Order from us for quality, customized work in due time of your choice.
In general, conversion funnels generate sales and help a company understand, visualize, and capture a customers journey from attention to taking the desired action, including conversion. For Ferrari, social media networks, such as Facebook, Instagram, Twitter, and YouTube, are used as a part of the companys conversion funnel strategy to raise brand awareness and attract potential clients. In the present day, the brand is actively involved in social media, growing its presence, addressing the online community, listening and responding to followers, and encouraging fans engagement with the team in order to strengthen its marketing strategy and promote products in the digital sphere.
When producing content in its network profiles to attract users attention, Ferrari subsequently reuses this content in a live feed embedded on its official websites pages. Moreover, with its social media feed, the company collects content from various channels on the basis of keywords and hashtags. In addition, through social media platforms, Ferrari use Veblen effect that determines its price strategy to strengthen customer loyalty as well (Rohith, 2021). According to Veblen theory, consumers perceive higher-priced goods to be worth more simply because they cost a lot more (Rohith, 2021, para 16). As a result, the company not only raises its brand awareness but generates demand as well, attracting consumers and making its products more desirable.
In addition, Ferrari supports the interest of potential clients through the generation of its fan base that expresses their enthusiasm though social media platforms. For this, the brand maintains a contact with millions of followers all over the world considering not only its well-established markets of Italy, Spain, the United Kingdom, and the United States but the emerging markets of Brazil and India, as well. Thus, attracting attention of potential clients via social network within the framework of its funnel strategy helps Ferrari generate sales.
Reference
Rohith, K. R. (2021). Ferraris marketing strategy of maintaining exclusivity. The Strategy Story. Web.
Order from us for quality, customized work in due time of your choice.