Prepaid Is The Spark That Energy Providers Need
Businesses around the world are increasingly replacing cheques, bill credits, vouchers, and other forms of payment with prepaid cards. The reason? Prepaid incentive programs are convenient and offer a far superior experience when compared to traditional paper-based incentive programs.
In the Energy Sector, prepaid cards are helping providers get a leg up on competition by encouraging customers to sign up for plans and are a fantastic form of compensation to sway customers who are looking to switch. Outdated, paper-based incentives, like cheques, can take days or weeks to be delivered and get processed by a bank, while a prepaid card can be loaded in minutes and used instantly.
By offering a multifunctional incentive that gives customers freedom to spend what they want, when they want, and where they want, your company is making a bold statement: “We care about you.” Customers will take note and will stay loyal to your business.
Customer retention—the opposite referred to as customer attrition–is a large issue for commodity providers: while it’s relatively easy for a company to get new or would-be customers to sign up for “electricity agreements,” many of these customers cancel the service before their account can actually be verified. One proven way companies are alleviating attrition is the use of timed-incentives on a non-loaded payment vehicle. By offering rewards that are only “activated” once the customer agreement is in place, the company can both facilitate new signups and reward the “right behaviour”.
By offering rewards that are only “activated” once the customer agreement is in place, the company can both facilitate new signups and reward the “right behaviour”.
In any business, a prepaid card is a powerful and effective tool to incentivize sales, bring in new customers and deliver excellent customer service. Its’ also a great reward to offer to customers as a way to ensure their business – which can lead to an increase in retention, sales, and an increase in overall profit.
Are you missing an opportunity for sustainable sales growth in your industry? Are you offering the same product incentives and rebates, expecting different results?
At Just Energy, Ontario’s largest energy retailer, they needed a solution to effectively identify areas where they could maximize their sales potential and consumer spend.
Click here to view our case study and find out how we helped create an incentive program for one of Canada’s leading independent energy suppliers with 1 million+ electricity and natural gas customer accounts, leading to a significant increase in sales!
Looking to put incentives to work for your business?
Contact DCR Strategies and tell us a little about your vision, or experts are here to help.