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Energy Sector Market Analysis

In an evolving marketplace, energy sector market analysis is a vital way to stay ahead and Cloud Media Insight are experts in this field. We have more than 20 years of experience of analysing this sector, and have worked with both distributors and suppliers. Clients have included Northern Electric, British Gas, npower and EDF.

This is a highly competitive market sector, where it is important to be aware of what customers are saying about you and react quickly to any issues which are raised. Social media analysis and traditional media evaluation are both essential tools in this process.

Keeping Track of a Changing Marketplace

The UK energy market has changed over recent years, with competition becoming increasingly fierce. This is no longer just a market served by the 'big 6' companies, with more than 30 suppliers now competing in the domestic energy market alone. Some suppliers generate their own power, but there are also separate energy generators, as well as distributors.

Since energy provision opened up to competition in 1999, many consumers have switched supplier at least once. It's estimated more than 19 million customers have changed supplier between then and 2015. According to recent Ofgem figures, around 2 million gas customers and 2.4 million electricity customers switched in first nine months of 2015 alone.

Ofgem estimates those who have never switched could typically save around £200 by doing so, and, with many price comparison websites available, there is a constant incentive for customers to shop around. Switching is likely to become even more common in the future, since the Government has announced it is going to make it possible for customers to switch supplier in just 24 hours by 2018.

As the shake-up in the domestic market continues, business customers are also being encouraged by Ofgem to consider switching when a contract comes up for renewal. These can often be key customers for a company, so it is vital to ensure existing business clients are happy. Typically, businesses sign up for periods of between one and five years, and they are often likely to look into moving towards the end of a fixed contract, to avoid being automatically signed up to a new rollover contract.

Although price is a major driver for both domestic and business customers to consider switching supplier, it's not the only reason for changing. Other factors which can persuade people to make a change include experiencing poor customer service with a current supplier, as well as a lack of convenient and user-friendly online services. Increasingly customers are also looking for assurances over green credentials and energy-saving devices such as smart meters. Businesses are also likely to prefer suppliers who will give them a good deal for multiple premises.

In order to stay ahead of the competition, companies involved in any area of the energy sector need to closely follow what both existing and prospective customers are saying about them. This means being aware of possible reasons for switching, as well as the factors which can attract new customers and keep existing ones loyal.

Energy Sector Market Analysis – Cloud Media Insight's Service

As a company specialising in energy sector market analysis, Cloud Media Insight has a strong track record in measuring social media to see what customers are saying about a company. We have worked successfully with a range of energy companies, providing key pointers to how their brand reputation is performing.

Social media is especially important for power companies because it is a means by which reputations can rise or fall very quickly. If any individual customer has a problem, instead of just complaining to friends and family, they may now decide to take their grievances online and spread the word fast. This can all too soon lead to a negative trend on Twitter or other forums. On the more positive side, people also now go online to share news of money-saving energy deals or pay tribute to good customer service.

All this makes it essential for any energy firm to keep on top of what is being said via Twitter and other social networking sites, as well as via blogs and forums. Monitoring levels of negative and positive sentiment, and the underlying reasons, can help you pick up on any issues which need to be addressed at an early stage. Online reputation management can also help to spot market trends which could potentially benefit your company.

As well as monitoring the whole range of digital media, Cloud Media Insight provides an expert traditional media monitoring service, which is still very important for energy companies. Keeping an eye on press and broadcasting and following business news is key to showing how effective campaigns are.

Cloud Media Insight can create an integrated evaluation bringing together information from a wide range of sources. This is a bespoke service which tracks and measures the elements which are important to the particular client. Energy sector market analysis can allow you to follow the success of your own campaigns and examine and interpret customer feedback. You can also monitor the performance of competitors, helping you to a competitive advantage.

Energy Sector Market Analysis – Contact Cloud Media Insight for more details of our expert services.