Tesla Proves that Word-of-Mouth Marketing Is the Jackpot
Stock prices for Tesla Motors, Inc. are up more than 300% over last year’s prices, according to InvestorPlace. Not a big surprise, especially since last year the company sold about 20% more vehicles than expected. On top of all this, the company’s sporty sedan, the Model S, won Motor Trend’s 2013 Car of the Year award. Pretty good for a car company that does not advertise its product.
How is this even possible? Tesla’s CEO, Elon Musk, is no stranger to taking the alternative path to success. A decade ago, he was pivotal in the growth and success of PayPal. With Tesla, Musk has been more concerned with building a community around his product than securing ad spots on media networks. With 500,000+ followers on his Twitter account, 185,000+ on the company’s Twitter account and almost 350,000 followers on the company’s Facebook page, there is a global audience online ready to engage and share their experiences with the brand.
Another interesting technique that Tesla uses is to eschew the standard big lot car dealership and instead display its cars in shopping malls and in small storefronts. This brings people up close and personal with the car. After they’ve seen it up close, they are bound to tell their friends and family and, viola! The elusive goal of every marketer has been met: people are talking about the brand.
@TeslaMotors Test drove one, most exhilarating drive of my life. Eye opening, now I’m hooked!
— Manny Suarez (@Manny13z) January 9, 2014
Social media has made it incredibly easy for customers to create pull marketing opportunities by talking about your company, products and services. Leverage these opportunities properly and your company will be all the buzz out there…
…just like Tesla Motors.