How Elon Musk Generated So Much Buzz With a $0 Marketing Budget?
What Can We Learn From Tesla’s Marketing Strategy?
You might not have known that the world’s most valuable car company has a $0 marketing budget. Elon Musk has been saying that Tesla has not advertised or paid for endorsements for a while. Because of advertising costs, consumers will pay more than their actual value for other cars. With Tesla, they use their money to make the product better.
What makes Tesla so popular? Here are some examples that might shed light on how Tesla became a household brand name with a $0 marketing budget.
When it’s good to be hard to get
One of the things I always remember from my class on economics is “supply and demand.” And this is what Tesla does best. With Tesla, the demand has outpaced the supply. Want to buy a Tesla? Get in line. Instead of having a waiting line, customers purchasing a Tesla have to go through the company’s website to configure their cars and fill out any paperwork for a loan.
With every new model, customers are willing to deposit, get on the waiting list, and…
