In the long run, a brand strategy is what will keep a business alive. This long-term plan will help a company develop a successful product and reach their short term and long term goals. A well-done brand strategy will affect every aspect of a business and is directly linked to a consumer’s needs. When it comes to brand strategies, Tesla provides some amazing brand strategy examples that anyone could apply to their business. Even if carmakers manage to copy Tesla’s model, they will fail due to the lack of brand marketing strategy that Tesla has.
History of Tesla
Tesla.Inc was founded by Martin Eberhard and Marc Tarpenning in 2003. This company was created after General Motors forced a recall on all of their EV-1 electric cars from their customers and destroyed them in a junkyard. Elon Musk, the catalyst of Tesla, joined the company in 2004 with the necessary capital to run the company. Musk’s main goal was (and still is) to demolish the need for oil in cars and offering affordable electric cars. This leads to Tesla’s mission statement: “Tesla’s mission is to accelerate the world’s transition to sustainable energy.”
Social Media Engagement
Many CEOs are reluctant to use social media for their business. To them, social media means potential controversy and requires careful work. Elon Musk, however, threw that fear right out the window. Elon Musk engages with Twitter about two to three times a day, either through retweets or his own posts. Currently, Elon Musk has 29.9 million followers.
You may expect that Musk simply promotes Tesla on his twitter with well-worded tweets, but it’s the opposite. Elon Musk is very human on his twitter account. He complained about his account getting locked, posts memes, and has live-broadcasts rocket launches. 95% of those looking to buy a car research their choices online. Elon Musk’s personal approach to marketing certainly has attracted an interested audience. While it is obviously risky to be so free on social media as the CEO of a multi-billion dollar, Elon Musk does it artfully well.
Being Hard to Get is a Brand Strategy
In order to even test drive a Tesla, you must pay $5,000. Teslas are extraordinarily hard to get, which draws even more attention to the brand. There are no Tesla dealerships, all transactions are conducted online, the price is not negotiated, and you may wait months (or even years) to get your car.
How does this attract consumers if it is so difficult to get? It attracts consumers for that very reason, it’s hard to get. Everybody wants the best pick of the bunch. The difficult road to obtain a Tesla makes the cars even more appetizing, as they almost seem forbidden. In the midst of a crisis within the car industry, Tesla is admirably brave to require so much in order to purchase a car.
These hurdles do not exist for no reason, however. Teslas are often produced in a scarce amount, not mass-produced. The longer it takes for a person to obtain a Tesla, the longer Tesla has to create more cars.
Brand Management for Your Business
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