5 Things To Learn From Elon Musk And His Cybertruck Launch (#4 Is My Favorite)
Elon just posted that Tesla already received 146,000 pre-orders worth $8 billion just over a day after they unveiled the Cybertruck.
Without any paid ads.
What do you think about the car?
There’s a lot of discussion about it, but I wanna share with you KEY business and marketing lessons I’ve learned from Elon…
…that can impact your business if you apply them.
🛑 Lesson #1 – Build & Leverage Your Personal Brand
Do you know the CEO of BMW, Mercedes or Audi?
But you probably know that Elon Musk is CEO of Tesla.
He built his personal brand and put a face to the Tesla’s brand.
That way, people can buy into his specific personality, vision, and stories.
Same as Russell Brunson is the face of Clickfunnels brand.
It’s really powerful and Elon can also leverage his well-known personal brand to launch new companies in the future.
It’s much easier to launch something new when you built an audience of people who know, like and trust you.
Don’t hide behind your company’s name.
Instead, build your personal brand and show real people that represent your company.
Be on social media, do videos, blogs, etc..
People are hard-wired bond and relate with faces and voices more than logos and colors.
🛑 Lesson #2 – Host A Live Event To Launch New Offer
Don’t just launch your product and put it on your website.
Instead, create hype and excitement around the LIVE event.
Tesla host a launch event when presenting a car to the market.
That’s where Elon reveals his new car and opens the cart so people can buy it.
Before this event, there’s a lot of buzz and anticipation created which makes it even more powerful.
Same thing with APPLE.
How they launched iPhone 11 recently?
Yeah…they hosted a launch event to reveal new products to the market.
When launching a new offer to the market, set a date of a live event where you’ll present the offer and open the cart.
Before the event, focus on getting a lot of attention and create curiosity and excitement about the event.
🛑 Lesson #3 – Be Polarizing In Your Marketing
If you try to appeal to everyone…you’ll end up appealing to no-one.
You should polarize in your marketing.
See, many people HATE on the design of Cybertruck.
Honestly, I don’t like it either.
But some people love it.
Which creates two different groups who endlessly argue with each other on social media.
That’s how you create engagement that leads to going VIRAL.
And Elon knows that well.
Even his own personal brand is polarizing.
Remember him smoking weed on the live podcast?
Everybody was talking about it and there were discussions if it’s right or not.
It’s OK to have haters.
There’s no-one well-know who don’t have any haters.
Try to appeal only to our ideal customers and purposely REPEL everybody else.
As Grant Cardone says “Hate me or love me…at least you know me”
🛑 Lesson #4 – Sell First, Build Later
Cybertruck is not expected to go into production until late 2021.
But Tesla just pre-sold over 146,000 of them in 24 hours.
Of course, not everyone who deposits $100 will purchase (for clever people in comments).
But the key lesson here is to always SELL first and build it later.
There is nothing riskier than spending your time and money on creating a “perfect” product without any validation.
I’ve seen this happen a lot…
Someone got an idea on the “revolutionary” product so he or she spends months or even years developing it and putting a lot of money behind it.
Just to find out that nobody wants to buy it.
Or someone has an idea for launching an online course.
So he or she spends months to create fancy videos and membership area…
…just to find out that he or she doesn’t know how to sell it.
Don’t do this mistake.
Instead of developing a physical product in volume, just create a sample and pre-sell it like Elon Musk do (KickStarter style).
Or you can drop ship similar products from China to validate your idea.
When it comes to the online courses or coaching programs, simply create just outline, pre-sell it and then deliver it LIVE with your students.
That’s how I pre-sold 43 clients into my online course without having any content in place.
No matter what product you’re launching, always sell it first and build it later.
This will not just validate your idea and offer, but also brings your CASH so you get paid to build it.
🛑 Lesson #5 – Start Selling Premium Product First
This is a key lesson I’ve learned from Elon 1,5 years ago.
You’re familiar with the value ladder, right?
If not, it means that you start selling low ticker products and then ascend your customers to higher ticket ones.
Well, Elon Musk is doing the exact opposite and I’ve found it’s much better.
In 2016, Elon shared his “Masterplan” to grow Tesla that he wrote in 2006.
Here’s the plan:
- Create a low volume car, which would necessarily be expensive
- Use that money to develop a medium volume car at a lower price
- Use that money to create an affordable, high volume car
Every business needs cash flow and that’s why this approach is so effective.
Because if you start selling the most expensive product in your value ladder first, you need just a few clients to generate great cash flow.
Let me give you an example in the coaching/digital product world.
If you’re an expert in Fitness and you wanna launch coaching business around that, don’t start with $7 ebook.
It would be extremely difficult to build a cash-flow needed to grow your business.
Instead, do what Elon did to grow Tesla.
Start with the most expensive, premium product first.
Let’s say it’s $5,000 coaching program with full support and accountability.
Now, if you get just 10 sales…
…you generated $50,000 worth of revenue for your business.
You can then reinvest into paid ads, team or developing new products later.
Just to compare it – it would take you 7,142 sales to make the same amount of revenue with $7 ebook.
What do you feel is easier?
Making 10 sales or 7,142 sales?
Of course, it’s much easier and effective to make 10 sales at a higher ticket price.
Start at the top of your value ladder when launching a new business.
This way, you’ll be able to create not just needed cash-flow but also demand for other more affordable products later.
I hope you got some value from this!
Do you agree with these lessons?
And what did you learn from Elon Musk?
Share it in the comments below .
Written by: Stepan Hlinka