If your company has a clear vision that resonates with the target audience, every marketing material should incorporate that message – in a thoughtful and methodical fashion. 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. Tesla distinguishes itself with a strong online presence, with countless press mentions and millions of followers across the social web. Instead of hiding the problem, Tesla was candid about its challenges. 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. Instead, they focus on creating a customer experience that automatically turns customers into fans. No wonder Tesla has the highest customer loyalty of all car brands with an overall satisfaction rating of 90%. Tesla’s target audience is rallied by the company’s mission and genuinely believes Tesla is capable of the best. In this business analysis case, Teslaâs products are within the automotive, energy storage, and energy generation markets. They can tie up with government and start charging stations in bulk which will make their presence everywhere. And, of course, also on building exciting products that you can’t help but crave. With the internet becoming increasingly accessible in recent years, enter digital marketing — […], This is a guest post by AdNabu. 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…. 3) They can go the traditional way of tie up with intermediaries and dealers. To facilitate that, a strong referral program can really go a long way – something that Tesla has. 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. What’s the lesson here? You'll also get to see how great your reports can look with our example social media report template. Continuing along the same lines of authenticity, Tesla as a company are blatantly themselves. © 2018-2020 Growfusely. In this way it can make sure whenever the products are damaged the customer has to face no trouble getting it repaired. Let’s join forces to drive awe-inspiring results. 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. Any company or brand needs to have a solid vision statement. As such, any company or brand must have a strong vision statement. Soon, customers witnessed backlogs of Model 3s sitting at assembly plants and wondered why they hadn’t received their cars. 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. But if not, you can still benefit from Tesla in an unexpected way. Typically, for the most part, the relationship between a customer and a company is almost purely transactional. Instead of following the usual guidelines of "tweet this much, include videos" etc., you start to make your own. Have you ever seen a Tesla ad on TV, in a newspaper, or even on a web site? Authenticity is how you correctly connect with your audience, and controversy is how you expand your audience. 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). This hasn’t been a strong point of Tesla as some of the major complaints of new car owners come from Tesla’s distribution strategy and delivery process. So, after test driving a car, potential customers are sent a link so they can configure their car and know the pricing of their exact configuration. Tesla operates in the long range EV segment of the market comprised by electric vehicles. However, Tesla can still sell its vehicles online in these regions, as the regulations bar Tesla only from direct sales in these regions. Profitable products are the ones that provide value that customers pay for. Every great brand offers great quality and great products. As such, driving a Tesla is much more sustainable in Iceland than in India. 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. The big question: will Tesla actually succeed with its new model? Marketing of Tesla communicating the benefits have to be strong. He doesn’t deter from speaking what’s on his mind, unlike other CEOs who use social media just to share boring corporate updates and latest product information. Long story short, customers are more inclined to bear with delays and issues if they understand what’s really happening behind the scenes. Tesla, on the other hand, is totally different. Tesla indicated that it would cut about 9% of its global workforce, as Tesla is looking to eke out its first profit. Just as Tesla is fully invested in creating the best electric cars on the planet, Tesla owners are truly invested in the success of the company. Well, those who focus on the actual numbers will be aware of the fact that eCommerce stores have overhead retail businesses in many ways. That is, word of mouth is one of the most effective forms of marketing and Tesla knows this well. After thinking of other companies as a competition for about a decade, the company simply decided it was ‘’silly’’ to think like that. This social proof is pivotal to creating a brand that’s head and shoulders above the competition. Are you a Ferrari or a Lamborghini person? Interested in discussing marketing campaign for your website? Before you dive into this post, take a look at our brand report on Tesla and its share of voice in the automotive industry. 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. 2. It makes you feel special to own a Tesla – a feeling you can’t put a price on. But Tesla spends $0 on ads. From the very outset of your buyer’s journey, you’ll realize Tesla is different. It goes without saying, but Tesla won’t be where it is today without its charismatic and audacious CEO, Elon Musk. So, the internet provides potential customers with their first impressions of the brand. The price listed is the final price. 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. Here are four marketing lessons that can help any business wanting some of Teslaâs magic to work for them. 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. 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. It could work wonders for your branding and you won’t be spending a dime on ads. Customers regularly engage with your product after the purchase, which affects their outlook of the company and its service. An excellent experience builds a sense of exclusivity and makes you want to spread the word about the company, which leads us to the next point…. 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.”. Perhaps in your pajamas. While Tesla can be seen as an inspiration to the industry, it also serves as an example of what happens ⦠It proves that instead of worrying about your competitors’ success, your focus should be to become the best at what you do while realizing your company’s mission – which, usually, is meant for the greater good of your target audience. 1. 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, most of the company’s announcements are made casually in response to Twitter fans. This is not to say that you must completely ignore paid advertising, but your ad spend should be minimal. Yet, Tesla name recognition is very high. Instead, what it means is that the company spends $0 on paid advertising. It needs to increase market share in states that have banned its stores. 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. 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. 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.. This enables the company to improve its carsâ software functionality every few weeks. Tesla steps into the shoes of its customers by thinking through the entire journey. 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. 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