Learnings from Elon Musk's 'The Boring Company
05th, February 2018 - Startup community
.Elon Musk, an Entrepreneur beyond excellence has captivated people's attention over the past decade. From building self-driving cars to sending rockets to Mars, Musk, thanks to his astute marketing skills has taken Entrepreneurship to a completely new level. Musk has now turned his attention towards solving Los Angeles infamous automotive congestion problem using a plethora of tunnels. The Boring company, an infrastructure and tunnel construction set up founded in late 2016 aims to 'solve this problem of soul-crushing traffic'.
Transportation and transportation corridors like the buildings that feed into them, must expand into three dimensions. One option is to "go up" with the flying car. However, flying cars have issues with weather, noise and generally increase anxiety levels of those below them. The other option is to "go down" and build tunnels.
~ Elon Musk
Within few months the company launched tunnel boring machine(TBM) to begin a tunnel at SpaceX. According to Musk, the company's goal has been to enhance tunnelling speed such that establishing an underground tunnelling network is financially viable. The Boring company builds low-cost tunnels that enable rapid transit across densely populated regions aiding travel from New York to Washington in less than 30 minutes.
Apart from its pristine engineering, the development and success of The Boring company can be mainly attributed to Elon Musk's masterful marketing effort. His astute marketing strategy offers several micro learnings to all the budding marketers.
With Elon Musk announcing that he has sold out all the flamethrowers, an initiative to raise $10 million dollars for the company in the past four days, here are some of the lessons the marketers can learn from The Boring Company.
#1 Applying the lean testing model
Back in April 2017, when Elon Musk announced this project, it was merely an idea and nothing else. The introduction to the concept came via a conceptual video that demonstrated its long-term implications. Before spending a significant amount of investment in the product, Musk, and company firstly gauged their product in the market to ascertain if it is a market-fit. With its astounding potential the idea instantly created a buzz within the market and helped Musk get a few early sign-ups.
Generating early sign-ups, this lean testing model can help the marketers get the hang of the mood of the market before investing a significant sum on it.
#2 Influential Marketing
The key determinant in the success of The Boring Company has been the influential marketing of its head Elon Musk. Musk, a successful entrepreneur certainly knows the nuances of marketing his product, as evident from its popularity. Musk is quite active on various social media platforms like Facebook and Twitter where he personally engages with a plethora of his followers, a key aspect of influential marketing.
Budding Marketers should learn from Musk's class of 'Influential Marketing' as establishing a personal connection while building your own niché serves as a key determinant in establishing the success of your product.
#3 Leverage some comic relief
One of the key reasons for the success of The Boring company has been its ability to present itself as a humorous brand. While their work can be overwhelmingly complicated, they regularly post humourous stuff to appeal to their audiences.
The company resorts to unique and appealing marketing stunts like the one when they decided to sell company logo hats. The move had two-fold benefits as they managed to sell about 50,000 hats and also brought awareness to their brand, rallying support in the process. In a bid to stay relevant, such tactics help to create a deep connection with a diverse set of audience and also gives an appeal to your product.
#4 Documenting your journey
Another key learning from the success of The Boring Company is that one should always provide a transparent view into the process of building their company. The company bi-weekly provides the detailed report and pictures of their progress to media and also through various social media sites.
'Documenting your journey' is indeed an essential practice that one must adopt primarily because it enhances the company's reputation in the market and also gives the audience an insight into the project, something which is quite necessary for gauging their interest in your idea.
#5 Having a Customer Feedback Platform
The Boring Company also has a dedicated customer feedback platform which allows the community members to step forward with suggestions and concerns. Taking live feedback from the audience helps your product grow and it is indeed one of the key learnings that budding marketers must take moving forward.
To sum it all, The Boring Company's success offers some critical learnings to all budding Marketers and Entrepreneurs, and the points mentioned above epitomizes the necessity to adopt them to its hilt.
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