Tesla is a car manufacturing company run by the CEO, Elon Musk. Musk has tried to differentiate his company by valuing it as a technology company; and he has tried to make it viewed as a tech company that puts a spark of sustainability and creativity into the world. And the brand image can be split into three main factors to identify with their brand overall.
- Tesla’s Technology
- Business Diversification
- Tesla’s Reputation
Tesla’s Technology: Tesla uses their technology to bet on not only the technology of their company, but also as the accelerant of technology for the world. Essentially Tesla uses their image as a forerunner in the technology business to make a gamble on how fast the world will progress. This idea in their brand image is astronomically important; without this Tesla isn’t Tesla, and Elon’s company loses market share and overall credibility.
Business Diversification: Currently Tesla is expanding from just their car company mainstream and lithium ion batteries to solar panels. Adapting their cars solar panels, Tesla has expanded their business into the solar panel business adapted to different facets of different businesses. They have outfitted multiple houses with renewable energy and are looking into other areas to expand their business.
Tesla’s Reputation: This is undeniably the most important intangible asset of Tesla’s brand image. Without this part of their brand image, Tesla fails. They are not as profitable as they should be. They don’t use their assets to the best of their ability, and without the visionary Elon Musk leading the way, they wouldn’t be the company they are today. The reputation of Tesla makes it the brand that it is today.
Overall, the simplicity of this breakdown allows for individual analysis of how Tesla segments and diversifies their consumer base. Tesla has a great opportunity in the tech and car markets right now; if it continues to capitalize on the market and eventually makes a profit, Tesla will be able to be very successful.