The global landscape has changed dramatically over the last 4 years, especially in the world of energy. From drastic shifts in tech, government-led environmental strategies and sudden price hikes, the industry has become increasingly volatile, making it a difficult world to navigate for energy brokers. We take a look at some of the struggles found within the industry and how these hurdles can be cleared to ensure your business stays ahead for as long as possible.
Common Challenges Energy Brokers Face
Market Complexity
As simple as it would be, energy prices aren’t simply driven by one thing. A huge melting pot of world events, legal regulations, sudden changes in weather, and even pandemics (as we all learnt in 2020) can send energy prices plummeting or skyrocketing at a moment’s notice. Navigating this constantly shifting and fluctuating landscape can be a huge challenge for brokers. It requires precise, accurate data as well as the correct tools to interpret that information and turn it into smart, informed decisions to offer their customers the best offers and experience possible.
Lack Of Data Management
The amount of different data required to go into a single quote is fairly astronomical. Suppliers in different corners of the world with different systems, regulatory rules, local governments, and formats mean that energy data sadly has often struggled with standardizing itself into an easily accessible format. Also, sharing industry information with both the public and other potential competitors isn’t something businesses may not always want to do openly, meaning it can be difficult to get proprietary information freely.
Getting Supplier Quotes Quickly
The issue with an industry where prices change at the drop of a hat, is that information for potential customers that is accurate one minute can suddenly be incorrect the next. Potential customers don’t want guess work, they want an answer, and there are so many factors that go into a quote it can be a struggle to get this information as quickly as the customer wants it. Renewable energy options, contract lengths, estimated usage and budget (as well as global events and even politics) all factor into a single quote. Getting that information from suppliers that successfully ticks all those boxes all whilst staying competitive can truly be a challenge for even the best in the industry.
Changing Customer Expectations
Green energy, reduced carbon emissions and environmental sustainability are more prevalent than ever before. Now more than ever, customers expect their energy providers to have green initiatives and an environmental focus. In an age of tech focused business, customers also expect a more deliberate approach to customer service than ever before. Impersonal call centres, long queue times and stressful paper trails are no longer the norm when it comes to service providers. Smart devices, apps and fast answers are absolutely paramount to a positive customer experience, meaning businesses need to stay at the bleeding edge of technology if they expect to retain customers long term and continue to receive positive feedback,.
Leveraging Technology for Improved Experiences
By embracing technology and its fast-changing nature rather than fighting against it, businesses can stay ahead of the curve to ensure they’re offering both customers and employees the best experience possible. This allows businesses of all sizes to stay relevant, competitive and most of all, successful in a landscape and a world that seems to change rapidly from year to year.
Reduce Challenges and Heighten Opportunities With Our Energy Broker Platform
Tickd was designed to bring the world of energy brokerage into the 21st century. Our mission is to make switching simple, and leave behind the hassles of excess paperwork, expensive admin teams and frustrating call centres. By using technology to replace the difficult, unpleasant and often expensive day-to-day administration usually associated with energy switching, brokers can use their time more efficiently whilst improving profits and reducing unnecessary expense.
Interested? Get in touch to arrange a completely free demo with one of our team to see how we can help you get more from your business. We now even offer a 14 day free trial so anyone can try it out our Energy Broker Platform and see if it’s right for you.
