Renewable Energy is on the Rise with Economic Shifts

The market for renewable energy is booming, proving to be one of the only industries that is not only surviving but thriving, amidst the pandemic economic slump. Consumers are eager to invest in solar power, thanks to the Solar Investment Tax Credit, which subsidizes 30% of solar expenses for all users. Industry experts expect that installation rates are only going to keep rising, as the federal government continues to incentivize solar panel usage.

Looking to generate buzz around your brand? Check out the three keys to amplifying your renewable energy solutions below:

  1. Know your audience. Before carving out messaging and content, brands must understand whom they are talking to (i.e., demographics, geographics, and psychographics). In understanding who, where, and how these consumers engage with one another and other brands, clean energy providers can create bespoke messaging that resonates with their target audience, ultimately sparking engagement, conversation, and community.
  2. Build educational content. The biggest key to B2C marketing in the modern world is developing a streamlined, omnichannel digital media strategy to effectively reach your niche audience with messages that resonate and drive action. This may include your company website, direct mail, social media, influencers, podcasts, and any other ways you connect with your target audience. Educational content about renewable energy can be an effective tool for providing prospective customers with information about how they can benefit from an industry on the rise. Show consumers the value of switching to renewable energy resources. Renewable energy is still a fairly new trend, so providing accessible, simple, and informative content about the industry to potential customers is crucial. Existing consumers are likely already invested in learning more about renewable energy, so social media is an effective platform for educating them about the impacts of solar panel recycling and the things they can do to further help the environment.
  3. Maximize consumer value. Rational consumers are most likely to ask, “How will this benefit me financially or improve my day?” when making major purchase decisions in regard to energy usage. By clearly conveying the value in the form of financial incentives, companies will be more successful in increasing both initial adoption and sales, as well as in encouraging longer retention rates for existing installations.

Providers need to overcome inertia when encouraging new consumers to switch from traditional to renewable energy sources. Educating prospective consumers about cost benefits and promoting initial discount rates can be effective in spurring the switch. Existing customers are likely to purchase new panels if their efficiency rates create a financial benefit. Therefore, providers can eliminate quick panel turnover rates if consumers understand the benefits.

Your Brand at the Forefront

As the market for #renewable energy continues to grow, it is imperative that agencies and #brands alike strategize the best ways to appeal to target demographics. Energy marketing follows many of the same trends that exist in the traditional realm of advertising. Consumers are on the lookout for a provider with a strong presence — one that helps them make sure they are maximizing the cost-benefit ratio of their energy investments and can assist them in adapting to the new energy realm centered around going green.

By Desiree Maurin, SVP, Client Performance at Marketsmith