Going the Extra Mile: How to Stand Out in a Highly Competitive Energy Market
It is no secret that in 2022, the U.S. retail energy landscape is more crowded than ever. As many markets across the U.S. continue to move toward energy deregulation, an increasing number of residential consumers now have added power and choice when it comes to selecting their energy provider. With nearly 60% of deregulated households taking advantage of the opportunity to switch energy providers*, companies are constantly seeking unique ways to differentiate their offerings and stand out to consumers in this highly competitive marketplace.
Companies must understand end users’ evolving needs and expectations around energy usage to deliver relevant products and services that resonate with consumers,. Take for instance the growing consumer demand for energy plans that help reduce their environmental impact, while still costing less. Findings from the Smart Energy Consumer Collaborative’s (SECC) 2021 State of the Consumer report substantiate this trend, stating that North American residential consumers are more frequently turning to their providers for additional support as they navigate energy efficiency strategies and products.
In response to this widespread demand, companies are stepping up and expanding their offerings to add value for their customers. This includes offering renewable energy options during the enrollment process, creating consumer education materials and webinars on sustainability best practices, and adding on long-term, eco-friendly solutions for the lifetime of customers’ policies. To help increase customer retention and overall brand loyalty, consider layering in value-driven incentives such as free smart devices to service add-ons that ensure everyday appliances and home systems are running at their most efficient.
As the energy landscape continues to change and consumers become more discerning, it is critical that energy providers look beyond competitive pricing to offer added personalization, convenience, and control. The good news is they do not need to go it alone.
Partnering with established brands in-home services, smart technologies, and consumer education to deliver meaningful programs with long-term benefits alongside electric and gas services can boost customer satisfaction and produce more long-term tenures — especially in a market where customers are constantly tempted by the competition. Additionally, choosing partners that share your core values like a customer-first philosophy can further your brand reputation and loyalty with new and existing customers.
Overall, a successful partnership will help energy providers add value for customers beyond just more affordable product offerings, helping your company to stand out and ultimately meet the wants and needs of the homeowners you serve better than ever before.
By: Dwight Scruggs is the vice president of business development and sales leader at Cinch Home Services, the leading home services company in the affinity space that makes it easy for everyone to enjoy their home to the fullest, regardless of whether they own or rent. Cinch partners with utility and competitive energy providers to provide value-added solutions and home warranty services that meet customers’ needs and fulfill regulatory requirements.
*Source: Eligo Energy
