Tesla has so far relied heavily on unconventional methods of advertising, but now it plans to dip its toes into the traditional advertising world.
👉 Background: Tesla has grown rapidly over the past 10 years… both in sales and in share price. Interestingly, Tesla has so far relied heavily on unconventional methods of advertising, like:
👉 What happened: But now, Tesla plans to dip its toes into the traditional advertising world. The goal is to promote new car features and to dispel the myth that Teslas are super expensive.
👉 What else: But to date, some of its most effective campaigns actually came through referral programs, traditionally effective in the online world.
💡Referred customers are often the cheapest customers to acquire. They have a 24% higher lifetime value for brands and they are four times more likely to refer even more customers to the brand.
💡Referral programs have been a staple for tech and software companies over the years. For instance, Dropbox launched a referral program for extra storage space if you referred a friend... and it went absolutely BONKERS.
💡While Tesla is a car brand, they've used strategies typical of a tech company to drive growth. In fact, one Tesla owner made 188 successful referrals in 2 months, and this generated $16 million in sales in 2 months.
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