Learn how EDF Energy leveraged behavioural economics
EDF Energy developed its recently launched 100% nuclear-backed tariff for residential customers with the help of the application of behavioural economics to marketing insight.
The Blue+ Price Promise, which comes with a ‘ground-breaking’ pledge to let customers know if a rival supplier brings out a tariff which is £1 or more a week cheaper at typical consumption, offers customers a guarantee that their electricity will be backed from low carbon generation.
This, combined with the industry first price promise and the flexibility to move to another supplier whenever they like without paying an exit fee, is aimed at tapping into consumer behaviour.
“There was a lot of consumer insight on how people want energy to be more open and offer more flexibility with their pricing,” says Marcus Taylor, head of insight at EDF Energy. “This is a good example where insight has helped EDF Energy develop the product.”
The first in the series of tariffs offers a fixed price up until September 2013 and will be called Blue +Price Promise September 2013.
According to EDF, the annual dual fuel bill for a customer on Blue +Price Promise, paying by monthly direct debit, will be £1,054.20 at typical consumption.
Taylor, will be taking to the stage at the Insight Show at Marketing Week Live in June to explore how to put the theory of Behavioural Economics into practice.
The Insight Show, part of Marketing Week Live, takes place at London Olympia on 27 and 28 June and is free to attend for registrants. Learn more here.
