Could You Nudge Your Customers Towards Better Energy Consumption Behaviour?
The BBC discusses the book “Nudge: Improving Decisions About Health, Wealth and Happiness” by Richard Thaler “Nobel Prize in Economics” and Cass Sunstein “in a podcast found within this article: https://bbc.in/2M2bG2c
The ‘nudge theory’ is supported by Asset Publishing, in its paper ‘Behaviour Change and Energy Use’. In the paper, it states, ‘In the context of domestic energy use, providing consumers with feedback on how their energy use compares with similar households in their neighbourhood has been shown to reduce energy consumption in higher-than-average users.’
As with all change, data can be used advantageously in this scenario too. Access to real-time data that can be personalised for the end-user to be used in conjunction with their own information is invaluable.
At Electralink we have a unique dataset taken from all the message data that underpins the electricity market which can be mined to provide insight and analytics to the industry. Our data and the DTSA agreement enables us to provide aggregated data directly to suppliers which they can personalise and embed into their customer journeys and contact channels (such as emails and bills) creating a ‘nudge’. For example, by encouraging a dumb meter user to a smart meter, or towards a better pattern of usage.
Showing customers, a comparison of their energy consumption, compared to the average consumption of those on their street, or locality, or even within their own town or city, are shown to improve engagement rates and in turn, change how customers engage with electricity.
Our mission is to make the market more efficient and to drive value into your business. Could our data help you? Contact EMI@electralink.co.uk to discuss.