ELON MUSK:
FROM ZERO TO HERO
The story behind
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TAOUFIK HAMMADIintroduction
Elon Musk is changing the world, one invention at a
time. His groundbreaking ideas and projects, ranging
from space travel to saving the planet, make him one
of the 21st century's greatest minds. The Tesla creator
and founder is a key inspiration for our team, so much
so that we actually have a “What Would Elon Do?” sign
on the wall of our room! In this presentation, we
explore what makes the South African entrepreneur
and engineer such an extraordinary individual.Born in Pretoria, South Africa, in 1971, Elon Musk is the son of a Canadian model
and dietician (his mother) and a South African elactromechanical engineer, pilot
and sailor (his father).
Musk demonstrated his impressive capacity to learn as early as ten years old, when
he mastered how to code and program computers. His knack for entrepreneurial
gifts were also present from a young age, with Musk creating and selling his own
video game, Blastar, to a magazine for $500 when he was 12.
Despite these outstanding achievements, Musk’s childhood was not easy. He was
often singled out and bullied by other children; a common occurrence that
escalated so badly that a group of his peers once threw him down the stairs and
beat him unconscious. However, this did nothing to discourage the now-billionaire
from taking the leap to further his education by moving to Canada and attending
‘Queen's University, defying his father’s insistence that he stay in Pretoria, Three
years later, he left to study (and la
University of Pennsylvania. Musk later sold his share in Zip2, using the millions
ralsed to co-found a new company, X.com, in 1999 - which later merged and
became PayPal
F graduate in) business and physics at theae ace) (racy
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Bre aces SSTesla MotorsDesign and
Development
of the vehiclesDesign and
Development
Claas)
Tesla set out to be a luxury car company from its founding, as this
allowed for the price point necessary to make high-quality electric-powered
cars, retain margin and not worry about mass production (yet). Though they
Limited their initial customer pool, Tesla banked a hefty sum on each car
initially sold, which ultimately allowed them to do more research and
development, and create cheaper electric cars.Tesla Rangers,
and Tesla
servicingTesla servicing:
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the relationship continues for as long as that customer has a car from that,
ae
Tesla knew, by being the frst purely electric car on the market, they
‘would be forcing people to use their service stations for an extended
Pee ee Eee et tea ar
De een re ee eC eae
eae ene eoSales centersSales centers:
Inan effort to correct what the company calls a “conflict of interest,” Tesla does not
have dealerships. Instead, it has sales centers, which are sometimes combined with
Teslaservice stations, and online sales. The “conflict of interest” refers to
salespeople at franchise dealerships who are
Incentivized, via commission structures, to upsell
customers, rather then just get them the vehicle
they need,Marketing through
Media/Social Media
Attention: Press test
rides
Marketing througha
Mission: Marketing
sustainabilityMarketing through Media/Social
Media Attention : Press test rides
A clever way Tesla got the word out initially about the Model $ wasbinviting members of the press to test ride the
vehicle, and then write about it. Considering that test-driving a Tesla vehicle from a sale center requires a $5,000
deposit, this was a solid offer, and it et the media put Tesla’s claims about the car to the test. Following the same
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spread good word of mouth about the car to a variety of potential customers. It was a marketing move that came very
low cost to Tesla. All they had to do was provide a vehicle, On the other hand, as in the case with the Fox review, they
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Marketing through a Mission:
Marketing sustainability
{As Tesla puts it on their website, its mission as a company “is to accelerate the world's transition to sustainable
energy.” In edaition to being the basis for their technology development, this lofty mission aligns extremely well
with their target market. Tesla is looking to sel to consumers that care about the environment, and environmental
ec Res a ee cen ee os
Tesla’s website is full of content about sustainable energy, and recently it put outits frst sustainability report,
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=Lessons to learn
from Tesla’s
Marketing Strategy1. Create the Best Possible
Customer Experience
One of the biggest drivers of Tesla’s
success is ts focus on providing the
best possible customer experience.
Ordinarily, when you goto a car
dealership, you have to deal with a
sleazy salesman trying to earn as
much commission as possible from
your purchase. You haggle about the
price, take the car for a test drive, and
talk some numbers - overall itis time-
consuming and not a very pleasant
experience
2. Build a Strong Referral
Program
People trust recommendations from friends and family more
than they could ever trust ads of a brand promoting itself
That is, word of mouth is one of the most effective forms of
marketing and Tesla knows this well.
3. Don’t Rely on Paid
Advertising
Whether you are scrolling through social media or cruising
along the highway, ads are a nuisance you cannot escape.
Apart from people in the marketing and advertising industry,
there may only be @ handful of people on the planet who
actually enjoy ads.
||
4, Leverage Your CEO's Social
Media Influence
‘As neediess to say as itis, Tesla Motors
won't be where its today without the
influence of its charismatic and rather
audacious CEO, Elon Musk. Usually,
CEOs are somewhat hesitant when it
comes to going all out on social media
In addition, that is quite understandable
they have to be extremely cautious
about what they're posting as they're
the face of the company, so to speak.
(One wrong post can seriously damage
the brand's reputation, or even invite
lawsuits.
6. Be as Authentic (and Fun)
as You Can
Continuing along the same lines of authenticity, Tesla as a
company are blatantly themselves. They add features like “fart
noises" to thelr cars, while the CEO shares memes on Twitter. At
the same time, they have the most talented engineers bullding
vehicles that help tackle the fossil fuel crisis.
6. Be Transparent
Being completely honest and transparent with your customers
is extremely important. If there's an issue that you're working
to fix, one that’s going to cause customer disappointment, it's
crucial to be transparent about it instead of hiding it - and your,
customers would appreciate it.7. Keep Your Audience in the
know
Tesla and Elon share just about
everything with their followers - mostly
Via Twitter or the company’s blog. In this,
way, their audience knows where to
turn to forthe latest updates. In fact,
‘most of the company’s announcements
are made casually in response to Twitter
fans.
8. Focus Your Efforts Online
‘The modern customer starts their buyer journey online. So, the
internet provides potential customers with their first impressions
of the brand. Tesla distinguishes itself with a strong online
presence, with countless press mentions and millions of followers
across the social web. This social proof is pivotal to creating a
brand that's head and shoulders above the competition
9. Allow Self-Service Options
Modern customers are an impatient bunch. They don't want to
wait to get in touch with brands. They want the ability to get
instant answers to any doubts they may have,CONCLUSION
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attention