In March, Elon Musk made waves within the automotive industry with his announcement of Tesla’s newest automobile, the Model 3. Musk’s cars have been known for their environmentally-friendly design, luxurious style, and unfortunately for many consumers, a hefty price tag. Model 3 however, was specifically designed to be the ‘affordable electric’ car. With a reported 325,000 refundable down payments within the initial week of the release, it seems that Tesla was a big hit with more mid-range financing consumers. However, how can Tesla know how many of those sign ups will actually convert to sales?
With social analytics, brands can monitor consumer behavior to track the effect that a launch may, or may not have had. Leveraging these consumer insights, Tesla can understand more about consumer’s desire to buy the brand’s cars, as well as deeper insights regarding their target market.
We wanted to know more about who’s talking about Tesla 3’s release, so we began researching the psychosocial profile of consumers. To no surprise, compared to the rest of Twitter, Model 3 grabbed the attention of consumer who held interest in Software Development, Investing, and Entrepreneurship. By listening to what consumers are interested in and discussing across social, automotive brands like Tesla can find new opportunities to capitalize on audience passions. These interests provide a unique opportunity to connect further with audiences. For example, in future advertisements, Tesla could emphasize the sustainability and investment features that consumers are excited about.
While it’s clear that a tech-focused group appear to be discussing Model 3 over social, are all consumers who are chatting about the name actually going to be buying the cars? And if those users do plan to buy, what’s the reasoning behind such purchase behavior?
From the data, we can see that since the initial launch, while it’s clear that overall social conversations have increased for Tesla, consumer desire to buy Teslas has only made a slight shift, increasing only five percent from the beginning of February until the mid May.
Parsing down the major topics of conversation regarding Model 3, while purchase behavior was expected to dominate the conversation following the launch, we can see that the largest portion of conversation is crowdsourcing. Consumer desire to purchase the newest model since the end of March is at a low 15%. From the data, there doesn’t appear to be a substantial spike of purchase intent for the car across social.
With that being said, the majority of online discussion is undoubtedly positive, with an overall 5% increase within the given time frame.
So. how can Tesla make use of social analytics to drive purchase intent for their cars?
While desire to purchase is lower than we’d expect, it’s clear that consumers are praising Tesla’s brand values, with 26% of the conversations across social thrilled regarding Tesla’s environmentally-friendly brand values.
With the help of real time analytics, in an effort to market to target spaces and ultimately increase sales, Tesla can work to understand more about the demographic profile in which their cars are resonating most. Diving deeper into the demographic profile while isolating purchase behavior, we can see that while a large portion of consumers are aged 35 and older, an additional 26% of consumers are 18-24. Which, makes sense, considering that a wide margin of millennials are prioritizing their efforts towards environmental sustainability, preferring electric cars over any other vehicle. In knowing that there has been an influx of millennial interest in environmentally friendly cars, brands could use this as a focal point for future targeted campaigns, which emphasize the brand’s sustainable practice.
Infographics showing consumers how their purchases directly correlates with the environment at large, can further influence consumers into making the investment to the brand, and in turn, will give Tesla a more honest reputation, in hopes of generating a more loyal following for Tesla.
Furthermore, Tesla can make use of Crimson’s segment’s section to increase their engagement with relevant consumers across social. With access to top influencers, trending hashtags, and mentions, Tesla can advance their marketing strategy, in an effort to create content that sticks with the desired demographic. With these types of insights, Tesla can reposition their brand to be less of a niche, wealthy environmentally conscious audience.
Here we can see that those discussing Tesla are 10.9x more likely to share an article, and 2.1x more likely to use a hashtag than the rest of the Twitter population. Tesla can use this information, in conjunction with their top influencers, to create relevant environmentally friendly hashtag campaigns, or longer form blog content.
Within any competitive industry, it’s important for brands to not only know who, but how to most efficiently target consumers. By digging deeper into audience interests, demographics, and relevant influencers, Tesla can become more pointed in their efforts to attract and retain desired audience and buyer profiles in order to increase purchase behavior on the Model 3.
What do your consumers care most about? To learn more about how social insights can be applied throughout the automotive industry, we invite you to review our industry report here.