Tesla – Target Audience Tesla – Target Audience

Tesla – Target Audience Tesla – Target Audience Marketing Strategy March 29th 2022 1 Tesla – Target Audience Introduction This week we are looking into who are Tesla’s target audience, demographically, psychographically, behaviorally and with outcomes based segmentation. And how Tesla as a brand adds value and related to the target audience. Target Audience Demographics looks into the age, race, ethnicity, gender, income, education, and employment. Target Audience’s avg. income for Tesla – Tesla has several models catering to different income groups of people. Though they have this separation they are generally considered expensive cars because evens their cheapest and smallest of all modals Modal 3 starts at $38,000 for the base modal which comparatively is much higher than other cars offered in IC engines types vehicles of same size. So the average income according to Hedges and Company in 2022 is $143,177 for Modal X and $153,300 for Modal S in USA. Target Audience age for Tesla – Considering the cost of Tesla’s products being expensive for average person, the average age of a Tesla owner is just around 50 years. This is an analysis from Hedges and Company for both Model X and Model S which are the top of the line vehicles that Tesla offers. Target Audience’s race and gender for Tesla – According to Evunite Tesla owners are mostly White middle aged home owning men with no children with higher avg household income. According to Business Research Methodology Tesla’s Target Audience are mostly upper middle or higher income Employees in senior positions, Professionals like doctors, lawyers, business owners, and senior executives. This is also due to the average cost of buying a Modal X and Modal S which are the highest selling modals. Behavioral analysis of Tesla’s target audience shows that they generally like to show their status by having this minimalistic design and sensible features by being environmentally conscious and want the 2 Tesla – Target Audience investment to have long term returns. The target audience is generally determined and ambitious people, you can see that from their professions. The audience also involves people who are don’t use those cars much or close to average users compared to other car companies. This may be due to growing establishment of supercharges across the territories in USA, Europe and Asia. But if we consider enough EV supercharging stations, we might see long run users too which is already being observed in states like California. Psychographic analysis of Tesla’s target audience shows that they are all environmentally conscious and would like to contribute to reduction of CO2 emissions over a long period of time. Most of them are Aspirers, Succeeders, Explorers and Reformers. This means they aspire to make a change in this ever growing polluted era. They are succeeders because most of them are higher class earners showing they have determined way of life and smart. Explorers because this is a new and blue ocean market product with less competition implying less research on how long these vehicles would be reliable once bought, they like the fact that Tesla provides some unique features like full auto pilot etc. They are reformers because they want to prove a point to other vehicle owners that they do not pollute by emitting CO2 where ever they drive, and not only air pollution but also sound pollution since these vehicles barely make any noise. When Tesla cars came into the automotive industry they entered and remained as EV only cars. This in itself was a bold move and Tesla took a few years to earn the trust of public. They related to their target audience by showing their determination to better their products by catering to environmentally friendly audience who are vocal and visual about their idea of eco-friendliness. Tesla as a brand has added value to their target audience’s status as high earners, who are working as executive professionals in their respective fields. They listen to their audience via online platforms like Twitter and other social medias. People owning Tesla vehicles or other products are successful and have a perspective to make a change in this world where companies like Volkswagen have cheated emissions regulations by tweaking their numbers and companies that produce extreme vehicles that burn tires on top of giving very less mileage. 3 Tesla – Target Audience They use word-of-mouth and strong referral programs as main source of marketing to their target audience. They have a charismatic and funny CEO Elon Musk, who is not only a successful business man but often considered a modern young outfit to relate their target audiences feeling and outlook in the society. 4 Tesla – Target Audience 5