Well, those who focus on the actual numbers will be aware of the fact that eCommerce stores have overhead retail businesses in many ways. 2. I think the OP fails to appreciate the elegance of Teslaâs current marketing strategy. Facilitate word of mouth marketing by creating compelling referral programs. Some customers were given outdated contact information. Tesla has come so far in such a short while, but thatâs no guarantee it will be around forever. 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. Teslaâs marketing strategy is as disruptive as its business model. 1. What’s the lesson here? With over 34 million followers and 11,000 tweets, calling him a mere “influencer” would be an understatement. Selling cars online will create hesitations from the customer's side. If there’s an issue that you’re working to fix, one that’s going to cause customer disappointment, it’s crucial to be transparent about it instead of hiding it – and your customers would appreciate it. Many customers who tweeted at the company received personal responses from Elon Musk who gave honest updates on the situation. Apparently, Tesla folk don’t really want to sell anything. It takes the onus off of Musk and other executives to get Tesla into the news, and ensures that when heâs gone, the electric automaker can still make headlines. 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.”. This is not to say that you must completely ignore paid advertising, but your ad spend should be minimal. 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. Because get this: All these things add up to build a sense of exclusivity that makes you want one even more. Tesla keeps improving its systems, focusing on the big picture and the future. Rather than wasting time with unnecessary sales pitches, Tesla empowers customers to make their own decisions. In fact, most of the company’s announcements are made casually in response to Twitter fans. Tesla has 17 stores worldwide (ACWI) to sell its cars. Simply put, Tesla’s branding strategy is more “human”, relatable, and fun – something that you can emulate for your own branding. Soon, customers witnessed backlogs of Model 3s sitting at assembly plants and wondered why they hadn’t received their cars. Tesla â boutiquesâ 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 â¦ © 2018-2020 Growfusely. As a consequence, there are no tedious salesmen. It encourages others, namely customers, to do the selling for them. So if there is an automaker that can sell its cars using an online-only model, Tesla would seem to be it. 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. Being completely honest and transparent with your customers is extremely important. View all posts by Tim Ferguson, How to Use ClickMeeting to Create a Webinar Flywheel That Builds Momentum. The way […]. It can improve retailing strategy by collaborating with service providers like mechanics, part suppliers and sales teams across the countries. It makes you feel special to own a Tesla – a feeling you can’t put a price on. Keep in mind this was two years before the car was in production. 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. 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. Not to mention the simplest and most effective form of marketing that results from this strategy – word of mouth. 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. Companies that believe in what they sell and stand behind their beliefs are the ones that make it big. If you didn’t already know, Elon Musk, in good faith, famously open-sourced all of Tesla’s patents and praised Tesla’s rivals for their progress on electric vehicles. Will your car be able to take the battering of that arduous road trip? Tesla recognizes this fact very well. Simply put, all these things generate positive brand awareness which ultimately translates into more sales in the long run. 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. For example, many customers who pre-ordered the Tesla Model 3 were discouraged to have their delivery dates delayed due to manufacturing problems. Continuing along the same lines of authenticity, Tesla as a company are blatantly themselves. Nope. In this way it can make sure whenever the products are damaged the customer has to face no trouble getting it repaired. 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. He’s open and straightforward (about failures too) and engages with his following almost daily. Perhaps in your pajamas. Amazing customer experience is also about being able to provide the same information in the same positive tone regardless of how a customer contacts the company. Teslaâs marketing strategy, then, goes against the trend of developing TV advertisements and pushing its products onto consumers. The price listed is the final price. The modern customer starts their buyer journey online. Tesla is said to have built a strong brand identity that requires less promotion and advertising. In 2006, Elon Musk shared his â Secret Tesla Motors Master Plan (just between you and me)â on the Tesla website. 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. Put a face to the name. Tesla shows how crucial it is for an automaker â or any company, really â 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. 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. Does Tesla Motors have a great marketing department? But not Elon Musk. 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. It also arranges different contests to motivate the customers for sharing their videos. Instead, Tesla focuses on word of mouth advertising, and referrals. What’s more, Tesla’s advertising budget is zero. Tesla indicated that it would cut about 9% of its global workforce, as Tesla is looking to eke out its first profit. It could work wonders for your branding and you won’t be spending a dime on ads. On an ending note â no, Tesla doesnât have $0 as its marketing budget. 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. Apart from people in the marketing and advertising industry, there may only be a handful of people on the planet who actually enjoy ads. In fact, over 70% of all Tesla sales are made online, away from stores. Tesla has saturated the markets where it can legally sell cars. People will see you as a friend, not just a corporate trying to sell as much as you can. What is Tesla’s marketing strategy? 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. 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. Also, prices are not negotiated and the purchaser Tesla can be done within five minutes or less on its website. Twitter thought I got hacked & locked my account haha. It goes without saying, but Tesla won’t be where it is today without its charismatic and audacious CEO, Elon Musk. 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. SEO and Content Marketing Blog - Growfusely, Arkin Khemchandani is a Content Marketer at, 17 Content Marketing Trends You Should Watch Out For In 2021, 10 Ecommerce SEO Strategies for Success in 2021 and Beyond, How To Leverage Quora For Content Marketing, Create the Best Possible Customer Experience, Leverage Your CEO’s Social Media Influence, Champion Your Mission and Vision in All Marketing Efforts, Provide Top-Notch Customer Support Post Purchase, Don’t Be Afraid to Be a Bit Controversial, Generate Brand Exposure Through Multiple Paths. 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. 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. 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