What Resonates with the EE Customer: Saving Money or Wasting Money?
How do you inspire customers to participate in your EE programs? Do any of these sound familiar? "Lower your monthly bill!" or "Save on energy costs!" or "Save energy. Save money!"
We, as marketers, are communicating the benefit of financial savings to our customer. And for the most part, this message works.
So, we guide customers on ways they can save money program by program... But do they all really value this idea of savings?
The Consumer Federation of America reports that only 50% of Americans have good savings habits.
There's no denying that selling the financial benefits of participation or purchase can and do work. But is the message saturated, and uninspired?
In a society of spenders, why do we constantly provide ways for our customers to save money? What happens if we talk to customers about the very opposite?
While conducting proprietary consumer research, KSV asked utility customers all over the Northeast what inspired them more when it comes to taking action in EE program participation and/or purchase: Saving money? Or not wasting money?
We were surprised to find an even split.
50% stated they were more inspired to participate and/or purchase when the result was financial savings. Is this an old habit response?
50% stated they were more inspired to participate and/or purchase when the communications were focused on not wasting money. Is this an opportunity response?
Because we're spenders, one could argue that wasting money wouldn't resonate. (After all, we live in the Starbucks generation of $5 coffees.) But the truth is that customers want to spend their hard-earned money on things they want, not on the things they need.
Either way you spin it, your message is resonating. But if you find that your message is saturated, now could be your opportunity to reach that other 50% with just a simple change.
Food for thought. Get in touch if you're interested in the full research report. We can even chat about it over a Starbucks.
Lauren Bell / firstname.lastname@example.org / 802.862.8261