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Prepaid Energy: Marketing to the Millennial Consumer
Joint effort between DEFG LLC and the New York University Gallatin School
Spring-Summer 2013
Challenge Statement
DEFG, a management consulting firm specializing in energy, joined forces with students of the New York University (NYU) Gallatin School to develop innovative and targeted prepaid energy marketing approaches focused on millennial consumers.
The students were presented a challenge – to craft a marketing approach based on research provided by DEFG and additional insights gleaned from other industries and peer interviews, and then develop and present a campaign focused on engagement with and enrollment of millennials (18 – 30 yr. olds) in a prepaid energy offering.
• The campaign needed to promote the benefits of a prepaid energy option (e.g. convenience, flexibility) in a manner relevant to millennials
• Ancillary benefits (e.g., reductions in energy consumption leading to lower bills, and positive impacts on the environment and climate) also had to be considered
• A premium was placed on overall creativity
2
Structure & Deliverables • Students were organized into teams. Each team was responsible for producing deliverables.
• DEFG provided relevant survey results and research reports, and was available to interact with the teams in order to answer questions or review materials.
• The teams individually presented market and primary research findings and initial analysis to DEFG via webcast. DEFG provided input and guidance.
• The teams then crafted marketing approaches and campaign pitches that were presented via webcast to the member companies and public stakeholders of DEFG’s Prepay Energy Working Group.
• The presentation decks included:
Overarching marketing concept
Messaging
Communication strategy
Metrics / Projections regarding success
Marketing collateral, such as Ad/poster, social media outreach, short video, other.
• The Prepay Energy Working Group members selected the winning campaign presentation.
3
We are a MOVEMENT
The
• Create a MOVEMENT that doesn’t just target millennial
consumers, it personifies them
• Be original, authentic, and compelling
• Be REAL – with our target market and in our messaging
• Drive SENTIMENT and AWARENESS around Prepaid Energy
• Create a BRAND with social appeal to drive conversion to
prepaid energy plan and market favorability – Become a
MARKET LEADER
We are a MOVEMENT
This movement starts with the product: PREPAID ENERGY
Prepaid energy fits with the Millennial consumer. The DEFG 2012 national survey revealed a significant number of Americans were interested in prepaid electricity (38%) Interest was highest among men (40% v. 36% women), younger adults (44% for 18-54 yrs v. 23% for 55+) and renters (45% v. 33% home owners) The consulting firm Aite reports that 45% of all Americans who have opted out of traditional banking relationships are Millennials. Think Finance reports that among those Millennials it surveyed last year, 51% had used prepaid cards in the previous 12 months; this was the case both at the highest and the lowest income levels.
The
We are a MOVEMENT
The
Light the Night is a movement created for
Millennials. The movement is a way to deeply
engage with Millennials and gain a respected
reputation for prepaid energy. By being a part of the
movement, Millennials are supporting a new way of
doing things and changing the way we look at
energy consumption.
We propose partnering with local businesses to
host a night out to raise energy awareness and
promote the option of pre-paid energy. Consumers
will join the movement and turn off their lights for a
night, and celebrate the occasion with special
events hosted at local businesses.
Various mediums highly utilized by Millennials will
be used to drive awareness of the event, including
various digital platforms integrated with real-world
events.
The
ENERGY
AHEAD
CONVENIENT. SIMPLE.
EFFECTIVE.
Daniel Fein Corey Cano
Alena M. Field
Kelsi Dulin
Team 2
Current Problems in the Energy Market:
Post-consumption bill paying
Ambiguous usage to payment
relationship
Regional monopolies
Manual meter reading
Left in the dark regarding cost
Overconsumption and bad energy
habits
No option for customer choice
Dependency on manual, inefficient
labor
MILLENNIALS LIKE PROGRESSIVE, CREATIVE, ORIGINAL,
ENGAGING, SHARE-WORTHY PRODUCTS!
Integration
with online platforms & apps
Instant
access & gratification
Input
on how the product could improve
Influence
over the product itself
Involvement
with the future of the product
Interactivity
with the product
The 6 i's millennials look for in products:
CONVENIENCE Top up anytime, anywhere. From your mobile device,
online, or select commercial locations.
ACCURACY No surprise bill every month, consume only what
you spend.
CONTROL By paying only what you decide, YOU are in control of
your spending and consumption.
PROACTIVITY Access to your energy info in REAL TIME!
PROGRESSIVE Consciousness towards consumption breeds
responsible habits
SAVINGS!!!! Individual in-home meters provide constant updates
regarding usage, transforming energy into a finite
commodity with monetary value
Energy Market Solution: Prepaid
Millennials don’t want
to deal with:
> bad design
It is not only ugly. It can also be:
> Indicative of a bad underlying product
> Confusing and time-consuming
Contact Information
DEFG is a management consulting firm specializing in energy.
Since 2003, DEFG has partnered with energy utilities to create value in a commodity marketplace. Customers provide unique resources, reduce risks and increase revenue potential. We help our clients better engage with residential and commercial customers.
To learn more about DEFG, visit our website: http://defgllc.com/
For more information regarding the marketing challenge, contact:
Jamie Wimberly, CEO
jwimberly@defgllc.com
202.483.4443
Cindy O’Dwyer, VP
codwyer@defgllc.com
201.850.1255
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