Post on 31-Jul-2020
www.esource.com
Rethink, Reinvent, and Reposition Your Utility Brand for the Twenty-First Century
Web conference
Kenneth Black
Chairman, E Source
Thursday, February 22, 2018
Fridrik Larsen
CEO, LarsEn Energy Branding
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Topics We’ll Discuss
Why brand is so darn important and especially relevant today
How growing competition for your customer, their wallet, and
their share of mind will drive brand relevance
Why customer experience is key
How a metrics dashboard can help you monitor and track
your brand
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PresentPast
Reliability
price
Future
Easy
trust
Emotion
values
Optimizing Your Brand for the Future
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I LOVE My Tesla
ELECTRIC
COMPANY
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Social
Easy to do business with
Omnichannel
Value
Trust
Reliability
Green/clean
Company culture
Supports community
Energy partner
CaresTechnology savvy
Innovative
Loyalty
Employees
Brand promise
Emotion
Passion
Engage customers
energy space invaders
Dr. Friðrik Larsen
CEO and owner ofLarsEn Energy Branding
www.larsen.energy
Asst. Professor at University of Iceland
www.ui.is
Founder of the Energy Branding Conference
www.branding.energy
Brands must be different
ENERGY IS CHANGING
Generation of energy is changing• Democratisation of Energy
• New possibilities for users to become producers
• Smart technology and blockchain enable people to trade energy with their neighbours
Energy storage is moving from the mountains to the garage and the living room
Storage is changing
Who will the consumer choose?
Brand from other sectorsRetailers with extensive knowledge of branding and customer care will add electricity to their value chain. Other beloved brands.
Other powersourcesNuclear fusion
Portable, low radiation
= on site generation
How energy is consumed is changing• Electricity flows to
and from the cars
Electricity is coming near you
• Electricity is more visual
• Electricity is more tangible
• Electricity is easier to understand
• Electricity offers more engagement
Ikea is now producing energy
“OK, brands look good and are nice. But our job is not to be cool and nice. We are in this business to
make money.”
Coke’s market cap, including brand value:$120 billion
Coke’s market cap,not including brand value:$50 billion
Without the brand,Coke’s glass wouldbe half empty
How does brandingaffect the bottom line?
Strong brandsout performthe market
The best brandsout performthe market
The top brandscollectivelyout performed theS&P by almost 400%
You do not haveany compelling argument
to not use branding!
Branding increases ROA
The best brands outperform the market
Branding increases ROI
Engaged customers are an asset that you’ve invested in and built up over time
WHAT IS
ENERGY BRANDING?
Branding is aboutowning a share of mind
It is about creatingyour own vision andcommunicate it toyour market.
Energy brands tell a story.Everyone loves a good story. Entertain
them with your brand’s story
A logo identifies the brand
Understand thy self first.
You want to take an inward look first.
Brands need to know themselves, be honest and authentic in relations with consumers.
Who are you?Consumers needs to know who youare and what to expect from you.
Their image of you might not be howyou see your self.
A successful energy brandis in harmony with its consumers
We need to maximize the overlap between image and identity
This is what defines the worlds best energy brands
• Clear focus
• Know their segments
• Know themselves
• Product variety
• Philosophy
• Top down – bottom up – inside out
• Proactive - reactive
• Graphically produced
BRANDS & COMMODITES
Commodities can be branded!
Even a commodity can convey its story and heritage in order to paint a picture in the consumer’s mind and create a sensationor a feeling.
Imagine a banana
The difference between the bananas is the brand.
They all look the same but there is still a difference
A banana is a commodity.When consumers are asked about a banana brand
72% of them think of thesame brand name
Why does energyneed branding
The rules have changed
The industry haschanged
Retailers need to connect consumers with more than just a power cable
Retailers have toconnect with theirminds to understandand anticipate theirneeds
Consumers are individuals of flesh and blood with different needs
The Americans have
need of the telephone, but we do not. We have plenty of messenger boys.
Sir William Preece, chief engineer of the British Post Office, 1876
Television won’t beable to hold to any market it captures afterthe first six months.
Darryl Zanuck, executive at20th Century Fox, 1945
There’s no chance thatthe iPhone is going toget any significantmarket share. No chance.
Steve Ballmer, Microsoft, 2007
The future competitor
will not be your friendly
next door utility
neighbor
thespace
invaders
thespace
invaders
theenergyspace
invaders
Meet some of your competitors.
Do you really know them?
Energy branding is the missing element for your success
LarsEn is the world’s first brand consultancy
focusing only on the energy market. Our energy
branding experts are backed up by our advanced
branding research in the electricity space. Find out
how we can help you to connect to existing
customers and to increase your customer base.
www.larsen.energy
© 2018 E Source | www.esource.com 56
Thank You!
Kenneth Black
Chairman, E Source
303-345-9102
kenneth_black@esource.com
Fridrik Larsen
CEO, LarsEn Energy Branding;
Chairman and Founder, CHARGE
Energy Branding Conference; Assistant
Professor, University of Iceland
+354-820-4030
fridrik@larsen.energy
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