Just when you thought cars
like the Ferrari rule the roost and toys from Lego make no real sense, you only
realise how terribly wrong you can be. And just when you also thought a couple
of F1 title losses would do no major hard to Ferrari, then too you realise how
terribly wrong you can be. Every year, leading brand valuation and strategy
consultancy Brand Finance puts thousands of the world’s top brands to the test.
They are evaluated to determine which are the most powerful, and the most
valuable. Well, according to them, they say that Lego is the world’s most
In a press release, they said
the Lego brand scores highly on a wide variety of measures on Brand Finance’s
Brand Strength Index such as familiarity, loyalty, promotion, staff satisfaction
and corporate reputation. Lego is a uniquely creative and immersive toy;
children love the ability to construct their own worlds that it provides. In a
tech-saturated world, parents approve of the back-to-basics creativity it
encourages and have a lingering nostalgia for the brand long after their own
childhoods. The Lego Movie perfectly captured this cross-generational appeal.
It was a critical and commercial success, taking nearly US$500m since its
release a year ago. It has helped propel Lego from a well-loved, strong brand
to the world’s most powerful.
The release added that Lego
has overtaken Ferrari, last year’s most powerful brand. Ferrari remains a very strong brand but its power is slowly
diminishing. It has now gone several years without an F1 title and last season
struggled even to mount a challenge. The sheen of glory from its 1990s golden
era is beginning to wear thin. Meanwhile, the departure of Luca di
Montezemolo heralds a slight change in strategy at Ferrari’s road car division.
Montezemolo kept a strict cap on production to maintain the exclusivity of the
brand. Since his departure, Chairman Sergio Marchionne has suggested that this
policy will be relaxed to boost revenues. Many Ferrari owners and aspiring
owners are extremely brand-conscious, making the loss of the ‘world’s most
powerful brand’ accolade, which Ferrari has held for several years, a
particularly heavy blow.
Brand Finance CEO David Haigh
comments, “Ferrari is still in a strong position and its brand value has
actually increased 18pc this year to $4.7 billion. The new strategy to
capitalise on the brand will certainly drive short term value but
over-exploitation risks lasting damage.”
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