The FINANCIAL — As many small- and medium-sized businesses (SMBs) struggle to keep pace with sluggish consumer spending and rising operating costs, including energy bills, utilities have an opportunity to help fuel growth within this important sector, according to a new report by Accenture.
Utilities can help SMBs reduce energy costs and create new ways to attract consumers by providing advice and tailoring products and services to help these companies manage energy usage, reduce business complexity and appeal to “green-minded” consumers, says the report The New Energy Consumer Handbook.
“In this era of economic uncertainty and fundamental change in the evolving energy marketplace, utilities have an incredible opportunity to engage these often-neglected SMBs, which have long been considered the backbone of economic growth,” said Greg Guthridge, global managing director for Accenture Energy Consumer Services.
In a survey conducted across nine countries, including a range of competitive and non-competitive energy markets, Accenture explored the energy needs and preferences of 2,200 SMBs and found that most are hungry for information and solutions to help them manage their energy costs. Only 35 percent of the respondents believe that the products, services and support currently offered by their utilities are specific to their business needs, according to Accenture.
Accenture’s research also makes it clear that when energy providers are engaging SMBs, it is critical that they trust these companies. While the majority of respondents said their companies frequently take actions to reduce energy use, only 38 percent claimed to trust their utility to inform them about energy-saving options. Furthermore, 83 percent of the respondents said that if given the choice, they would consider a non-traditional energy provider, such as a retailer, energy broker, telecommunications company or online site for purchasing electricity, energy-efficient products or related services.
“Utilities that seize the opportunity to deliver a new experience to their SMB consumers, will not only fuel economic growth but also tap into valuable new revenue streams,” Guthridge said. “In competitive markets, they may also strengthen their relationships with SMBs, countering new entrants, who are increasingly entering the marketplace,” Guthridge added.
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