The One Strategy Elon Musk Used That Could Change Your Business

The One Strategy Elon Musk Used That Could Change Your Business And Get You Faster Sales!

Hey Million Dollar Secrets fam, 

Elon Musk and Tesla are the topics of the day! A man of some would say is a bit of a controversy, but you can’t deny… Many of his business strategies are second to none!

As entrepreneurs, I wholeheartedly believe there’s a lot we can learn from other people (especially other business owners).

That’s why today, we are going to dissect Elon Musk’s methods to releasing new products and how he generated MILLIONS of dollars before ever creating a single product.

THE CYBERTRUCK: FROM CONCEPT TO CASHFLOW

Before we jump into the crazy stats, let's rewind to the inception of the Cybertruck. Elon Musk, never one to shy away from audacious ideas, envisioned a vehicle that would not only challenge the norms of automotive design but also transform the very process of bringing a product to market.

Elon Musk's vision for the Cybertruck wasn't just about creating another electric vehicle; it was about disrupting an industry that lacked creativity.

Unveiled in 2019, the Cybertruck's stainless-steel shell sparked a whirlwind of opinions. Some loved it and viewed the new design as revolutionary, while others questioned its “unique” design. Regardless, Elon had ignited a conversation that would set the stage for a groundbreaking approach to product launch.

Now, let's fast forward to the moment that captivated the business world – the decision to open pre-orders for a vehicle that hadn't even hit the production line.

ENTER THE PRE-ORDER MADNESS, BUT WHY?

1. Building Anticipation: Elon understood the power of anticipation. By allowing customers to pre-order, he transformed the Cybertruck from a concept into a much-anticipated event… People love being apart of something great.

2. Funding The Vision: Instead of relying solely on traditional funding, Elon leveraged pre-orders as a means to secure early-stage funds. This not only validated the concept but also provided a financial foundation before the vehicles ever hit the production line.

As of the end of 2023, the Cybertruck has amassed a jaw-dropping 2M+ reservations, translating to somewhere around $200 million in pre-order revenue.

Ok, that’s crazy to me! $200 million in revenue before ever releasing a product to a customer! 🙀

He started taking pre-orders for the Cybertruck in 2019 and IS JUST NOW STARTING TO RELEASE THE PRODUCT TO HIS CUSTOMERS.

WHAT ENTREPRENEURS CAN LEARN FROM THIS

1. Vision Before Conformity: Elon Musk's journey with the Cybertruck teaches us the value of visionary thinking! Don't be afraid to challenge norms and bring bold ideas to the table.

2. Don’t Be Afraid To Sell Before You Create: Many times, we think our products have to be PERFECT before they are ever released to sell to the public. Elon showed us that doesn’t have to be the case. You can craft an idea, launch it to the public, then fulfill! This can be done for books, courses, or even trucks! 😁

3. Pre-Orders Often Create New Publicity: Pre-orders and getting your product in the eyes of your potential customers (before it’s ever finalized) can be a great way to increase your brand awareness.

Here’s one last note:

The “Pre-Order” strategy has made Elon millions and I myself have even benefited from this strategy… But, BE CAREFUL! Be sure that you can fulfill on the product and actually deliver the final result to the customer in the time you stated.

If you don’t, it could lead to: refunds, disgruntled customers, and a tear in your credibility… And none of us want that!

As online entrepreneurs, I truly believe this strategy is one you can add to your toolbelt today… So, consider adopting this strategy to not only fund your future ventures but also build a tribe of dedicated supporters.

Blessings,
Michael Tucker