We currently don't offer a discount on the, on the annual side, but it's a very predictable fee for the, for the consumer. We also only get paid by the customer. So we get to take this posture within the marketplace that we're essentially a consumer advocate.
Acquiring Minds
When to Buy a Large Consumer Business
Excerpts · 338 segments · ~1:20:57 long
Short excerpts only — hear the full conversation on the publisher's site.
Right. We are unbiased in terms of the providers in which we put people into plans. And so that has kind of carved a strategic advantage for us because a lot of the competitors out there that are assisting folks in terms of getting into plans and serve as brokers are putting folks into plans based on how the provider's paying them.
We don't get paid by the provider, so we're able to get folks into better rates because our revenue is only coming from the, from the customer. So we're very much taking this neutral posture to the market. And so we're able to market as a fiduciary, as a, as a consumer advocate, which has kind of helped our trust factors, helped our NPS scores and.
Those sorts of things and to press on that.
It.
But at a flat fee. There is, in theory, nice incentive alignment if a broker is earning based on how much savings they generate for their customers. So in your case, you know, let's say energy becomes cheaper at some other provider, what is your incentive to do all the work, to go put me on that plan when you're not going to earn anymore from doing so?
Well, it's because, because our customers are paying us on an ongoing basis. We don't have, we don't have a contract. Right. So it's a satisfact guarantee.
They could, they could totally just cut bait at any point. The difference is that they're continuing to pay us because we're monitoring the market for them on their behalf. Right. We, we are a concierge electricity service that is, that is searching in the market consistently versus someone who's a broker who's helping them make a selection at a point in time and then then not actively managing…
I think it did. And I basically, I think it boils down to they're only going to pay you as long as they're happy with your service. So you are incentivized to make sure that you're delivering good service. And part of that is getting them a good deal on their electricity.
Right. And then, and then actively monitoring it going forward because that's our secret sauce. Right. The other options out there do not actively monitor the commodity. Right. And so for us, if there becomes an opportunity to get someone into a better plan, we're going to take action on behalf of the customer.
Right. And so that's why they're able to set it and forget it. Most people within the market are, you know, they'll enroll in a 12 year or they'll enroll in a 12 month plan. They'll set a calendar invite on their, on their phone to go renew into a next contract 12 months later.
Well, they haven't monitored the market. Do they ever, do they know that they should have paid an ETF to potentially switch into another one? Those are actions that a consumer is most of the time not taking on their behalf because it does require knowledge and management.
Want what comes before or after? Hear the full episode on the publisher's site ↗