Kiwi consumers missing key pieces of the puzzle
Kiwi consumers missing key pieces of the puzzle when choosing new power plans
The Power Pulse summer quarter business information report is now available from NZ Compare. The report provides fresh insights to help understand those who are shopping for a new power provider online, and their motivations when choosing a new provider.
When asked what motivates a change to a new power provider consumer respondents said that their top instigator to change provider is to save money on their power bill. When respondents were asked what incentive would encourage them to change power provider 65% wanted either a prompt payment discount, better kWh or some credit or discount on their bill.
But how well do consumers understand pricing for their power plans? Although 90% said they knew their average power bill in summer time, more than half of the survey respondents did not know their kilowatt hour (kWh) price or monthly usage amount.
Gavin Male, founder and CEO of NZ Compare, explains. "This result indicates that although most consumers are primarily driven by price when choosing a power plan, many are still motivated by prompt payment discounts and sign up credits rather than looking at the exact cost per kWh."
Power Pulse is the latest product from the team at NZ Compare Insights. Power Pulse builds on the success of the Broadband Pulse business information report, which launched mid-2018 and has been well received by the broadband sector, government departments and consultancy firms.
The Power Pulse report is a quarterly research report that allows key players in the sector to keep their finger on the pulse of the fast moving and competitive New Zealand power sector.
A unique piece of research, information contained in the Power Pulse report is collected from New Zealanders who are actively shopping for a new power connection on the Power Compare website.
The report offers actionable insights to understand power customers and the sector. Including who is shopping for power online, consumer motivations to change power providers, and insights from respondents that did / didn’t change power providers immediately. In a changing marketplace the report also investigates what drives a decision to bundle with other utilities and what factors are important when considering options.
This report is highly valuable in providing the data intelligence you need to allow you to design products and plans that meet and exceed the wishes and desires of your target audience at the very moment they are shopping. Using intent data with the latest information from real users you are able to make actionable, consumer driven insights to maximise your chance of acquiring new customers who are active in the market.
The first edition of Power Pulse is available to buy from https://www.nzcompare.com/power-pulse.