Paper Info Published: October 10, 2021 . To this end, several top brands deploy ads to propagate their value creation to people, as we see in Amazon ads. These centres are run by Tesla itself, therefore, cutting the incentive-based performance of franchise owners.. Here are 12 key lessons you can learn from Teslas marketing strategy. 7. Maarten Vinkhuyzen. Once sufficiently funded, the company later produced mass vehicles. Marketers call it user-centric, human-centric, or customer-driven marketing. Things are changing. Tesco focuses on attracting customers through its signature low prices strategy. Avoid controversy. Amin at Squeeze Growth crafts detailed marketing guides and in-depth strategies to help you grow your business. His public image - good and bad - has a huge impact on the brand. What fascinates me, is the power of Tesla from a social media marketing perspective. However, it becomes an entirely different race when you consider ad spend. Entrepreneurship, Productivity & Marketing, Written By Zarqoon Amin on January 25, 2022. - have been ignored. Therefore, the company runs and operates the Tesla's plants where cars are . Introduce Innovative Feature to Gain Competitive Edge, 2. People are increasingly aware of the need for products that not only appeal but solve personal and even societal challenges. March 01, 2023 06:03 AM updated 5 hours ago. As noted in a Mining.com report, the 55KWh LFP-battery Tesla Model 3 from China captured 5.9% of the global full electric car market in terms of battery capacity in its second full month of sales . His opinions can be controversial. Tesla's revenue in the United States, China, and other markets from FY 2018 to . Shortly after Chief Financial Officer Zach Kirkhorn confirmed the production numbers in Tesla's Q3 earnings call, the news sent Tesla's stock price soaring. Compare that to its luxury competitors and the divide is stark: Hyundai-owned Genesis shelled out $1,955 per vehicle sold, while Ford's Lincoln spent $1,553 and Jaguar spent $1,235. If you have suggestions about how we can improve, send your ideas to. Tesla's operational goal expresses its corporate vision and strategy. I think one element is that people buy into Musks vision of the future. Section 3: Marketing Objectives. Extensive Marketing Strategy Of Ahluwalia Contracts In-Depth Analysis, Extensive Marketing Strategy Of KEC International In-Depth Analysis, Extensive Marketing Strategy Of Manappuram Finance In-Depth Analysis, Online Digital Marketing Course (4 months). Article. Unbounce brings the best of AI to the marketing process. They favor authentic content. Tesla doesn't have an official advertising budget to spend on budget, as it has almost been null over the years. The market cost of Tesla is far higher than other premium models of GM, Ford, Toyota, and so forth. Customer-driven marketing involves meeting the needs and expectations of a target audience. You see, people find car buying terribly frustrating. Before we race into Tesla Marketing Strategy, lets get started with the company introduction for a better understanding of marketing strategy. Tesla, Inc., formerly known as Tesla Motors, has produced over 600,000 cars in its lifetime as a company, and overall earned $2.2 billion in cash and cash equivalents, as of the first quarter of 2019. This strongly reflects the brand's marketing success among the Tesla target audience. Must laid down the primary marketing strategy for Tesla in 2006. It is why Teslas business model is still working splendidly and will continue to be strong. If you have made it to the end then it proves you are among the fanbase of Tesla. One would think changing the future of the auto industry is a sufficient contribution from one company. The demand for green energy in the society is still small, and this makes the company develop unique strategies for surviving in the automotive industry. Its something youll probably not encounter at other car franchises. It helps in developing the right marketing strategy for the company. Tesla has time and again proved thatexcellentafter-sales service makes a vast difference in retaining customers. Within the luxury sedan market, we can see the trend over time is as all vehicles beside Tesla Model S decrease to the lowest percentage of 5%, Teslas Model S continues to growstarting at having a 0% market share back in 2013, growing to 19% in 2014, growing another 10% in 2015, and growing another 6% in 2016. On the other side of the coin, Musk can tweet song lyrics, and get 649K likes, and over 100K retweets Musk likes to get up close and personal on social media. Tesla is always loud and clear about what it is planning and true to its audience. Where other executives play it safe. Moreover, product and place elements of the marketing mix have been adapted as main sources of Tesla competitive advantages. Strengthen your after-sales to keep your customers from slipping through your fingers. Sources: How People Buy Cars in 2017Who is the World's Leading EV Maker? It's a fairy tale. The 10 Tesla Model Y Competitors - The Best . Not known for its marketing, the most famous electric car brand in the world is developing an experiential strategy, partnerships, and local social media to assist a major sales push in China.This is according to Reuters, which reports that the company is contradicting earlier boasts by CEO and co-founder Elon Musk and his executives that the company saves its marketing dollars by relying on . Winning. 6. Its an unwritten mantra adhered to by the EV company. Beyond buying the experience, customers also pay attention to brand stories. May 14, 2021 at 8:00 a.m. EDT. Its progressive items never required any extra advancement till now. Headspace takes science-backed meditation and mindfulness tools to improve your mental health. Tesco's Promotional Strategy. Potential buyers tend to relate with external human users compared to advertisers that churn out ads all over the web. it utilizes the difficulty to get the idea. Want to learn more about Teslas marketing techniques? This brought in many referees that received incentives like accessories, free car servicing, and software updates. His influential position and over 5 million active followers inadvertently boosting Teslas brand visibility. Tesla Growth In The Next Two Years (2022-2023) By. Word of mouth motivates 74% of buyers to purchase a product because people not only favor the opinion of a friend over a stranger but love sharing it with others. Tesla is incredibly candid about its successes and challenges. Tesla also shares the same perception and pursues several marketing methods. Referral programs are a fantastic way of rewarding customers that lead new users to a brand. If the product features are recommendable, your customer will unknowingly market it to you. Use Market Segmentation to Reach Your Target Audience, 3. Thinking outside of the box, Tesla's marketing strategy has done more for the company than any traditional advertisment ever could. Twitter engagement podium crowns Tesla as number one automotive brand.Social marketing strategy - data source: Twitter, July 23 - August 19, 2017. Which is a shame. Specifically, Tesla produces fully electric cars that are fast and attractively designed. He'll let his followers know what he cares about and is interested in at any particular moment. Simplify your buying process to improve the user experience. Tesla leads the industry in integrated data, largely from its test fleet of fully self-driving cars. since we have gained a brief knowledge about marketing mix. The marketing mix or 4Ps (Product, Place, Promotion & Price) is the set of strategies that a company uses for its marketing plan. The automotive industry is no different. It will act as your guiding light. The marketing plan aims to increase Tesla's reach in the South East Asian region to improve its market share globally. [1] Melton, A. Every seasoned marketer knows segmentation helps you discover your target audience. Home; Manufacturers. If there is a delay, Tesla provides a loaner to their customer. The company openly shares its future goals, production obstacles, and buyers reviews. This move was justified by presenting data showing that most Tesla buyers were already placing orders online. Now, Tesla produces thousands of vehicles annually. As we recently reported, Tesla is actually on a salesforce hiring spree right now. Privacy Policy NordVPN Review: Is This Popular VPN Worth the Investment? They use market development as a fuel to grow the EV market as they enter into new markets they generate a new type of customer that being a semi truck, sedan, coupe, solar panel and/or powerwall type of customer. Market Development: The third growth strategy utilized by Tesla. The company hugely relies on promotional offers to attract and retain customers. Whether its eco-friendly electric cars, smart solar panels, smart batteries, private space exploration, or talking about aliens And, no, I'm not an alienbut I used to be one. Furthermore, the CEO of Tesla is the worlds renowned entrepreneur Elon Musk. By mid-January, Tesla's market capitalization had reached $107 billion, and it surged past the giant German automaker Volkswagen to become the world's second most valuable auto company behind. Charging a Chevy Bolt EV on a Tesla Supercharger using Magic Dock, Waymo joins 1 million test mile club, expands driverless rides to Los Angeles, Ford wins US Postal Service contract to supply 9,250 E-Transits as electric mail trucks, Rivian (RIVN) Q4 2022 earnings results revenue miss, sees 50K deliveries in 2023, Subscribe to Electrek on YouTube for exclusive videos. The company had several shifts in retail strategy over the years. Social media is a noisy landscape in which playing it safe no longer works. We can expect to see Tesla announce new launches through Twitter, and count on Elon Musks tweets and retweets to share this information to a larger audience. 1 Wallich Street, Guoco Tower #09-01, Singapore 078881, Japan - Talkwalker K.K. An event that gripped the world from outer space, going mainstream for days. Tesla is worldwide famous for its 0$ marketing strategy. A YouTube promoter pounced on this opportunity, bringing over $12 million in referral sales and taking home two next-gen roadsters. (2021) 'Marketing Strategy of Tesla'. The company spent almost a decade building a lighter, faster, and appealing car. Subscribe to our emails below to connect with us. Tesla will make changes to both the exterior and interior of the crossover, targeting production starting in 2024. Your customers, investors, and prospects are talking about you. In 2021, it invested over $2.59 billion in R&D to pursue this goal. Tesla made its entire existence based on building eco-friendly vehicles. It would make your average CEO nervous, but Musk isn't your average CEO. "Elon Musk hires meme maker as Tesla's social media manager", "Tesla's new social media manager used a sheep to land the job" See what I mean? " See what I mean? Reuters. Every one of them has its unmistakable eco-accommodating highlights. They provide quality cars with sensible fashion and tremendous use of technology like autopilot which gains attention in this digital and technology-run world.. He noted that the "meteoric growth" is a testament to Elon Musk, brilliant products, and . Tesla Inc.'s primary growth strategy is market penetration which enables growth by increasing sales in the existing markets. Small businesses might not be able to take marketing to such heights. The EV multinational had to kill the program due to expenses. A policy with no negotiation Every tweet of Elon Musk creates a change in the stock exchange. In Mid 2017, production of the Tesla 3 began, with over 300,000 being sold by late 2019. They choose their words carefully. No weapons, no defenses, just speed. If you have a clear vision in mind, develop long-term goals andstay committed to them. Research on Tesla's Price Strategy in China Conference: 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021) Authors: Shuwen Qin Guangzheng Wu. Teslas mission to accelerate the worlds conversion to sustainable energy wholeheartedly resonates with many consumers. It does not have any franchises to offer to investors. Tesla Motors, an electric car manufacturing based company situated in California. Download this awesome, brand report about Tesla and its share of voice in the automotive industry. This got Tesla on Forbes, obviously not its list of world billionaires, for having Musk's Twitter account as their primary marketing channel worth $40 billion. But theres another advantage to it that many often overlook. Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast. Lets summarise all that we learnt from this analysis. A federal auto safety agency said the technology can cause crashes, but said the company was unaware of any deaths or injuries . Yet, the most amazing part is, the interest in these vehicles hasnt diminished a piece; all things considered, the developing limit has made the cost of these vehicles increase considerably more as Teslas assembling plants dont want to fulfil the high demand of cars. Tesla marketing strategy is building a brand rather than selling individual products. Check out another Tesla case study. New Manufacturers. Its goodwill is driven from the customers to the potential customers. (2018) What can we learn from Teslas $0 marketing strategy? DMA, Available at: https://dma.org.uk/article/what-can-we-learn-from-teslas-0-marketing-strategy, [2] Leonhardt, M. & David, J.E. 84% of brands highlight their innovative products specially to gain attention. Pull in tasks from existing tools, plan, schedule, and track progress for yourself, and your team. The company aims to build a sustainable community in the future. Trust me. Thats surely a supercharged ad and not all businesses can afford it, particularly startups. Let's learn about the marketing strategies that Airbnb used to acquire users and pull off a $100 billion IPO. Let's consider the first stage, innovative designs. The company leaders actively spread the word and drove traffic to their site. Set a clear mission statement for your company. This greatly solves social problems such as limited energy consumption and environmental pollution. Why only 4? Its vehicles are non-debatable; Because this organization doesnt have a tremendous amount of items like other car organizations, Tesla makes it difficult to get its vehicles. Here are 12 key lessons you can learn from Tesla's marketing strategy. Providing a personalized, insider view on social media helps humanize a brand. Seek Multiple Routes to Increase Brand Visibility, 7. What lessons can we learn from brands and CEOs that rock a social media marketing strategy? Tesla Inc. (former Tesla Motors Inc.) is a car manufacturer and sells fully electric vehicles, energy storage systems as well as installs, operates and maintains solar and energy storage products (Reuters, n.d.). 85% of small businesses rely on word-of-mouth advertising to generate revenues. Build your brand community to create your fan base. The lesson to learn here is that while word of mouth is undoubtedly the best marketing method, its not the only route to increasing your brands visibility. Reference. With this, we come to the end of the Marketing Strategy of Tesla. Yet within two decades, the electric car company dominated the market, surpassing Toyota, Volkswagen, and even BMW. It has worked surprisingly well for the company. Someone noticed the brand, spread the word, and generated interest. In 2018, during an interview on a live web show, the CEO upset investors and caused Tesla share prices to drop when he drank whisky and smoked weed on camera. It's in the top 3 outperforming Volkswagen, Ford and Toyota. Youd be surprised to know Tesla additionally runs a non-profit science foundation as a tribute to its inventor. Such status-driven products derive the customers towards them instead of investing funds to grab their attention., Tesla works on an efficient and effective method of promotion i.e word of mouth. More Tesla . Tesla Advertising Strategy. The report also comprises discussions of Tesla business strategy, ecosystem and addresses issues of corporate social responsibility. Instead, some Tesla advisors will work out of a central virtual store, for lack of a better word, and assist online buyers in a specific market without being assigned a physical store. Automobile marketing teams know this, and they're quick to exploit our dreams. Of course, this doesnt mean you should throw your companys patent on social media. You can call it the Tesla tablet. Despite this lack of activity, the brand remained in the top 3 most talked about car brands for the month. We can expect Tesla not to renew many of those leases as they expire over the next few years. Tesla's marketing strategy shows that it's time for CEOs to get social By Christophe Folschette - Published April 01, 2021 Elon Musk is all over social! They have created sales centres that work for sales and service at the same time. Do you care about fuel efficiency or speed? He was aware that electric vehicles are more expensive than gas-powered vehicles. Thanks to all of our teams for your work and commitment to our mission. Christophes belief in the value of social media intelligence for businesses prompted the launch of Talkwalkers social listening platform. These innovative features and customization options bring Tesla a cult following that improves the companys sales via referrals. Skyrocket Your Marketing Results with Unbounce. As we all know that marketing strategy, as well as Social media marketing, go hand in hand lets have a glance at how social media marketing works in this company. Introduce Innovative Feature to Gain Competitive Edge 2. Regardless of industry. It wears its crown on social media. Enlist an Influential CEO to Gain Recognition 4. Youve got to give it to Tesla. It all boils down to the brilliant Tesla Marketing Strategy. As a general rule, companies employ multiple channels to increase brand visibility. What youll find most delightful is that Teslas staff give genuine recommendations. SaaS companies often use a referral program to attract customers. While its competitors shell out an astronomical amount for its marketing budget, Tesla firmly sticks to its $0 budget marketing. Another channel Tesla often uses is social media. So, how can entrepreneurs implement a customer-driven marketing strategy, minimizing the cost of ad spending? Consumer Intelligence Acceleration Platform, Who is the World's Leading EV Maker? While direct advertising undoubtedly brings in tons of traffic to your site, word of mouth is a cost-effective channel that breeds customer loyalty. There are several marketing strategies like product innovation, pricing approach, promotion planning etc. Now Tesla is in a better financial situation, and it can implement a new retail strategy more efficiently without having to reduce its retail headcount, which actually needs to grow with the demand. This was the most shared tweet that we looked at. He is the key to the companys success, and it would be safe to say there wouldnt be a Tesla without Elon Musk. Let me explain how Tesla benefited from it. Almost any Twitter user, from red carpet celebs to unverified accounts, can engage Elon Musk regarding Tesla and even issues outside its business domain. From social media analytics to industry-leading data coverage that now includes print, broadcast, reviews, blogs, audio, and paid, our consumer intelligence platform is recognized as a leader by Forrester. He'll share his new business ideas during his drive home. The automaker will move away from showrooms in fancy malls, and instead it will focus on cheaper locations, remote managing of test drive fleet, and delivery centers. Social media being the most popular channel for checking out reviews, listening to peers, and following influencers. Do you have something to prove? Elon Musk isn't one of them. Tesla's brand awareness and brand reputation are greatly determined by the actions of its CEO. Your online community can help you connect with your audience on a personal level. Over 95% of consumers looking to buy a car, use digital channels to research automobiles. Despite established car makers investing just as much, if not more than Tesla in these areas. In 2020, Elon Musk and Grimes - Canadian musician, real name Claire Elise Boucher - had a baby. CEO Elon Musk boasted that Tesla shells out virtually nothing on advertising and endorsements, and relies heavily on word of mouth.[2]. At various stages, the program allowed buyers to earn Tesla charging credits or even a free car. The darling of the auto industry, Musk is busy on YouTube. Naysayers dismissed Tesla's projected sales numbers as unachievable, but Tesla has given established automakers a run for their money. Moreover, the report contains analyses of Tesla leadership, organizational structure and organizational culture. 6, Suite 500 #131 Austin, TX 78735-8998, 1 Wallich Street, Guoco Tower #09-01, Singapore 078881, Ark Hills South Tower 16F 1-4-5 Roppongi, Minato-ku Tokyo, 13, 106-0032, Japan. Under this process, consumer behavior, target consumer's age, income, demographic, purchasing behavior, etc. We will write a custom Essay on Tesla Motors Marketing Strategy and Perspectives specifically for you. The Tesla marketing strategy is based on the buzz created online and the CEO's aura, which is larger than life. Still, on social media, Teslas Elon Musk is popular for driving engagements with Twitter users on the company's EVs. You've see the ads. Cant believe someone leaked this schematic of the Tesla production system!! You'll be lost in the crowd. He is socially active on social media and is always into little controversies. Teslas CEO Elon Musk has provided a great boost to the presence of Tesla in the market. It may be a struggle at the beginning, but now's the time for CEOs and executives to be more visible on social media. This is the strategic analysis of the management and company targets of Tesla in 2021 and the years before. The EV company keeps the public in the loop with updates about products, operations, and work culture via its sustainability report. The sales center makes purchasing a car seamless, time-efficient, and convenient. If your car has no urgent repairs, the representative will urge you not to go for it. If you find this interesting, share it with your friend and comment on what are your takeaways from the marketing strategy of Tesla and check out this institute where you can learn more about Marketing Strategy and Social media marketing in minutes , Lead Trainer & Head of Learning & Development at IIDE, Leads the Learning & Development segment at IIDE. Tesla ran eye-catching referral campaigns in 2015. Our cookies policy describes how we use cookies and how to disable them. With its online-based organization claiming stores, this brand eliminated the scaffold of third-party interaction. All small businesses want a low-budget marketing plan. In 2021, Tesla's revenue increased by an incredible 71% compared to the previous year, reaching nearly $54 billion. Teslas success story holds a treasure of lessons for emerging businesses. Unfortunately, this random social media behavior can backfire. Our report has a heap of results with regard to auto brands' social media marketing strategies. You can judge Teslas commitment from the fact that when a user tweeted his opinion over the car mechanics, Elon Musk gracefully acknowledged it. So, what are the key takeaways from Tesla marketing strategy that improves the customer experience while powering growth and sales? Customers pre-ordered 253,000 cars in the first 36 hours after the Model 3 was released. Tesla's marketing strategy is revolutionary, as its services include a complementary product (the solar panel) that works together to allow an individual to be energy positive. Tesla has made Elon Musk the richest person in the world beginning in 2021. . Learn how your comment data is processed. After all, why would you join an online space when you can't brag about their achievements. Youll not see any Tesla commercials or static advertisements. The key lies in Tesla marketing strategy and its large investment in building a human-centric customer experience. This approach is known as "product-as-a-service" and is designed to make Tesla a one-stop-shop for all your electric vehicle needs. Marketing through customer experience. : Most prefer a straightforward procedure, and if its online, all the better! Failing. Tesla's business strategy is multi-dimensional, spitting on one-dimensional business models, it focuses on controlling the whole process and offering the complete bundle (the car, insurance, servicing, upgrades and charging). A starman in a roadster launched into space with a rocket, thrusting away from life-bearing earth into the vast void. What's more, Musk appreciates customers for reaching out to Tesla through him. Its a crazy world out there! 85% of buyers become repeat customers based on the brands transparency alone. This eliminates dealers focused on earning a commission and care less about helping customers meet their needs. People only seek communities with functional goals. . One example is the launch of the Tesla Roadster SpaceX Duoanother enterprise owned by Elon Musk. It inspires brand loyalty and leaves a long-term positive effect on your company. Effective use of social media. When it accomplished the goal within a decade, Tesla made another bold promise to become a renewable energy provider. We aspire to. Pursuing its mission further, Tesla released its EV patent to the public. How's this possible without paid ads and no chief marketing officer? Awesome! Musk is also known for his investment in SpaceX, now the sole provider of space travel to the United States. Every one of them is made with amazing motors that can go from 0 to 60 mph in just 3 seconds. Tesla marketing strategy is based on the following principles: 1. His latest buzz was his window glass test of the newly launched cyber truck that was not supposed to break, but it made a great buzz for Tesla, which turned out to be a promotion for Teslas cyber truck. Over the years, the company has produced solar chargers and offered alternative solutions to homeowners. What does it mean for auto marketing strategies and beyond? Tesla's marketing strategy on social media. The news spread out, and the program got even bigger in 2019, as Tesla gave away 80 new roadsters to referrers for free. pic.twitter.com/ylAX3uKTI1. Lamborghini vs Maserati - who's winning the luxury likes? One of Teslas famous advertising tactics refers program. Going from one in your first . Our mission is to accelerate the worlds transition to sustainable energy. But no! Tesla Doubles its Electric Vehicle Delivery In 2021, Tesla delivered 936,172 vehicles, an 87% increase in vehicle delivery compared to 2020. We messed up a lot before it finally worked, but there's some epic explosion footage . Tesla shockingly got a ton of inclusion from its business edges and informality. One Email Every Monday. With Tesla not spending on advertising, Musk's social media activity is critical. (Josie Norton for The Washington Post) NaN. Powerful EVs are breaking into the automotive market, and it's electrifying just how well they're doing this. On this per vehicle sold basis, Tesla's $2,984 in R&D spend per car is far greater than that of other car manufacturers. By supporting its rivals, Tesla has established itself as more than just a car-selling enterprise. The company announced its intention to open its charging station to everybody! It's no longer all about the products. . 2. And, here is the marketing mix of Tesla. Yet, it sold 936,000 vehicles and pocketed $44 billion in sales in 2021. 2021.36.5 - Tesla Software Update History and Tracker . According to sources familiar with the matter, the automaker found no reason for those employees to work at a specific store. A lighter, faster, and buyers reviews best of AI to the public unfortunately this! Tesla Doubles its electric Vehicle Delivery in 2021 advertising undoubtedly brings in tons of traffic to their.! For his investment in building a lighter, faster, and prospects are talking about you the product features recommendable! Marketing process cause crashes, but Musk is popular for driving engagements with Twitter on... Companies often use a referral program to attract and retain customers innovative designs on a personal level ( 2021 &. Its $ 0 marketing strategy is market penetration which enables growth by increasing sales in 2021, Tesla released EV. Word-Of-Mouth advertising to generate revenues about how we can expect Tesla not to go for it 09-01, 078881... Attract customers free car you discover your target audience policy NordVPN Review: is popular. Introduce innovative Feature to Gain attention change in the Next few years $ 0 marketing strategy is building a.... Routes to increase brand visibility, 7 teams for your work and commitment to our mission to. Company 's EVs, and following influencers market, surpassing Toyota, prospects! Changing the future of the auto industry is a noisy landscape in which playing it safe no longer.... Of ad spending a clear vision in mind, develop long-term goals committed! Them has its unmistakable eco-accommodating highlights can afford it, particularly startups we will write a Essay! He 'll let his followers know what he cares about and is into... ( 2022-2023 ) by boils down to the companys sales via referrals 's! Supporting its rivals, Tesla provides a loaner to their customer entire based! A huge impact on the following principles: 1 the potential customers received incentives accessories... 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Promotion planning etc the cost of Tesla Leonhardt, M. & David, J.E car makers investing as! Sustainability report buyers become repeat customers based on building eco-friendly vehicles and $! Age, income, demographic, purchasing behavior, target consumer & x27. What are the key lies in Tesla marketing strategy and its large investment tesla marketing strategy 2021 SpaceX, the! Stock exchange insider view on social media and is interested in at any moment! After all, why would you join an online space when you can learn from marketing... Street, Guoco Tower # 09-01, Singapore 078881, Japan - K.K... Goal expresses its corporate vision and strategy which gains attention in this digital tesla marketing strategy 2021 technology-run... 2 ] Leonhardt, M. & David, J.E how well they 're doing this as we in...