence perspective to look at Ferrari;s Art of Exclusivity.
Ferrari are already an exclusive luxury brand due to the price they are able to command for their prancing horse but they have decided to use Scarcity and take exclusivity to a whole new level.
Ferrari have announced that from now on they are only producing 7000 vehicles a year. Ferrari Australasia president Herbert Appleroth said, “It does mean that customers will have to wait a little bit longer and that some customers may miss out.”
“The idea is that when some customers go to sell these collectable cars… they’ll get a fantastic return. Ferrari is one of the two best returns in asset class in the world – number one is Ferrari and number two is Chinese art.
“In the past five years, Ferrari has outperformed anything else. Over time, modern Ferraris become classics, so you would expect solid value from this car in the future.”
But Ferrari have not stopped there. The newly released 458 Speciale showcar was whisked into Australia for barely 48 hours to star at this week’s unveiling, en route to similar launches in Indonesia and Singapore. Ferrari has already received over 120 orders for the prodigious Speciale when it lands in Australia mid-2014, but Appleroth admitted less than half of prospective buyers will be successful in their applications.
“That’s the art of exclusivity,” he said. “The priority is based on first come-first served, and people have known this car was coming for a few years, so sales are always based on those who expressed interest at the start.”
So now Ferrari are using Scarcity to protect the value of their cars by making less off them available and if you want one you need to get on the waiting list early if you want to be rewarded. But neither of these strategies compares to Ferrari’s $1.7 million LaFerrari (English translation is simply “The Ferrari”).
To be eligible for one of only 499 editions worldwide, prospective buyers must already own at least five Ferraris and agree to sell it back to the factory once they have had enough of the LaFerrari.
An article published this week in Fairfax Media stated that well-known car collectors like transport tycoon Lindsay Fox have had their applications denied for the most expensive car to ever wear the prancing horse badge.
“There are multiple cars coming into Australia and New Zealand .. but we’re not at liberty to be able to talk about who was successful and who wasn’t,” Appleroth said.
“We had 20 interested parties – known collectors and collectors who were not known – and unfortunately some people missed out.”
The crazy thing is the LaFerrari cannot be registered in Australia because it is only being manufactured as a left-hand drive vehicle. So the lucky collectors will have one of the most exclusive cars in the world yet they will not be able to drive it on the open road.
Implication for You
How can you do something to highlight the exclusivity of your product or service? You will know you are on the right track when your idea scares you!
Value what you have and keep the value high by only making a limited number available.
Thanks to Jamie O for sharing the drive article with me!
The post The Art of Exclusivity appeared first on Social Influence Consulting Group.
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