Be An Advocate for Affordable EVs

GM recently announced that it will be discontinuing the Bolt, which is a very popular and highly rated car among its consumers. Our friends at Plug In America (www.pluginamerica.org) sent out a petition drive early this week asking folks to let GM know that they need to keep producing affordable EVs (https://docs.google.com/forms/d/e/1FAIpQLSfWmeZr-t5KPV5aJCXDCaKP2wJsw3iLBRFyXSXVaDV1_LQR0Q/viewform). They contend - and it makes total sense - that affordability will drive more EV adoption.

At Predicta, our AI driven sentiment analysis tool ranks sentiment from 0.0 (negative) to 1.0 (positive). When we checked our data set, we found that Price is indeed high on the sentiment scale at .8882 for Bolt owners. It ranks among the top of the most positively measured dimensions. Bolt owners also rank Power, Performance, Interior, and Seats very highly, among many others. But, do want to guess the most highly ranked dimension? LOVE! at .9442. GM is discontinuing a car that is very loved. So, if you want to see more EV adoption, you may want to follow the Plug In America link and register your opinion!

#ai #Predicta #GM #Bolt #Chevy #EV #PIA #Pluginamerica #competitiveintelligence #competitiveanalysis

ChatGPT Explains How It's Not Predicta

There has been so much hoopla about ChatGPT and how it's generative AI will change marketing, etc. At Predicta, we use AI and accomplish vastly different things for our clients. Deep, granular competitive analysis. Some folks might not understand how we're different, so we went to the source, ChatGPT, and asked it to explain:

What are the limitations of ChatGPT for providing data driven competitive research and analysis?

ChatGPT

While ChatGPT can be a useful tool for generating text-based responses and providing general information, it does have limitations when it comes to data-driven competitive research and analysis. Here are a few key limitations to consider:

  1. Lack of access to real-time data: ChatGPT's training data is based on information available up until September 2021, and it doesn't have access to real-time or up-to-date information. This means that it may not be aware of recent developments, market trends, or the latest competitive landscape.

  2. Inability to verify sources or accuracy: ChatGPT generates responses based on patterns and examples in its training data, but it does not have the ability to independently verify the accuracy or reliability of the information it provides. It's important to fact-check and verify any information generated by ChatGPT before using it for competitive research or analysis.

  3. Limited understanding of complex contexts: While ChatGPT can understand and generate human-like text, it may struggle with complex contexts or nuanced situations. It may provide incomplete or oversimplified information in certain cases, especially when dealing with highly technical or specialized domains.

  4. Difficulty in handling large amounts of data: ChatGPT has a maximum token limit, which means that it may not be able to process or analyze large datasets or lengthy documents. This can limit its ability to perform comprehensive data-driven research and analysis tasks.

  5. Lack of domain-specific expertise: ChatGPT is a general-purpose language model and does not have specialized expertise in specific industries or domains. It may not possess deep knowledge of particular markets, industries, or competitive landscapes, which can limit its effectiveness for detailed data-driven analysis.

  6. Potential for biased or subjective responses: GPT models like ChatGPT learn from human-generated data, which can introduce biases present in the training data. As a result, the responses generated by ChatGPT may sometimes reflect biases or subjective viewpoints that may not align with objective analysis.

Given these limitations, it's important to use ChatGPT's responses as a starting point for research and analysis, but to supplement it with verified data from reliable sources and expert knowledge to ensure the accuracy and reliability of the findings.

#ChatGPT #Predicta #competitiveintelligence, #marketingresearch #AI #OpenAI #ev

If the Easter Bunny were an Electric Vehicle, which one would it be? Presenting Predicta’s First Annual Easter Bunny EV Award

We couldn’t have been the only ones asking this question last week, right? Ok, so maybe we were. But that won’t stop us from giving out an Easter Bunny award anyway.

We turned to OpenAI’s ChatGPT for inspiration about which Easter Bunny characteristics commonly come to mind for Americans, and it got us off to a running start! The Easter Bunny is cute and cuddly, friendly and generous, playful and energetic, quick and stealthy. And in addition to everything else, it has quite a bit of space for all those eggs.

Using Predicta’s amplified intelligence tool, we combined all those ideas into an “Easter Bunny” dimension, and set it loose on our EV dataset. The competition was fierce. The fate of civilization hung in the balance (wink, wink). The Hyundai Ioniq and Kia EV6 were in it until the very end, but the winner of Predicta’s 2023 Easter Bunny award is….

Hyundai Kona EV!!

Easter Bunny EV attributes came up in a whopping 71% of Kona reviews compared to the EV industry average of 46%, and every single one of those 147 Easter Bunny Kona reviews were positive. These weren’t just marginally positive reviews, either. Predicta’s sentiment calculator assigns each comment a sentiment score on a scale of -1 to +1, which takes into account how positive or mixed reviews can be.

For example, there’s a big difference between “that burrito was pretty good” and “that was the greatest burrito ever created in the history of the universe”. The more exclusively and enthusiastically positive a comment is, the closer to +1 it gets. The Kona’s Easter Bunny reviews scored an average sentiment of +0.98 compared to +0.88 overall. 

So what makes the Kona a great Easter Bunny? The most relevant topics that came up out of the 20 or so we put into the Easter Bunny dimension were Cargo and Color. This brings up an important point when we’re looking at customer reviews with Predicta’s AI tool: we’re quantifying subjective data! Objective specifications suggest that the Kona’s cargo space is merely average among small EV SUVs. However, the people who own and drive the Kona seem to view it favorably. This could be due to the design and accessibility to the cargo space, owners’ expectations, or how Kona owners use the space compared to other EV owners. 

What would you like for us to look at next? Let us know at info@predicta.com!

Predicta tells smart marketers why their customers buy from them and not their competitors. Gleaned from thousands of sources, Predicta delivers Amplified Intelligence to marketers less expensively and more quickly than traditional market research. Predicta enables marketers to avoid mistakes and save money by illuminating what their consumers think, feel and talk about. For more information email info@predicta.com.

Messages That Resonate with EV Consumers

Now that Predicta’s Amplified Intelligence engine established in a previous post that environmental topics aren’t relevant enough to move the needle with potential EV buyers, some of you are asking for a deeper dive into what CAN make a difference. Wait no longer!

First, let’s add some context about how consumers make decisions. Several decades ago, Dr. Darrel Edwards, co-founder of research firm Strategic Vision, discovered a universal equation for human behavior and used it to develop ValueCentered Psychology®. It has five sequential components and applies to how we feel about experiences, products, brands, or other people. These components are, in order (and woefully oversimplified):

Security: The trust, comfort, confidence, and safety we feel

Freedom: With ample Security comes Freedom – both Freedom TO (explore, live, be ourselves) and freedom FROM (hassle, stress, worry)

Esteem: The degree to which – and the ways in which – we feel good about ourselves

Harmony: Self-actualization and personal fulfillment

Love: With the previous four components fulfilled, the love we have for that experience, product, brand, or person flourishes

Now that you’re a certified psychologist, let’s get back to EVs. Current EV concerns center around fundamental emotions like Security (reliability, safety) and Freedom (charging hassle, range anxiety, cost). 

Instead of pushing cherry-on-top benefits like environmental topics, Predicta’s AI found that EV advocates should communicate top-of-mind topics that reinforce Security and Freedom!

Here are three topics that Predicta’s amplified intelligence engine identified that resonate with consumers:

Reliability/Quality (mentioned 3.0 times more often than environmental topics): Marketers should emphasize that there are fewer things that can go wrong with an EV to strand drivers on the side of the road. And they can forget about dumping time and money into oil changes, head gaskets, or timing belts!

Performance (2.4 times more often): Consumers love the Freedom experienced with an EVs power and acceleration and feel the Security of performance improving active safety (control, avoiding an accident, etc.).

Charging (2.3 times more often): Consumers talk about how refueling at home is convenient and way cheaper, enhancing Freedom! Can’t charge at home? Have your car refuel itself when you’re at work or at the store. No extra trip to the gas station needed! That’s one fewer stop to make – one fewer thing on your to-do list.

What else would you put on this list? What would you like us to look at with Predicta’s amplified intelligence engine next? Contact us and let us know!

Predicta automates competitive product intelligence using deep learning AI techniques. Gleaned from thousands of sources, Predicta delivers Amplified Intelligence to marketers less expensively and more quickly than traditional market research. Predicta enables marketers to avoid mistakes and save money by illuminating what their consumers think, feel and talk about. For more information email info@predicta.com.

EV Owners Rank Performance Over Environment

When you explore the political, media, and marketing landscape surrounding EVs, you’ll find plenty of focus on environmental topics to encourage their quick and widespread adoption. But does that approach line up with what people actually care about?

We used Predicta’s Amplified Intelligence tool to compare the perceived importance of environmental topics to more traditional vehicle topics. We aggregated environmental facets like climate, emissions, pollution, sustainability, renewable energy, and “green” into one all-encompassing category to compare it fairly to topics like quality, value, and performance.

Here's a list of topics that are top of mind to EV buyers, along with the percentage of time that they mention the topic in a vehicle review:

Quality (69%)

Value (63%)

Driving Performance (56%)

Battery Range (53%)

Charging (52%)

Environmental Impact (23%)

Display Screen (22%)

Driver Assist Features (20%)

Environmental topics – all of them combined! – show up in less than a quarter of vehicle reviews. That’s on par with driver assist features or hooking your phone up so you can listen to music. Now we can expect this from Tesla buyers because the company has taken an “awesome car that happens to be electric” approach from the start. But this same trend largely holds true for non-Tesla buyers as well.

While environmental concerns do play a role in purchase behavior and societal EV adoption, they only come into play if all of the other basic questions are answered. (Will this thing keep me safe? Can I afford it? Will it do what I need it to do? Can I rely on it?)

Our friend, Buzz Smith “The EVangelist”, recently said it best: “Stop focusing on the environment, since a large number of our fellow citizens don't believe or care about it. To drive adoption (pun intended) focus on the main reasons most people buy cars: styling, acceleration, handling, ride, low cost of ownership, high MPG(e)…”

What would you like to know about how people perceive EVs? DM us or put it in the comments below, and we’ll see what our AI engine has to say about it!

Predicta automates competitive product intelligence using deep learning AI techniques. Gleaned from thousands of sources, Predicta delivers Amplified Intelligence to marketers less expensively and more quickly than traditional market research. For more information email info@predicta.com.