SmartMeasures helps energy retailers reach out to assist consumers who are having difficulty with energy bills.
SmartMeasures cofounder Libby Dale is pleased to present “Using debt prediction to minimise exposure to late or non-payment of energy bills” at the upcoming Energy Retail Excellence Conference in Melbourne on 15 November.
The SmartMeasures Prediction and Treatment Platform predicts early debt for 3 different types of debt customers. Then uses behavioural science to engage with customers who are having difficulty with energy bills.
To change customer payment behaviour it is critical to get in early in the debt lifecycle for a couple of reasons: firstly, the debt is still small and therefore more manageable and secondly, we want to change bad payment behaviour before it becomes entrenched.
We focus on 3 different debt customer types, and it is important to understand and identify the types so we can create support messages suited to each customer type.
The Unexpected: These customers are new to debt, don’t engage and don’t realise help is available. Messages let them know we are here to help and offer support.
The Battlers: The ones that are doing it tough living hand to mouth and familiar to debt. Messages must acknowledge them and reinforce assistance available.
The Defiants: These people don’t engage and don’t intend to pay. Messages must be firm and communicate it’s not acceptable.
Two out of three of these customer types do not engage with their energy retailer when they start to have problems paying, which is why it is so important to use prediction to ‘find them’. The customer types are quite different so different approaches are taken to designing messages for each customer type so that they feel supported and understood.
To hear more, get along to Energy Retail Excellence
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