How can smaller energy suppliers be competitive?
Creating and running a successful energy supply business has always been tough but the past year has seen the sector face massive challenges as a result of the Covid-19 pandemic. We look at the ways smaller energy suppliers can compete in the highly competitive energy supply market.
Energy Tariff pricing
Customer service is key
Where smaller energy suppliers often beat the bigger players is when it comes to providing an excellent customer service. The recent Uswitch energy awards showed just how dominant they have become in terms of offering excellent customer service.
Engagement with customers is key to keeping them on board so it pays to invest in communication tools and keeping them up to date with the latest news. Offering them advice on how to save energy and money can also go a long way to inspiring customer loyalty.
With customer service being the key to success, you should think about what Customer Relationship Management system you should use. Dyball’s CRM incorpates an energy billing system as well as integration with marketing messaging systems and PSR compliance tools making it incredibly easy for you to manage your customers in an efficient and professional manner.
Diversify
Savvy energy suppliers are diversifying their offerings into areas such as green energy, enhanced customer experience and electric vehicles.
The drive towards netzero in 2050 is providing new opportunities for energy suppliers to mix up their offerings.
As the 2050 deadline gets closer new market opportunities are sure to arise so market research is key.
Also read: Green Tariffs alone not enough to attract Environmentally minded consumers
The right software is vital
For most start up energy suppliers the biggest hurdle they face is their IT infrastructure and offerings. Many of the longer lived suppliers on the market use massive complex legacy IT infrastructure and processes that makes them less agile and makes innovation hard.
Smaller suppliers have benefited massively from utilising the right software that has allowed them to be highly agile in comparison to the bigger players as well as offer excellent customer service.
The right software also allows a company to react quickly to market changes and utilise the data they possess to change customer behaviours and grow their customer base.
Professional energy managed services from expert consultants can help you handle and monitor data flow and data quality to ensure you are ready for any unforeseen incident before they cause any issues.
Dyball Associates offers a range of software to assist energy suppliers such as our Energy Managed Services and CRM offerings.
Also read: Benefits of Customer Relationship Management (CRM) Software in the Energy Sector
Dyball Associates will keep you informed of the latest changes and our team of energy market consultants can guide you through the steps to enter the UK energy market. Whether you’re looking for electricity and gas systems or support on starting an energy supply company, Dyball Associates can help.
Further Reading
Prime Minister announces Covid-19 lockdown easing roadmap: What does it mean for energy suppliers?
Energy Suppliers call for changes to electricity and gas levies
How to convince consumers to switch to a smaller energy supplier
Dyball Associates are proud to help new supply businesses successfully launch in the UK market.
Through our energy market consultancy services, and the software we've developed, we're supporting new UK electricity and gas suppliers get set up and start supplying.
Follow us on LinkedIn to keep up to date with the latest news and updates in the energy industry.
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