On the 18th June 2020 the UK government set out new plans for the installation of smart meters in households across mainland Great Britain, ensuring that consumers can cut their energy bills and help deliver net zero emissions targets as coronavirus lockdown measures are eased. By the end of March 2020 some 21.5 million smart meters had been installed1 – far short of the government’s target, but enough to generate significant value from the smart meter data that already exists.
Let’s take a look at how Advizzo can generate significant value from smart meter data, and help energy providers increase customer acceptance of smart meters.
The value of smart meter data
Having a better understanding of individual household energy usage and consumption can unlock significant value for both consumers and utility providers. That’s where smart meter data from customers who have “opted-in” to optimum meter readings (half hourly) and agreed for their data to be shared with a third party comes into play.
Whilst little value can be derived from six monthly consumption data, the information and insights derived from a smart meter’s half hourly data can prove invaluable. Analyzing smart meter consumption data at a granular level, which is perfectly possible thanks to Advizzo’s SaaS platform and data science/behavioral science solutions, enables us to unlock significant insights.
We can build individual customer profiles with accurate detail relating to their household and their energy consumption patterns. Subgroups of consumers can then be identified, allowing the Utilities to proactively target subsets of customers with behavioral science based messages that encourage them to change their usage and habits. For example, with the Advizzo software, Utilities can encourage consumers to use energy at times other than during peak demand – a move towards Time of Use tariffs.
With more information on customer consumption to hand, it’s also possible to identify subgroups that are suitable candidates for additional services and energy efficient products. These subgroups can receive personalized messages, created by Advizzo, that are proven to motivate behavioral change.
With improved customer engagement comes increased customer satisfaction. As a result energy companies will reduce customer churn and potential regulatory fines, and increase revenue generating installs. And with improved tariffs and services based on their individual consumption profiles, customers will enjoy greater savings on their energy bills.
Increase smart meter installs
The Advizzo platform can also enable energy providers to bridge the gap between their CRM and the consumer. Using behavioral science techniques, as well as insight gained for existing customer data, we can target appropriate subgroups of customers with tailored messages that engage on a new level, persuading them of the advantages of smart meters, and increasing the percentage of customers accepting a smart meter installation.
If you’d like more information on Advizzo’s solutions for energy companies then get in touch today.
Sources
1 The Energyst