With almost everything digitized nowadays, millennials bring new needs and desires to consumer-facing companies, and the energy industry is not an exception. Being the largest generation group in US history, they have become more influential on how energy and electricity providers do business and conduct their services.
However, figuring out what these millennial consumers want remains one of the chief challenges in the industry. That’s why we’ve enumerated the top factors millennials look for in their electricity suppliers below.
The Impact of Millennials On The Energy Industry
While many utilities are transitioning to more customer-centric operational cultures, keeping close tabs on the voice of consumers has become increasingly important. Since millennials are the largest and most dominant consumer group, they significantly impact how companies produce and consume energy.
Gone are the days when consumers passively wait for their utility bill and pay it without many protests. Millennials tend to be more engaging and have a more progressive outlook concerning social, cultural, economic, and environmental affairs. It’s probably why they are more likely to change electricity providers as per Eligo Energy’s Millennial clean energy study.
What Do Millennials Look For In Electricity Suppliers?
Millennials have high standards when it comes to their energy providers. Compared to non-millennials, they are actually far more willing to pay more for their electric bill if they get services that are aligned to their values and priorities. It’s no wonder why they are also more inclined to switch providers now and then.
To help the energy sector thrive and adapt to the values and desires of their consumers in terms of energy usage, here’s what millennials usually look for in their electricity suppliers.
Energy-Saving Technologies and Programs
Having grown up on the cusp of the technology era, these millennials are constantly looking at ways to make their lives more efficient without losing the capacity to make sound decisions. That’s why most of them are interested in technologies and programs that help them save energy.
As tech-savvy and eco-conscious, they would want to sign up for a digital application that allows them to monitor their energy usage, save on electricity bills, and control their household climate. Millennials are also into peak-shifting programs that help them reduce or shift their electricity consumption during periods of high demand.
Cost-saving is a great motivator for millennials. Therefore, price transparency for each option is of utmost importance for them so they can make the best choice for their budget.
Clean Energy Resources
Being classified as green champions, millennials can be very particular with the sources used to generate electricity for their homes. They are vocal about climate change and want to access clean energy sources, such as solar, wind, geothermal, and biomass.
These clean energy sources mean additional costs. But though millennials are cost-conscious, they are far more willing to spend more money if it means reducing greenhouse gas emissions or lessening their environmental impact.
Constant Technological Evolution
Millennials want constant technological evolution even in the basic services of electricity providers. They may prefer a plug-and-play style of energy service. But aside from energy-efficient products, they would want a supplier with an easy-to-use digital channel where they can engage in.
It’s worth considering that technology plays an important role in the lifestyle of millennials. They might perceive companies that don’t have a mobile-friendly website and social media use as outdated and undesirable.
Note that most of them contact their utilities digitally. Although it doesn’t mean they are against the phone or face-to-face interaction, they are more likely to choose the mode of communication that’s more convenient for them.
Seamless Customer Service
Having open communication with utilities is one factor that millennials significantly take into account of. In fact, compared to other generations, they are far more likely to reach out to their energy provider. How electricity providers attend to their needs can have a lot of bearing on their trust and satisfaction.
Unfortunately, one finding states that millennials have ranked utilities slightly lower than other services providers when it comes to customer service. They’re willing to switch energy providers if their preferences and expectations are not satisfactorily met.
Embrace Social Responsibility
Price is an essential factor for millennials. But they are much more eager to put their money where their mouth is. Thus, you can expect them to go for suppliers who embrace corporate social responsibility. They tend to have more trust in companies whose products and services are not only good for their wallet but the planet as well.
Meeting The Needs of Millennial Consumers
Investing in technology and programs that millennial consumers prefer could help electricity providers get their attention. However, it’s important to note that the adoption rates of millennials are low. Although they are adept at changing, they are not easily convinced with the promotion of new products. But meeting their needs and giving value to what they believe will pave the way for a strong relationship with them.
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