In this articles, we will cover in-depth brand equity of Tesla which is operating in automobile industry and known for manufacturing efficient electric cars.
Brand Associations
Tesla is concerned to the environment to go green and committed to preserving the energy for the future through producing energy efficient electric automobiles. It manufactures cars which do not pollute the environment. If anything goes wrong with the electric vehicles, all you need to do is to upgrade the software which is less time-consuming. Although Tesla has no brand ambassadors, many of its vehicle owners include the celebrities who are Leonardo DiCaprio, Brad Pitt, Matt Damon.
Brand Awareness
Tesla has no advertising department and does not spend any money on the promotional campaigns. It uses social media platforms to connect with the customers on deeper levels. The company creates a buzz among the people through its blogs and social media pages using minimal cash flow. Tesla depends on word-of-mouth marketing and this method tremendously increased the brand awareness among the people. Tesla has declared partnerships with Toyota and Daimler. It also started working with Panasonic as partners in the battery and solar panel R&D department.
Brand Loyalty
Tesla Inc., founded by a group of engineers to prove that people can drive electric vehicles in a better and quicker manner than the gasoline cars. The company is emotionally connected with its consumers by manufacturing the electric automobiles to solve the earth’s energy problems. In fact, Tesla got the highest owner satisfaction score in Customer Reports. Tesla shows transparency to the world which is a key to create lasting brand loyalty. The company communicates with its consumers through various mediums and has built a great relationship with them.
Brand Assets
Tesla, Inc., previously called Tesla Motors, is an American company that deals in electric automobiles, solar panel production, and energy storage. It was founded in 2003 and headquartered in California, US. In 2016, Tesla’s total assets were recorded to be of $22.66 billion. The company also specializes in lithium-ion battery energy storage, domestic photovoltaic panels, and sells Tesla Powerpack and Tesla Powerwall batteries. In 2015 and 2016, Tesla’s Model S was the world’s best-selling plug-in electric car. The company passed 300,000 vehicles production in 2018. Tesla operates multiple factories and plants for making vehicles and their parts. Some of the Tesla subsidiaries are SolarCity, Tesla Finance LLC, Silevo LLC, Tesla Motors Leasing, Inc, and Arpad Solar Borrower LLC.
Brand Elements
The co-founders Martin Eberhard and Marc Tarpenning named the company Tesla in the name of a famous inventor and electrical engineer, Nikola Tesla. This physicist worked together with Thomas Edison to introduce the most effective method of electricity transporting on long distances. To make a unique identity in the automotive industry, Tesla not only used modern techniques but also created a stylish emblem.
The symbol has a letter T made in a stylish and modern way, which stands for the company’s name. It also contains an armor shield which symbolizes top level of durability and safe driving. Every detail of Tesla symbol represents elegance, innovation, power. Tesla is a technology company which aims at offering stylish and reliable electric cars to the average consumers at affordable prices.