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. For a while, Elon Musk has been saying that Tesla does not advertise or pay for endorsements. Because of advertising costs, consumers will pay more than its 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 some light on how Tesla become a household brand name with a $0 marketing budget.
When it’s good to be hard to get
One of the things I always remembered 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 buying a Tesla have to go through the company’s website to configure their cars and filling out any paperwork for a loan.
With every new model, customers are willing to put down a deposit, get on the…
