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Business Planning Process Planning & Strategy

How to Stand Out in a Largely Unregulated Energy Industry

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Moving into the energy industry was a smart move. Today, the profit margins are high, especially for companies willing to invest in green technologies to help save the planet. However, the fact that the sector is somewhat unregulated means there is plenty of competition and high market saturation rates. Therefore, it’s hard for customers and clients to choose a brand they can trust, so engagement can be low.

It doesn’t have to be this way, though, as building a brand in the energy market is doable when you focus on consumers’ main problem areas. Continue reading to learn more.

Price Is Key

Price is a crucial strategy because home and business owners don’t want to overpay for gas and electricity. Therefore, there is plenty of scope for people who are known as “nudge needers”. They want to switch suppliers, but they require a little push in the right direction. By lowering your rates and saving them money, you can make up the loss of earnings by increasing the size of your customer base. There was a 9% increase in switches last year, highlighting the scope of the untapped market for energy providers.

Don’t Underestimate Your Brand

The user experience is almost as crucial to customers as the price. If one energy company signifies this, it’s a British business called Bulb. The London-based supplier has taken a leaf from other successful startups in competitive and usually exclusive industries – banking, for example – by investing in a simple, tech-focused approach equipped with bold colors. For shoppers, it means a modern and accessible service that is flexible and versatile. After all, meter readings and statements are a click of a button away, and operators are ready to chat 24-hours a day.

Add Certifications

A certification stands out right away as it appears professional and trustworthy. People see it and think, why does this provider have a qualification its rivals don’t? Once they do more research, they realize that the certification is an extra feather in your cap, and another reason to pick your solutions above your competitors’ services. The trick is to apply for an add-on created and certified by experts and professionals, like the Energy Management Professional certification, or EMP. Then, your resume will have even greater significance. Think of it like going back to school to enroll in a master’s degree or PhD course.

Concentrate on an Emotional Connection

When other energy providers come along and try and nudge your customers in their direction, you need a strong connection to negate the strategy. Going the extra mile is always a wise move since it adds value to shoppers and your brand. Offering free products and services, such as a boiler or furnace inspection, could be the difference between retaining customers and watching them bounce to a rival. Don’t forget about small things, either like an energy review. After all, people are likely to opt for your help if they have already taken the free evaluation.

To stand out, you can’t rest on your laurels because the energy industry, and its customers, are continually changing.

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