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The electricity market has moved from distribution to competition meaning that consumers have an added influence. The most effective way of communicating with them is through a well-designed, strong brand. This is opening up new opportunities, both for the utilities and the customers. All marketing efforts need to rely on strong brand work to be efficient and effective.
The 4Ps of product marketing (Product, Place, Price, Promotion) drove marketing theory and practice for much of the 20th century. This product-dominant logic no longer serves the needs of executives and decision-makers tasked with energy marketing and branding in the 21st century. A customer-centric view is required to develop and sustain lasting relationships with increasingly savvy energy consumers who also desire more information to be communicated to them. Branding is generally considered a superior tool for efficient communication, but within the energy sector this has not been the case. By viewing other comparable industries, we find compelling evidence that strong brands will also dominate the electricity space. Of this there are already strong indications. CHARGE – The World’s First Energy Branding Conference – will be the scene to introduce Energy Branding – the future of the industry.
Energy professionals seeking to understand how branding electricity differs from other products. Marketers & branding experts seeking to transform utilities into brands to make them relevant in the 21st century. Branding is the underlying philosophy needed for both electric retailers and suppliers as well as transmission and distribution. The conference is for individuals and organizations that realize the rules of the electricity space have changed and want to be informed of what lies ahead. The focused scope of the conference – Energy Branding – ensures that participants will grasp the concept in detail and obtain a working knowledge of it. And the broad approach, as reflected in the various tracks, ensures that relevant influential factors are not overlooked. Lastly, the conference is held in Reykjavik. Reykjavik’s name (direct translation: Steaming Bay) is actually derived from the steam the Viking settlers saw coming from the ground and which, centuries later, was used to make electricity. Energy is therefore at the very heart of Reykjavik.
Starting a dialogue – Managers in energy companies are facing challenges in communicating with consumers in a demanding environment.
Consumer focus – In most cases, energy buyers lack awareness and knowledge regarding electricity markets and seem to focus only on price. It is, however, an oversimplification that consumers base their purchases on price alone.
The bottom line – A well executed branding strategy delivers on average 5% increased ROI on marketing spending.
Reality check – Utility customers, once seen as a group of like-minded consumers, are becoming ever more aware of their purchases.
Tool for communication – Branding has been proven to be a highly efficient tool to communicate with energy consumers. Marketing energy utilities can be a challenging task, a strong brand makes communication easier.
Insuring the future – With powerful branding, the energy sector can evolve and be ready for more efficient sources of energy, new technology, outsiders entering the field and ever changing habits of consumers.