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Tesla Model S
Transcript of Tesla Model S
Low emission cars are the future, therefore Tesla’s innovative Model S coupled with an effective marketing communication strategy gives them a significant advantage in the high-end fuel efficient automotive industry.
Tesla's model S is a luxurious, zero-emission fully electric sports sedan. The only one of its kind.
Therefore, the product falls into a niche market:
the luxury and fuel-efficient sector.
The model S is unique because it attracts consumers who are environmentally conscious, wealthy and on the cutting edge of technology (early adopters).
The U.S automobile manufacturing industry generates $220 billion in annual revenue
Tesla's environmentally conscious competitors include the Nissan Leaf, Prius, and the Chevy volt:
- Only 6% of consumers own an alternative fuel car but 53% are interested
- 96,000 electric cars purchased in 2013 out of 16.5 million total cars sold
Tesla's luxury competitors include BMW, Mercedes, and Lexus
The Cadillac ELR is the Model S' most direct competitor.
These two vehicles are the only products in the luxury fuel-efficient market:
- Cars range from $65,000 - $105,000
Cadillac's marketing strategy is to target consumers who are early adopters of technology. The also associate the product with America.
Tesla's integrated marketing communication strategy
Tesla has a unique in-store marketing technique. They are located in malls and have only one car in the showroom. They have no car dealerships.
They post daily videos, photos, interviews, awards and updates on social media.
"Tesla has no advertising, no ad agency, no CMO (chief marketing officer), no dealer network. And that's no problem." - Ad Age
Current position in the marketplace
Their stock has increased over 500% from $30 a share to about $230 since October 2012.
Tesla's sales skyrocketed to 6,892 units during the fourth quarter of 2013.
Tesla has surpassed both the Toyota Prius and Chevy Volt in the first quarter of 2014 (previously behind in 2012). However, they're still behind the Nissan Leaf in sales.
"Tesla Motors has taken the luxury car market by storm, grabbing huge chunks of key demographics and outpacing the sales of many top European brands." - Gas2.org
The company successfully competes in the mainstream markets and can still dominate the Cadillac ELR in a niche market.
Tesla's innovative product gives the company excellent word of mouth and newsworthy marketing (unpaid/free publicity).
People are fascinated with what's next in technology. Tesla's battery powered car is a popular topic of discussion. The brand is synonymous with innovation due to the effective use of buzz marketing.
Unlike Tesla, Cadillac already has an established brand image. The company is known for luxurious and expensive American made automobiles, but not for fuel-efficiency
The ad fails to convince consumers that Cadillac can be a player in the fuel-efficient automotive sector. They may not talk about fuel-efficiency because it's not consistent with brand image.
The company only makes a limited amount of cars each year and you can only buy online
This tactic allows hundreds of people to view their product each day as opposed to only a few. It also attracts individuals who aren't in the market for a car.
High demand and low supply adds to brand image
Tesla Model S vs. Cadillac ELR
Tesla's marketing is almost exclusively digital (website, app, social media, and forums.)
Their website features a call to action, product information, and testimonials.
It is a cutting edge website - you can design and purchase your car on the site
He is also the CEO of Space-X (the first reusable rocket)
Tesla has made innovation, luxury and fuel-efficiency synonymous with the brand.
Cadillac is only associated luxury but not with technological advancement and environmental consciousness.
Interviews to educate buyers and promote the brand through unpaid media. ex. 60 minutes
Elon Musk, CEO, is the face of Tesla.
Brilliant individual who is similar to Steve Job - constantly looking for the next big thing.
Very powerful and low cost
His goal it to create the best car ever made
Also, Tesla is associated with potential global benefits and has significant international appeal whereas the ELR has only domestic appeal.
If you're buying the Tesla you're getting a slice of the future. If you're buying the ELR you're getting a luxury hybrid. The marketing strategies have solidified this notion.