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[March 28, 2013]
New E Source Report Reveals Strategies for Utilities to Calculate Marketing ROI
BOULDER, CO, Mar 28, 2013 (MARKETWIRE via COMTEX) -- A new three-part E Source report reveals strategies for calculating the return on marketing investment (ROMI) for utilities, along with case studies of existing measurement solutions and future opportunities based on smart grid data. The series details the challenges for calculating ROMI in both utility and nonutility industries, presenting a comprehensive overview of the process to utility marketing professionals working to improve their company's bottom line through effective marketing.
"We often hear from utility marketing professionals wondering if a particular campaign or communication channel is a good use of money or a wasted investment," explains the report's author, E Source senior research associate Beth Hartman. "Though it would be nice if we could reply with an answer as simple as 'e-mail marketing works, but not mass-media advertising,' the truth is that, of course, it all depends on many factors. The only way for a utility to know which marketing strategies are working and which are a waste of money is to measure results from each campaign: If campaign costs are lower than the value of conversions, then the ROI will be positive, and marketing budgets should increase." Although many utilities face business challenges unique to their industry, such as a monopoly environment, it's still possible to make the ROI calculation of campaign costs compared with conversion value -- in fact, it's essential for increasing utility profits. Rather than being a cost center, the utility marketing department is actually an investment opportunity that will allow utilities to sustain growth long into the future.
Enrolling customers in demand-side management programs will become an increasingly important element of the utility business model, and increased participation in these programs can only be achieved through effective marketing. Utilities that fail to calculate ROMI will be wasting money on ineffective marketing efforts and suffering from low enrollment in programs that are essential to future business success.
Members of the E Source Residential Market Service can learn more about strategies for calculating utility ROMI in the three-part report, "Are You Wasting Money on Marketing ": -- Part I: Calculating Marketing ROI -- Part II: Current Utility ROI Measurement Solutions -- Part III: Outside Industries and Future Opportunities They can also find out how to improve their utility company's bottom line by effectively measuring and tracking results from successful marketing campaigns.
About E Source For 25 years, E Source has been providing unbiased, objective research and advisory services to over 300 utilities and large energy users. Our energy experts have answered more than 8,000 questions over the past 3 years. This guidance helps our customers advance their efficiency programs, enhance customer relationships, and use energy more efficiently.
Public Relations Contact Kym Wootton Senior Manager of Marketing and Communications E Source firstname.lastname@example.org 303-345-9168 SOURCE: E Source mailto:email@example.com
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