Over the last decade, Aston Martin has gone from annual sales of 7,300 to 4,000. Known for their association with the James Bond films, this company is in need of some new eyes and different perspective to make up their lost market. Luckily, with former Nissan Infiniti luxury car employee Andy Palmer joining the Martin team, things might be beginning to change.

How do you make huge changes to a product that reaches out to such a small niche market? Number one, consistent innovation is a must, but with competitors like GM and Tesla, Aston Martin the cost of development can exceed $1 billion. Luckily, Aston Martin has a new partner to help them out. Daimler AG has recently gained ownership of 5% of the company and their vast resources will help Aston Martin to conduct cost effective development. On top of their new deal with Daimler AG, many of Aston Martin’s other partners has said they are really to invest more to help the company succeed.

As part of Mr. Palmer’s push to bring about more innovation, Aston Martin has unveiled its new DBX concept car. What’s different about this new car is the target market Aston Martin is trying to reach out to. Naming the target persona “Charlotte”, Aston Martin hopes to reach out to wealthier mid-aged women. While they understand that men will also be buying this new car, they hope to be able to tap into a different market.

Along with the idea of increased innovation and reaching different target markets, Mr. Palmer also wants to maintain the exclusivity of the brand. “This is not a car company that is ever going to be selling a lot of cars,” Mr. Palmer said. “Part of its mystique is the exclusivity.”

Mr. Palmer’s desire to remain exclusive is being support with its new racetrack-only car called the Vulcan. Costing more than £1.5million, Aston Martin will only release 24 vehicles. Using this kind of new product release, the company will most definitely retain their brand image and appeal to their exclusive market.

Overall, it looks like Mr. Palmer has some big plans to change Aston Market without straying too far away from what makes the brand valuable and top-of-the-line.

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