He speaks what’s on his mind, unlike other CEOs who use social media just to share rather uninteresting corporate updates and latest product information. The Tesla team has done this for many smaller islands around the world, but there is no scalability limit, so it can be done for Puerto Rico too. Essentially, these are vehicles that can run more than 200 miles on a battery alone. They want the ability to get instant answers to any doubts they may have. Supporting a cause, raising funds to help someone in need, and being present at public events also gets people to check your business out for reasons other than just the products or services you offer. It will help your company stand out for not only what you do or make, but for what you truly believe in. This element of the marketing mix identifies the organization’s outputs or products sold to target customers. After thinking of other companies as a competition for about a decade, the company simply decided it was ‘’silly’’ to think like that. They can tie up with government and start charging stations in bulk which will make their presence everywhere. It takes the onus off of Musk and other executives to get Tesla into the news, and ensures that when he’s gone, the electric automaker can still make headlines. Because get this: All these things add up to build a sense of exclusivity that makes you want one even more. Tesla’s marketing strategy, then, goes against the trend of developing TV advertisements and pushing its products onto consumers. And this sustainable leadership approach is becoming a model for businesses that want to compete in the market place by achieving long-term profits while conserving the resources of the planet and contributing to building a sustainable society. Typically, for the most part, the relationship between a customer and a company is almost purely transactional. Any company or brand needs to have a solid vision statement. If you want to inquire about link building services of Right Mix Marketing, you can get in touch with Tim on [email protected] Tesla and Elon share just about everything with their followers – mostly via Twitter or the company’s blog. It encourages others, namely customers, to do the selling for them. Yet, Tesla name recognition is very high. Are you doing anything interesting or helping the world? Also, honest tweets from your company’s CEO likely hold far greater value than 30-second paid ads on YouTube, which brings us to the next point…. Thus, it is a good idea to let the marketing team dedicate a part of their strategy and efforts to work on improving the leadership’s social media presence and authority. You must make sure this is not the case with your company. Tesla's Marketing Strategy on Social - The "Apple" Approach This isn't an approach that necessarily works for everyone, but when you've built a hype machine as Tesla has done, the rules of social media start to change. Marketing of Tesla communicating the benefits have to be strong. Now, vision statements don’t get much stronger than that of Tesla: “To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”, And Tesla’s mission is to “accelerate the world’s transition to sustainable energy.”. This shows Tesla’s ability to embrace competition. Tesla Advertising Strategy. As such, driving a Tesla is much more sustainable in Iceland than in India. Tesla recognizes this fact very well. Long story short, customers are more inclined to bear with delays and issues if they understand what’s really happening behind the scenes. In this way, their audience knows where to turn to for the latest updates. In fact, over 70% of all Tesla sales are made online, away from stores. All information is conveniently made available on their website, you order and configure your car online, and schedule the pickup. It needs to increase market share in states that have banned its stores. But that’s not the case with Tesla. Not really, there’s no marketing team or a chief marketing officer (CMO). Tim Ferguson is the Director of SEO at Right Mix Marketing,an SEO-focused link building agency that helps startups, small & medium businesses and enterprise clients with custom link building services.. It can improve retailing strategy by collaborating with service providers like mechanics, part suppliers and sales teams across the countries. Tesla shows how crucial it is for an automaker — or any company, really — to have all the kinks worked out of its supply chain before pursuing such big goals, like skipping the prototype stage and rushing to produce 5,000 cars a week right away, which is how Tesla approached the Model 3. Great marketing always begins from great products. Profitable products are the ones that provide value that customers pay for. In the decade since, the firm has quickly expanded in the US with large custom-built car, battery and solar panel plants - or "Gigafactories" - in Nevada and New York, and has recently broken ground on a further facility in Texas. It could work wonders for your branding and you won’t be spending a dime on ads. By the way, there’s a subscription model for practically everything nowadays – including electric vehicles. Apart from your core products or services that you’re selling, what else do you have to offer? Tesla has a great marketing strategy that is based on product quality and efficiency. On an ending note – no, Tesla doesn’t have $0 as its marketing budget. Authenticity is how you correctly connect with your audience, and controversy is how you expand your audience. Also, don’t be afraid of your competitors’ success but instead, focus on becoming the best in your industry while achieving your company’s long-term objectives and vision. What’s the lesson here? Selling cars online will create hesitations from the customer's side. With the internet becoming increasingly accessible in recent years, enter digital marketing — […], This is a guest post by AdNabu. Continuing along the same lines of authenticity, Tesla as a company are blatantly themselves. It lets you and I advertise for them, for free. In this way it can make sure whenever the products are damaged the customer has to face no trouble getting it repaired. But if not, you can still benefit from Tesla in an unexpected way. Also, prices are not negotiated and the purchaser Tesla can be done within five minutes or less on its website. From the very outset of your buyer’s journey, you’ll realize Tesla is different. And Tesla, with Musk as its CEO, does a great job at it. Tesla is said to have built a strong brand identity that requires less promotion and advertising. Put a face to the name. Tesla bought its first factory from General Motors in 2010 and quickly transformed the facility into one of the world’s most advanced automotive plants. Well, here are the three key lessons you can learn from them: Typically, when you go to a car dealership, you have to deal with a sleazy salesman trying to earn as much commission as possible from your purchase. Don’t rely too heavily on paid advertising campaigns, instead help your company’s leadership leverage their social media influence and position yourself as an authentic brand with a sense of humor. Twitter thought I got hacked & locked my account haha. Marketing Strategy We will increase the market share of Tesla Motors in the Electronic Vehicle / Hybrid market by 5% over the next 5 years by introducing a lower priced EV, the Tesla Gen3. Let’s join forces to drive awe-inspiring results. According to Tesla, it opens these stores in places “people regularly visit in a relatively open … From questions about the appeal of electric vehicles and its leader, Musk, to doubts about its long-term financial viability, Tesla has for years defied skeptics and critics. You’ll likely have to wait for a few weeks before you get your hands on your Tesla. Tweeting about new business ideas on the drive home, complaining about Twitter locking his account, live broadcasting rocket launches – there’s no holding him back. In fact, you might say that his social media influence has contributed to Tesla’s success more than any money they spent on marketing. Not only does it serve to guide the company in a forward direction during times of turmoil, but if used strategically, it can greatly help with marketing efforts. Have you ever seen a Tesla ad on TV, in a newspaper, or even on a web site? They can initiate chain of showrooms. Tesla “ boutiques” t end t o h ave m ore s table r evenue s treams t han t raditional c ar d ealerships, a s there a re a n o s alespersons, n o s ervice c omponent, a nd p rices o f a ll T esla … 1. To facilitate that, a strong referral program can really go a long way – something that Tesla has. Soon, customers witnessed backlogs of Model 3s sitting at assembly plants and wondered why they hadn’t received their cars. Nope. So, how does Tesla do its marketing on a limited budget? Most CEOs are rather reluctant when it comes to going all out on social media. Finally, for holistic branding, do more than just direct selling of your products or services by maybe supporting a cause or doing something for the greater good of the people. Many customers who tweeted at the company received personal responses from Elon Musk who gave honest updates on the situation. No wonder Tesla has the highest customer loyalty of all car brands with an overall satisfaction rating of 90%. Such a decision would be in the hands of the PR govt, PUC, any commercial stakeholders and, most importantly, the people of PR. You might be curious to know if the online shopping industry is as potent and functional as retail stores. Essentially, Tesla markets to its customers by not directly marketing to them. Their mission as a company is to accelerate the world’s transition to sustainable energy, and so, they thought it would be best if other companies use their concepts so long as they help in making that transition happen. Simply put, Tesla’s branding strategy is more “human”, relatable, and fun – something that you can emulate for your own branding. Also, responding to comments and complaints in a timely manner on social media is crucial to building a loyal fan base. Especially Tesla – how is this underdog with an apparently “$0 marketing budget” able to sell cars for over $100,000? The main role of a Tesla retail store is provide information about its vehicles. While traditional marketing methods (TV, billboards, radio, and the likes) still work well to generate brand awareness, they simply aren’t affordable for everyday businesses, startups, and SMEs. Tesla suffered delays in the Model 3 production ramp, which also impacted its suppliers, but it now has achieved the long targeted 5,000 units per week production rate. This social proof is pivotal to creating a brand that’s head and shoulders above the competition. Instead of hiding the problem, Tesla was candid about its challenges. Opening offline stores in different countries would be beneficial because it will allow its customers to touch, try, and feel the product before purchasing it. The lesson here is to maintain continuous and open two-way communication with your audience. 3) They can go the traditional way of tie up with intermediaries and dealers. Start With a Vision. He’s straightforward (about failures too) and engages with his followers almost daily. Word of mouth and the free media coverage is enough to fuel demand for the brand. With over 34 million followers and 11,000 tweets, calling him a mere “influencer” would be an understatement. So while competitors shell out hundreds of thousands of dollars for a 30-second commercial to play during a sports event, Tesla sits back and lets their fans (many of whom are extremely influential) make (and promote) these videos for them. You, or your CEO, can take a bit more personal approach, and freely engage with the audience. Tesla distinguishes itself with a strong online presence, with countless press mentions and millions of followers across the social web. The “$0 marketing budget” story is great marketing itself. So, if you wish to play your part in helping the environment and accelerate the world’s transition to sustainable energy, but can’t afford one right now, or aren’t sure about the commitment to an electric vehicle, you can “subscribe” to an electric vehicle from startups like Steer. Tesla has 17 stores worldwide (ACWI) to sell its cars. Tesla keeps improving its systems, focusing on the big picture and the future. Next, have consistent company messaging across the board, keep your audience in the loop about all updates, and reply to as many followers as you can. They likely invest significant money in their marketing strategy. If you take a good […], When you think of content marketing, Quora is probably not the first thing that comes to mind. Sure, your company’s CEO won’t be nearly as influential as Musk, but their personal branding efforts will make a huge difference to the company’s growth. Usually, CEOs are somewhat hesitant when it comes to going all out on social media. Well, those who focus on the actual numbers will be aware of the fact that eCommerce stores have overhead retail businesses in many ways. People trust recommendations from friends and family more than they could ever trust ads of a brand promoting itself. Tweeting about new business ideas on the commute home, ranting about Twitter locking his account, live broadcasting rocket launches – you name it, he tweets it. They don’t want to wait to get in touch with brands. For instance, Tesla built a massive network of supercharging stations across the United States and Europe to make it convenient for customers to charge their cars on the move. Put a face to the name. © 2018-2020 Growfusely. Automotive marketing teams have long understood this bond between people and their cars, and are quick to take advantage of it. What’s the lesson here? And yet it seems like a necessity for companies to promote their products. And vision statements don’t get much stronger than Tesla’s: “To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles.”. You order and configure your car online, without even seeing the actual car. Does Tesla Motors have a great marketing department? Rather than being pushed into a sale, they are given information to make their own decisions, which leads us to the next point…. Interested in discussing marketing campaign for your website? Instead, they focus on creating a customer experience that automatically turns customers into fans. The price listed is the final price. But not Elon Musk. Tesla, on the other hand, is totally different. Tesla, instead of changing the whole model, can change the location of the stores. They can simultaneously channel their teams’ creativity and usher in the strong norms required for successful implementation. It goes without saying, but Tesla won’t be where it is today without its charismatic and audacious CEO, Elon Musk. Every great brand offers great quality and great products. Thus, it is a good idea to let the marketing team dedicate a part of their strategy and efforts to work on improving the leadership’s social media presence and authority. To many, cars are an extension of their characters. Of course, your company’s CEO won’t be nearly as popular as Musk, but their personal brand can contribute substantially to the company’s growth, probably more so than a paid advert. Tesla operates in the long range EV segment of the market comprised by electric vehicles. Customers regularly engage with your product after the purchase, which affects their outlook of the company and its service. One wrong post can seriously damage the brand’s reputation, or even invite lawsuits. You naturally want others to know about your outstanding experience and it’s no surprise that people trust recommendations from friends and family more than they could ever trust ads of a brand promoting itself. Moreover, have a strong vision and mission statement that you can incorporate into all your digital marketing and promotions. Image Credit: Courtesy of Tesla It provides incentives to the customers who have contributed a lot to GoPro's USG strategy. They appear to be nonchalant and fun-loving while also being one of the most ambitious brands on the planet. While nobody outside Tesla has concrete answers for these questions, there’s certainly a lot we can learn from the way Tesla has stood itself apart as a car brand. Modern customers are an impatient bunch. Surveying more than 330 workers on-site has enabled them to get a clear forecast of how can marketing concept will evolve in the coming years. Your focus should be on providing amazing customer experience and creating the best possible products in your niche which, with the help of content marketing, sell themselves. For example, the company can expand in the global automobile market to support further business growth. This is why it’s important to start marketing Tesla in a more traditional manner. In this business analysis case, Tesla’s products are within the automotive, energy storage, and energy generation markets. But not Elon Musk. You haggle about the price, take the car for a test drive, and talk some numbers – overall, it’s a time-consuming and not a very pleasant experience. If you haven’t already, consider creating an exciting referral program for your company that motivates your customers to spread the word amongst their friends and family. Not to mention the simplest and most effective form of marketing that results from this strategy – word of mouth. 2. Apart from people in the marketing and advertising industry, there may only be a handful of people on the planet who actually enjoy ads. Tesla indicated that it would cut about 9% of its global workforce, as Tesla is looking to eke out its first profit. Teslas are not yet 100% green, but extreme public scrutiny of the company’s manufacturing processes will force Tesla to continue to improve its overall sustainability if it intends to retain its edge. And, of course, also on building exciting products that you can’t help but crave. The tweet below from Elon conveys this point perfectly. And that’s quite understandable – they have to be extremely cautious about what they’re posting as they’re the face of the company, so to speak. Instead, what it means is that the company spends $0 on paid advertising. As needless to say as it is, Tesla Motors won’t be where it is today without the influence of its charismatic and rather audacious CEO, Elon Musk. On an ending note – no, Tesla doesn’t have $0 as its marketing budget. Before you dive into this post, take a look at our brand report on Tesla and its share of voice in the automotive industry. Many customers reported receiving conflicting information from different Tesla employees. And that’s understandable – they have to be super careful about what they’re posting as they represent the company, so to speak. It makes you feel special to own a Tesla – a feeling you can’t put a price on. But that’s not the case when it comes to Tesla and its customers. The company controls everything (from the initial test drive to follow-up maintenance) about the journey and isn’t pushy with its sales, which makes for an outstanding car buying experience. So, transparency should be integral to your digital strategy. Tesla’s website is also an effective channel for sales and marketing, it has also used Twitter to successfully connect with the large base of fans and followers. The company uses product development to fulfill corporate objectives in this 4P variable. Established players like Ford, BMW, Volkswagen, Honda, Toyota, and what have you, are being challenged by electric and autonomous vehicles from novel brands like Tesla and Waymo (originally Google’s self-driving car project). The AEC firms should look into the use of the B2C approach to determine which can be used for the betterment of the AEC Industry. Whether you’re scrolling through social media or cruising along the highway, ads are a nuisance you can’t escape. So, the internet provides potential customers with their first impressions of the brand. Instead of following the usual guidelines of "tweet this much, include videos" etc., you start to make your own. That being said, don’t go overboard with being too controversial or you might have to face a lot of backlash, something that could be counterproductive for your brand image. And this is appreciated by the customers – 73% of customers say valuing their time is the most important thing companies can do to provide great service. This is not to say that you must completely ignore paid advertising, but your ad spend should be minimal. Being completely honest and transparent with your customers is extremely important. He’s open and straightforward (about failures too) and engages with his following almost daily. The popular platform is commonly used to ask questions and find answers on any question in mind. Simply put, all these things generate positive brand awareness which ultimately translates into more sales in the long run. Of course, your everyday company can’t match that level of ambition in its statement – but it can emulate the strategy of leveraging a vision statement to form a staunch following. While Tesla can be seen as an inspiration to the industry, it also serves as an example of what happens … He smokes marijuana with Joe Rogan, sells flamethrowers for fun, and sends a Tesla into space – pretty controversial stuff that completely captures and keeps your attention for when there’s a product launch. The customers can easily contribute to the company's strategy because they don't have to … Of course, most companies can’t match this level of ambition in their mission and vision statements – but you sure can emulate the strategy of using your statement to build a brand with a faithful following. View all posts by Tim Ferguson, How to Use ClickMeeting to Create a Webinar Flywheel That Builds Momentum. That is, word of mouth is one of the most effective forms of marketing and Tesla knows this well. Download our Tesla SOV brand report now! Companies that wholeheartedly believe in what they sell and stand behind their beliefs are the ones that stand out. People will see you as a friend, not just a corporate trying to sell as much as you can. Apparently, Tesla folk don’t really want to sell anything. Thus, it is a good idea to let the marketing team dedicate a part of their social media marketing strategy to work on improving the company leadership’s social media presence and authority. In 2006, Elon Musk shared his ‘ Secret Tesla Motors Master Plan (just between you and me)’ on the Tesla website. Facilitate word of mouth marketing by creating compelling referral programs. What’s more, Tesla’s advertising budget is zero. What is Tesla’s marketing strategy? However, Tesla can still sell its vehicles online in these regions, as the regulations bar Tesla only from direct sales in these regions. 1. 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