YES, you need marketing: Don't fall for the "Elon Musk Myth" and Learn from Nike’s Fall

You’ve heard it: “Elon Musk doesn’t market Tesla, so I’ll grow my business the same way and save that cash.”

I’m not a marketer, but I work with them every day and collaborate with countless businesses across industries. If there’s one thing I’ve learned, it’s that marketing is still absolutely essential. Yet, this idea that “marketing isn’t necessary anymore” has taken root among entrepreneurs and even seasoned professionals, fueling the belief that traditional marketing is dead—or worse, irrelevant.

But let’s pause and unpack this. Relying on organic buzz alone isn’t scalable or sustainable. That mindset can be a costly misstep. Let’s dive into why marketing remains critical for long-term success and what we can learn from companies like Nike.

1. Avoid the Trap of the "Elon Musk Myth"

Yes, Elon Musk famously spends $0 on traditional advertising for Tesla. But here’s the twist: Musk himself is the marketing. His near-constant presence on social media (which he paid $44 billion for—that’s paid marketing!), ability to dominate headlines, and polarizing personality create billions in free publicity.

For context:

• Tesla receives the equivalent of $2 billion annually in unpaid media coverage (Mediaradar)
• Musk’s tweets regularly reach 153 million followers, generating instant virality.

Elon is marketing—he just does it differently. Unless your founder has a cult-like following or can command global attention with a single tweet, this strategy won’t work. For 99.9% of businesses, a structured, diverse, and consistent marketing plan is non-negotiable.

2. TikTok, Paid Ads, and the "Shortcut" Mentality

Some businesses lean heavily on TikTok or Instagram ads, believing they’re the magic bullet. While these platforms can be powerful, they shouldn’t replace a well-rounded strategy.

Why? Ads alone can’t build long-term brand equity. Social platforms evolve, algorithms shift, and ad costs are rising:

• TikTok’s global CPM rates have increased 185% year-over-year (Hubspot Blog).
• The average social media ad engagement rate dropped to 0.6% in 2023 (Hubspot Blog).

Over-reliance on these platforms is risky. Diversifying your marketing—sponsorships, print ads, PR, live events—creates multiple essential touchpoints.

Think of AMEX. You see their digital ads, partnerships, mail campaigns, and sponsorships, which build enough intrigue that when a friend recommends one, you apply. Everyone knows the Delta AMEX because of their multi-channel efforts. Hundreds of other cards exist, but you don’t know them because they’re not marketing like AMEX.

3. Nike Slowed Down Marketing—Now They’re Hurting

Nike, a global branding powerhouse, learned this lesson the hard way. After leaning heavily into digital and direct-to-consumer strategies, they started losing ground to competitors like Adidas and niche disruptors.

In an eye-opening Adweek report, Nike acknowledged that to regain its edge, it needed to invest in traditional sponsorships, storytelling campaigns, and live events again (Adweek Core).

• Nike increased its annual marketing budget to $4.9 billion in 2023, up from $3.7 billion five years ago.
• Event sponsorships, like World Cup campaigns, deliver 40% higher brand recall rates than digital ads alone (Nielson).

If Nike—a brand synonymous with success—recognized the need for a robust, multi-channel marketing strategy, so should you.

4. Marketing Takes Time (and That’s Okay)

Here’s a harsh truth: most brands don’t see overnight success. Building awareness, credibility, and customer loyalty takes time and consistent effort.

Consider these stats:

• Companies with consistent brand messaging see 23% more revenue growth than those with sporadic efforts (McKinsey & Company).
• Brands investing in long-term strategies achieve 47% better ROI compared to short-term, ad-only campaigns (B2B Marketing).

Success doesn’t happen overnight—it’s the result of sustained marketing engagement.

What You Should Be Doing Instead

If you’re serious about growth, here’s where to focus:

1. Diversify Your Channels: Balance digital ads with traditional sponsorships, media buys, live events, and community-driven initiatives.
2. Commit to the Long Game: Focus on relationships, not just transactions. Build trust over time.
3. A/B Test Your Messaging: Partner with an agency that can help refine your approach quickly and efficiently.

Marketing isn’t just an expense—it’s an investment. Nike gets it. AMEX gets it. You should too.

If Anything, Take Away This!

Working at Utah Business , I’ve had the privilege of engaging with CEOs of Fortune 500 companies and scrappy entrepreneurs just starting out. The ones who do it all—from mailers to digital ads, events to sponsorships—are the ones people recognize. They understand the power of being top of mind.

The companies that dismiss marketing? They’re often floundering, chasing quick fixes instead of trusting the process.

So before cutting your marketing budget or betting everything on TikTok, ask yourself: if the industry giants are doubling down on marketing, why wouldn’t you?

I love reading your comments!

Tell me: How is your business balancing modern ads with traditional strategies?