Elon Musk started & scaled Tesla to a $31 billion per year company and became one of the richest people in the world. Here are 5 things to learn from him that you can apply to your own business starting today: 𝐋𝐞𝐬𝐬𝐨𝐧 #𝟏 - 𝐁𝐮𝐢𝐥𝐝 & 𝐋𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐘𝐨𝐮𝐫 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐁𝐫𝐚𝐧𝐝 Do you know the CEO of BMW, Mercedes, or Audi? Probably not. But you probably know that Elon Musk is the CEO of Tesla. He built his personal brand and put a face to Tesla's brand. 𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: 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 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 are they launching new products like iPhone? Yeah...they host a live event. 𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: When launching a new offer to the market, set a date of a live event (webinar, seminar, challenge,..) 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. When Tesla presented Cybertruck... Some people loved it. Others hated it. Which creates two different groups who endlessly argue with each other. 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. 𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: It's OK to have haters. There's no one well-known who doesn'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 will go into production in 2022. But Tesla pre-sold over 146,000 of them in 24 hours back in 2019. Of course, not everyone who deposits $100 will purchase. 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 they spend a bunch of money and months or even years developing 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 creating 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. 𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: 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 3 years ago. Most people start selling low ticker products and then ascend their customers to higher-ticket ones. Well, Elon Musk did the exact opposite. In 2016, Elon shared his “Masterplan” to grow Tesla that he wrote in 2006: 1. Create a low volume car, which would necessarily be expensive 2. Use that money to develop a medium volume car at a lower price 3. 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 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 a coaching business around that, don’t start with a $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 a $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? 𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧: 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. Did you like this?

Posted by Chef Katrina at 2021-09-03 19:10:13 UTC