In the deregulated energy market, customers have the power to choose their energy provider. That means you have to Stand Out if you want to win new customers — and keep your current ones. Value added products and services are an easy, effective way to do just that.
While value added products and services are commonplace in almost every industry (for example, free streaming services offered by cell phone service providers), they are rather scarce in the energy sector. As such, now is the perfect time to offer value added services and products to your consumers.
Digital Deregulated specializes in providing profit-increasing services to our clients in the energy market. Value added products are a great way to do that, and we can help you choose the right one(s) to offer to your customers.
What Are Value Added Products and Services?
“Value added” simply means you enhance your products or services at no additional cost to your customers before you offer them said products or services. In a deregulated energy market where every company offers virtually the same product, adding something a little extra can make the difference between making a sale and losing a customer to your competitors.
There’s a common misconception that value added services will damage your bottom line. While this is marginally true, value added products are intended to increase sales. As such, the small cost you will pay for value-added services will be negligible compared to the increase in profits you should see.
Types of Value Added Products You May Consider
The value added products and services you may offer vary depending on your target customers. For example, an energy company that focuses on supplying green or renewable energy may offer products that complement their services, such as LED light bulbs. Or, energy companies that supply power to corporations may offer discounts for energy-efficient products such as solar panels.
One of the most common types of value added services on the market is the loyalty program. Loyalty programs incentivize your current customers to stay with you and avoid switching to one of your competitors.
This is incredibly important right now since Millennials who are now actively shopping for energy providers have the lowest level of brand loyalty of any generation. In addition, Millennials have one of the highest levels of debt of any generation (besides Gen X), so they are looking to save money. Conversely, however, the young generations are also the first that are truly concerned about where their energy comes from; they are much more dedicated to environmentalism, even if it costs a little extra.
This essentially means young energy consumers want to be wooed by providers. They are more likely to stay faithful to energy providers that offer them a reason to do so, and loyalty programs are the perfect way to do that. Programs that offer discounts to long-time consumers or to consumers who are more conservative in their usage of energy can help you win and keep otherwise flaky customers.
Of course, there are other value added services that cost you practically nothing in the long run that can help you win and keep more customers. For example, an attractive custom website and easy-to-use payment system (especially in a simple smartphone app) can keep consumers coming back for more, so to speak.
In addition, customer service that is knowledgeable and easy to contact, especially with modern communication techniques like texting, social media messaging and chatbots, is crucial for younger generations.
Yes, attractive websites, easy-to-use payment systems, and great customer service may seem basic. But because there are so few businesses in the energy sector using these tools, they can be considered value-added services that help you Stand Out from your competitors.
Digital Deregulated Is Here to Help You Implement Value Added Services
At Digital Deregulated, we know what it takes to help you beat your competitors and win more customers. Value added products and services are rare in the energy sector, meaning you can adopt these strategies today and quickly win more customers. What’s more, we are all familiar with the fact that winning new customers costs many times more than keeping your current ones, and value added services like loyalty programs can help you retain more customers.
Perhaps the most important aspect of value added services is making sure they are customized for your business and your customers. For instance, if your main bulk of customers is older adults, technological gifts and services may not add much value for your consumers.
Our experts are intimately familiar with every corner of the energy sector, and we know how to help you reach new customers — and keep the ones you currently have — with specialized value added programs.
Message us on social media or contact us online to learn more about how our value added services and products can help you Stand Out in the deregulated energy market.