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| Chevy Volt |
As previously discussed, I decided to monitor the Chevy Volt. The Chevy Volt is GMs first electric car that was delivered to the public in November of 2010. Despite the company’s attempt to position the car as a groundbreaking new product that would generate lots of sales, interest has been lower then expected. Since its inception, GM has only sold 928 cars.
Report Monitoring Comparison
In comparing the data compiled from Social Mention in my first report, to that from the second report, I found that there was a fairly significant drop in terms of strength. Report 1 had strength at a high of 26% while report 2 only had a high of 14%. Sentiment, passion, and reach were all comparable for the two time periods without much disparity.
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| Source: www.socialmention.com |
Secondly, I compared the two reports on the number of blogs from IceRocket and found that all 4 competing brands blogging increased by at least double except the Ford Focus. I think this is in part due to the recent tsunami and earthquake in Japan
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| Source: www.IceRocket.com |
The last data I compared was the number of YouTube videos. Interestingly, the Volt was the only product that did not have any change in the number of videos. All others increased significantly.
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| Source: www.YouTube.com |
Marketing
I believe the target market for the Chevy Volt should be the men and women of Generation X (around 31 - 51) with successful careers. They should also focus on technology savvy people and those that are interested in environmental issues. Since the price tag for the Volt is around $40,000, it may be out of reach for those in their twenties and too technologically advanced for those in their sixties.
So What are Some of the Volt's Problems?
- GM's bad company image
- High price tag
- Unproven technology
- Lack of education to the public
- Limited production of the vehicle
Image: addressing one's company image is a tough business, however, it is crucial. I think the companies that have been successful in changing the public's opinion are those that have repeatedly reached out through commercials and social media projecting transparency. Companies like Toyota and BP have used both radical and controlled transparency and I believe it has worked for them. GM needs to better address the public and be more transparent about how the company is doing and how they are spending the public's money. They can accomplish this through main stream media as well as social media sites.
High Price Tag: The Volt starts at around $40,000 and is much higher then the Toyota Prius (starting around $29,080) and the Nissan Leaf (starting around $34,570). Why is this? If the Volt is a better quality car or more advanced technologically then its competitors, educate the public on that fact. Communicate, communicate, communicate. Again, social media and marketing campaigns should focus on features which may drive up the cost of the car.
Unproven Technology: This may take some time. With only 928 cars sold to date, there really isn't enough evidence to support the longevity of the product, but continuing to communicate with the public on technology fixes and updates is critical. Social media makes this very easy for companies to do.
Lack of Education: I believe that a lot of people are still confused about how electric cars work. GM has done a poor job at educating the public on how the car operates. They dedicated a social media site to the Volt (http://www.chevroletvoltage.com/), but it is uninspiring and fails to teach people about the product in a way everyone can understand.
Limited Production of the Vehicle: The Volt is only available in 7 regions (New York, New Jersey, Connecticut, Washington, D.C., California, Texas, and Michigan). This can sometimes be a good thing because it can create excitement, but somehow I don't see people lining up at the dealer to purchase this $40,000 car when it becomes available. What do you think?
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