President Donald Trump on Elon Musk: I was worried about him, because he's one of our great geniuses
Elon Musk: How to Start a Business (Elon Musk 2017)
- Published on Aug 19, 2017
- Elon Musk: How to Start a Business! Seriously Take Notes!
Did you know Tesla has a zero dollar marketing budget?
Despite operating in the emerging alternate energy car market (and rampant skepticism that electric cars could even compete), Tesla had an incredibly successful IPO in 2010 and continues to struggle to produce cars fast enough to meet demand.
It seems amazing that they’ve been able to pull that off without marketing, but Elon Musk’s explanation for their success is simple: a relentless focus on making the highest-quality cars possible.
The vast majority of Tesla’s budget (and about 70% of Musk’s time and energy as CEO) is devoted to research and development. Musk only spends 2 to 3% of his time talking to the press, with plans to cut it down to 1% so he can free up time for - you guessed it! - more focus on engineering and design.
Marketing done right can be extremely powerful; I’m not saying it has no place in your business model. The vast majority of us don’t have Elon Musk-level capital to fund our businesses and get them off the ground. But if it comes down to a choice between more marketing for a mediocre product, or money money spent improving product quality, I’d choose quality every time.
Quality outlasts trends and bids for brief attention. It leaves a lasting impression - one that turns customers into lifelong fans and the most effective marketers you could dream of.
FAIR-USE COPYRIGHT DISCLAIMER
* Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, commenting, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favour of fair use.
1)This video has no negative impact on the original works
2)This video is also for teaching and inspirational purposes.
3)It is not transformative in nature.
Law Of Attraction Coaching does not own the rights to these images, videos and audio files. They have, in accordance with fair use, been repurposed with the intent of educating and motivate others. However, if any content owners would like their images removed, please contact us by email at firstname.lastname@example.org