One Study – Two Perspectives: Do energy suppliers know their customers?Energy supply company study 2017: The future of the energy sector
One Study – Two Perspectives: What customers want versus What energy supply companies thinkThe future of the German energy market is at stake as the megatrend digitalisation challenges the energy industry to open up new business areas and reorient existing ones. Municipal utility companies require concrete business models that are successful and sustainable.
What can concrete business models look like?Which business models can convince customers and which ones are future-oriented for energy supply companies? Developing successful business models requires one thing above all: understanding the customer.
What does your customer think?Time and time again, industry surveys show that customers and energy companies have widely differing perceptions. This also reflects the findings of a second study by AXXCON, in which 1,000 customers were surveyed online about their wishes. In a second stage, the results were compared with the assessments of 100 energy supply company managers interviewed by telephone. The following article presents four major results for the energy industry. It offers you new ideas for your company’s future direction.
Make use of the following results to adapt your business model and make it successful.
Four key results of the study:The study resulted in a whole series of facts that could be of interest to energy supply companies when it comes to the direction and development of new and innovative business models. We have provided a few examples:
01 // Energy supplier and service
Developing new service concepts Service and support is important for both customers and energy supply companies. Nevertheless, only about one in three customers sees their own energy supply company as service-oriented. Although standards are being improved, there is a lack of new service offers. While it is true that energy supply companies have to constantly improve their standard services, new services are also required. Customers have very different expectations of good service. Energy suppliers can impress with new services that bind customers to the company. Customers are won over by services that other companies may not even offer or not yet offer. This can also be offers from outside the energy sector. For example, telecommunications services or security services. Digital service concepts result in better acceptance while making the company more competitive.
02 // Energy supplier and sustainability
Why not managing energy communities? Although the ecological aspect is making headway, only half of the energy suppliers surveyed make it a priority. Many companies have not yet considered that they could develop new supply opportunities that are not limited renewable energies. For example, more than half of customers are interested in energy communities, but are afraid to organise such models. Energy service providers could take over the administration and thus define attractive offer packages for further target group segments.
03 // Energy supplier and billing concepts
New billing concepts open up new possibilities 60 percent of energy suppliers believe that customers are not willing to provide their data. False. In principle, they would be, if customers would be offered better conditions in return. Companies are thus missing out on an opportunity to gain new insights. Insights into consumption patterns reveal new needs that can be better met with expanded offers. New consumption and billing models promise greater benefits for the customers and help the energy companies become more attractive. Customer data is the new currency in the digital age. This also applies to energy suppliers.
04 // Energy supplier and its range of products
Customers expect divers products What if the energy supply company was also a shopping platform? Both customers and the companies themselves can imagine this scenario. However, energy producers and service providers see the benefits mainly in professional energy consulting, while customers would prefer electrical appliances in their energy supply company’s product portfolio. Customers would also purchase smart home control or security services from their energy service providers. This allows long-term customer relationships to develop. Energy suppliers should thus also reconsider their product choices in this respect before other companies take over this market.
The future of energyEach year, the business consultancy AXXCON conducts a study on current and challenging issues. The focus is on advising the energy industry. AXXCON advises municipal utilities and other energy supply companies on the topics of transformation and change management, organisational and process issues as well as digitalisation in the energy industry. The focus is on implementation with the aim of increasing efficiency. The central topic of the 2017 study is “The Future of Energy”. The energy sector is changing. Whether you look at energy transition or digitalisation, the fact is: Energy supply companies need new business models and concepts to meet their customers’ changing needs. We wanted to know what successful business models should look like. The study was carried out in two stages in order to survey and compare the customer’s perspective as well as the perception of the energy suppliers themselves.
Also read our expertise “innovation” – how AXXCON helps you generate new ideas for your company’s future direction.
Please contact us, if you are interested in the study. We are happy to present the study. Let´s see how you can profit of the results.