Business Plan and Implementation Strategy
Abstract
Tesla is an American international company that produces residential solar panels and a Lithium-ion battery that purposely used for energy storage. The company is based in Palo alto America. T Marc Tarpenning and Martin Eberhard were the founders of Tesla in 2003. The name Tesla is an attribution of the inventor Elon Musk who was the founder and the most significant contributor during Tesla formation (Carlson, 2015). Social media has developed and become a major marketing platform for companies. Companies have enhanced their communication through social media platforms. This is attributed to the limited number of advantages social media have is marketing. With the increasing innovation, companies are enhancing their marketing on social media platforms in a bid to increase their market space. This paper will discuss the major advantage of social media marketing, the disadvantages and possible solution to the challenges.
Don't use plagiarised sources.Get your custom essay just from $11/page
Table of Contents
Challenges of social media as advertisement platforms. 4
Intense Competition from the Existing Companies. 5
Inadequate Resources and Aptitudes. 6
Underestimating Customer Needs. 7
Social media marketing platforms used by Tesla and their opportunities. 7
Social Media Together with Content Creation. 9
Tesla is an American international company that is specialized in the production of electric cars, residential solar panels and a Lithium-ion battery that purposely used for energy storage. The company is located in Palo alto America. Marc Tarpenning and Martin Eberhard formed Tesla in 2003. The name Tesla is an attribution of the inventor Elon Musk who was the founder and the largest contributor during Tesla formation (Carlson, 2015). Tesla has more than 30000 workers globally with 212 stores. The company released its first electric vehicle in 2008 dubbed the Tesla Roadster. The brand of the company made 2100 sales in 32 countries globally. However, in 2012 Tesla released the Model -S a fully electric luxury with a high sedan performance.
Tesla has a high manufacturing ability that is probably less than the first electric car Roadster. Tesla has several times stated their mission of clean start building of driver with a sparkling of evolution. The company aim is to continuously increase innovation towards building the most suitable and efficient models of electric cars (Carlson, 2015). Tesla has segmented its structure of business towards manufacturing electric car and empowered green energy companies. Tesla is currently using Tweeter, Instagram, Facebook and Emails for marketing. The paper will discuss, therefore discuss the major challenging Tesla would face using social media as a marketing platform and provide some recommendation in implementing social media strategy.
Challenges of social media as advertisement platforms
There are several challenges that Tesla should be ready to face in a bid to use social media as a platform for advertisement (Dahl, 2018). The following are some of the challenges. The process of creating substantial content that can spark the audience from a different social platform is always a challenge (Rugova and Prenaj, 2016). Its only new and capturing advertisement that can get people engaged. This is the biggest challenge that Tesla has to overcome in a bid to market its products. Developing contents that can naturally accomplish daily struggle may be demanding and challenging since most people consider some of these platform nuisances. For instance, a post from Twitter may be very different from one received from Instagram (Shafigullina and Palyakin, 2016).
It is only fresh and meaningful contents that can spark and gain attention on social media. Tesla should, therefore, look into these challenges and come up with a mechanism of advertisement that can stir its followers on the social media platform in order to remain relevant in the market. However, discovering how to reach, engage, encourage and genuinely interact with the audience is a big challenge when the company wants to interact with followers on social media platforms (Kuofie, Gholston and Hakim, 2015). Either it is essential for the company to know its audience through the personal level or through demographics; this can be achieved by analyzing the response from each platform differently. It is also important to bring the feedback and comment from the different platform to come up with a cohesive snapshot of who should receive the update and those who should not receive. In many occasion, many assumptions made about the social media audience making its results miss the needed opportunities (Rugova and Prenaj, 2016). Tesla should, therefore, be ready to look into these challenges to reduce the impact of miscommunication.
Intense Competition from the Existing Companies
The existing companies may decide to disrupt the market through business models or through business models. Tesla may face fierce competition from some of the existing company.
Social media is not only used to post catch things that are good for you and the development of the sales (Rugova and Prenaj, 2016). The platform is overstretched, making other people tired of its contents. Social media does not have a precise principle; therefore, Tesla should be ready to develop a given principle that can attract clients, know how to reach them, and how to build a good communication platform.
The company should make analysis, awareness and prediction based on the current trends and tools that may be challenging to develop. Tesla should, therefore, advance mechanisms that can deter the effort of other companies (Sajid, 2016). Existing companies have dominated the market the fore developing new strategies of social marketing needs strategies that are more robust, like looking at the market and knowing your clients.
Social media have many people who use it for duplicating other resources for their own personal goal. It is therefore vital for Tesla to look into the into some mechanism that can reduce of exploitation of their social media platforms. Globally social media have been used to cone a number of people by luring them to purchase products that are not genuine hence becoming a problem in the social media marketing (Drahošová and Balco, 2017). Companies using social media platform for marketing should come up with social media marketing strategies that can protect customers from exploitation by either enhancing social media strategies or building search engine.
Inadequate Resources and Aptitudes
Tesla should build special digital skills that can facilitate the process of strategic initiatives. The reason for developing coherent skill is to enhance communication, search, email marketing and social interaction. Communication is a fundamental tool that any business that wants to proper must embrace (Drahošová and Balco, 2017). A good platform of communication allows customers to and the client to air their views about the company and the products the company is offering. This, in return, will enhance the company brand and commitment of the client a massive benefit for the company. The engaging audience makes, give them a sense of belonging and part of the company. Companies use social media platforms as a mechanism of getting feedback from the customers since it is cheap, efficient and faster. On the other hand, communication via social media is the most welcomed model in the market, thus making it the best alternative ion the market.
Underestimating Customer Needs
The process of understanding customers needs is always challenging for companies. Therefore, Tesla should strive hard and understand the market via searching customers demand, assign enough resources and finally set objectives. These are a vital aspect of social marketing strategies that should be taken into consideration (Shafigullina and Palyakin, 2016). Segmenting customer and looking into their demands is essential in a bid to meet customers demand. These are of challenges that Tesla should be ready to face thus the need to come up with a coherent counter-strategy.
Social media marketing platforms used by Tesla and their opportunities
Many companies have strived to use an individual who has strong social media follower toward the marketing of their product. This individual has strong influence their following, therefore, can influence their purchasing powers. For Tesla Company, the most influential person they use in their marketing is the CEO. Elon Musk. Musk has more powers in his social media platforms hence have a massive influence on people following them on social media. Musk has close to 23.4 million followers on his tweeter handle, while the company has 3.4 million followers (Shafigullina and Palyakin, 2016). These combine platforms used widely by the company and the CEO in marketing their products. Instead of paying an influencer to market Tesla product, Musk, the CEO uses these platforms’ to market his product. This strategy does not necessarily reduce the cost of advertising, but it also increases the personalization of the company brands.
Musk involvement in social media is also giving the company a brand hence attracting consumer comfort and trust. Tesla has preferred using content which is more spontaneous. Majority of Tesla post is about photos and videos of most of their vehicles in action, perhaps in events or driving. The company approach is more candid, showing the vehicle in action, demonstrating the functionality of their products that has remained to be one of the best approaches. Tesla generates the demand for the vehicle without necessarily using a given list, status and specification (Shafigullina and Palyakin, 2016). Despite being, busy Musk is still finding time to update his followers on social media. The company is has used social media to engage with their customers.
The company has a huge Facebook fan base who are also promoting the company’s brands. Musk usually takes time to respond to comments and questions on his social media platforms (Lee, Hosanagar and Nair, 2018). Through this approach, most of the fun fill empowered since they have the opportunity to converse with the CEO. The level of communication between the CEO and the followers gives their followers time to get more information about the company and its product thus always support the company endeavours (Sajid, 2016). Tesla has many legacy brands. Tesla brand is built on the company long history. Tesla reputation and prestige are some of the most valued aspects of their brands. The company strong marketing advantage is based on its personal engagement with the customers.
Tesla has massively used Instagram to post and advertise its products. The company keeps public updated from development to production by posting the phases of production on Instagram. Since Instagram has a room for posting both picture and videos. The company has taken this advantage to post any update about manufacturing on social platforms (Sajid, 2016). Although other companies using social media platform for advertisement, only Tesla has taken advantage of social media to share the company’s stories with their customers and followers regularly. Tesla transparency has enhanced the humanization of its brands in all the social media platforms. Through Instagram posts and adverts, Tesla has been able to add a visceral element of connection with the community.
Social Media Together with Content Creation
This strategy has given the hip-hop culture more avenues and mostly seen in social media platforms of some rappers like Jay-Z, Snoop Dogg and Dr Dre. Majority of these musicians have managed to sell the growing Tesla prestige on social media platforms. Besides his personal brand, Musk has used other companies in a bid to grow Tesla (Sajid, 2016). These strategies have brought much social media attraction amongst the social media user. Amongst the car manufacturing companies, Tesla is ranked number eight, is social media marketing, unlike BMW, which has 35 million followers globally. However, the high rate of success of the company is attributed to the level of engagement (Sajid, 2016). The level of engagement by small, growing companies can provide avenues that can force them into the automotive industry. Tesla has social media accounts that are successful and time, making it a more successful company with many aggregate followers globally.
In order to minimize problems associated with social media marketing Tesla should enhance internal communication to reduce miscommunication. It is also necessary for the company to develop a central point of communication that may mitigate the challenges that come in handy with social media communication (Ellis-Chadwick, Chaffey and Fiona, 2019). Competition from the rival companies may reduce by analyzing the market trend, customers anticipation, planning robust marketing strategies and develop a clear and coherent revenue challenges (Sajid, 2016). Through looking at the market strategies, Tesla will be able to look at the structure of the market for competition purposes.
Tesla should also strive to develop social media marketing strategies. The strategies should be long-term that can build the company image and brand.
Long-term marketing strategies should give the company the avenue of building trust with customers; thus can hold them for the future transaction (Sajid, 2016). Constant update from the company can overcome the challenges. Intense competition is also a big challenge that the company should be ready to face in the market.
Social media marketing has many challenges that every company should be ready to address in order to protect their customers. It is vital for companies to build search engines and specific communication platforms which a bed used by their respective customers to air their views and give their suggestions (Dahl, 2018). A good platform of communication does not necessarily help customers, but it is also building the company image and brand that is essential in development. Overcoming dominant companies in the market requires many strategies like reducing product prices and revenue benefits. Understanding customers also need one major challenge that the company should be ready to look into by proving them with avenues that can help them air their views about the company and its brands. Social media marketing is an excellent platform that should be embraced by companies due to the increasing level innovations globally.
References
Carlson, W.B., 2015. Tesla: Inventor of the electrical age. Princeton University Press.
Chaffey, Dave, and Ellis-Chadwick, Fiona, Author. Digital Marketing: Strategy, Implementation and Practice. Seventh ed. Harlow, England: Pearson, 2019. Web.
Dahl, S., 2018. Social media marketing: Theories and applications. Sage.
Drahošová, M. and Balco, P., 2017. The analysis of the advantages and disadvantages of the use of social media in the European Union. Procedia Computer Science, 109, pp.1005-1009.
Kofi, M., Gholston, K. and Hakim, A.C., 2015. An overview of social media for marketing. International Journal of Global Business, 8(2), p.65.
Lee, D., Hosanagar, K. and Nair, H.S., 2018. Advertising content and consumer engagement on social media: Evidence from Facebook. Management Science, 64(11), pp.5105-5131.
Rugova, B. and Prenaj, B., 2016. Social media as a marketing tool for SMEs: opportunities and challenges. Academic Journal of Business, 2(3), pp.85-97.
Sajid, S.I., 2016. Social media and its role in marketing.
Shafigullina, A.V. and Palyakin, R.B., 2016. Social media marketing as an effective instrument of the promotion of social business-project in social entrepreneurial activity. Academy of Marketing Studies Journal, 20, p.1.
Vynakov, O.F., Savolova, E.V. and Skrynnyk, A.I., 2016. Modern electric cars of Tesla Motors company. Автоматизація технологічних і бізнес-процесів, (8,№ 2), pp.9-18.