This week we take a look at the Non Traditional Business Model, and why it’s shaking up the industry.
Last year, Ofgem published a discussion paper looking at the new wave of ‘non-traditional business models’ (NTBMs) entering the market, and what impact this could have – positive or negative – on the industry. With the Big-6 continuing to lose customers month after month to the independents, and by no small margin, the answer seems pretty clear;
NTBMs are transforming the market, and challenging the status quo.
Powered by new technology and modern infrastructures such as cloud computing, new entrants are leaner and more agile – capable of reacting to customer demands much quicker than their larger rivals.
Looking back at the CMA report, and its emphasis on competition and engagement, it’s clear from the switching statistics that customers are responding to the break from tradition that new entrants are providing, with switching up by nearly 60% since June 2014.
What’s also clear, though, is that there’s still more work to be done. Of those that switch, most customers are still moving within, or back to, the big 6. Last month, for example (June), saw only 33% switch from the big 6 to the smaller independents.
As customer expectations change and the average age of bill payers drops, innovative and compelling propositions become ever more important. Suppliers need to be thinking about the service needs of the next generation.
Now is the time for NBTMs to shake up the market – so if you’ve got a unique proposition and a desire to disrupt the market with innovation, read on.
At ENSEK, we’re at the forefront of this transformation in the industry, providing new entrants with cutting edge technology and managed services to enable a step change in the way energy suppliers operate
From licensing and accreditation right through to maturity, our market entry solution provides organisations with the all the tools they need to break free from tradition, and offer customers the innovation and flexibility they’re demanding.
So, if you’re looking to challenge the status quo and transform the energy industry, get in touch today to see how we can help you on 0115 710 0180, or send us an email