Energy companies like Lundin Energy formerly Lundin Petroleum, face challenges achieving their revenue targets due to the influx of new players in the market and customer switching to other alternatives or vendors. They have to rethink how to market their brands best to continue being profitable and withstand the tough competition.
One effective way to remain profitable is to keep their customers from switching to competitors because maintaining existing contracts is more valuable than getting new customers. Besides, netting new customers is an expensive undertaking than retaining existing ones.
Below are tips on how energy companies can market their brands:
This is individualized marketing or one-to-one marketing, where the businesses optimize data and technology to understand customer consumption and buying trends. And with the insights, they can deliver tailored communications and products to the existing and prospective customers. The energy companies can employ personalized marketing in customer acquisition and even go beyond to use it for up-selling, cross-selling, and retaining the customers.
Using Social Media
Maintain an Updated Website
The assumption is that no business worth its name has no website in the current time when most transactions are shifting to online via websites and social platforms. After having a company website up and running, the next critical thing is to ensure it is updated regularly and all the necessary details are provided.
You do not want a customer to check how they can reach you, but there are no contact detail or means to communicate with the company and such things. Also, the site should be optimized for search engines to be easily visible by prospective customers searching for the products that they sell.
While email marketing seems to have been overtaken by social media marketing and other strategies, it is still effective for reaching corporate clients. You can use email marketing platforms to send emails in bulk to potential customers and current ones, informing them of great deals and other offers.