Norway’s energy market is among the most advanced in Europe, boasting an almost 100% smart meter rollout, which lays the foundation for innovative energy services. This digital infrastructure allows energy retailers to move beyond simply providing electricity to offering sophisticated energy services tailored to customer needs.
Companies like Tibber and Fjordkraft are at the forefront of this shift, transitioning from traditional electricity suppliers to becoming energy advisors. They now offer a range of products and services, such as solar panels, electric vehicle (EV) chargers, and smart heating solutions, available through online shops.
Tibber, for example, provides an advanced app that allows customers to track real-time electricity prices, optimize energy usage based on market fluctuations, and access smart charging and solar services. On the other hand, Fjordkraft boasts an extensive online store with over 1,000 products, covering categories like car accessories, heating solutions, mobile phones, lifestyle, and home security.
This transformation highlights the increasing variety of options for consumers—ranging from high-tech services to essential electrification products. Norway's mature energy market, supported by robust smart meter penetration and a digital-first infrastructure (such as data hubs and tech-forward companies), is well-positioned to deliver data-driven services.
What’s missing?
Despite the broad array of available energy services, it’s easy for customers to feel overwhelmed by the sheer number of choices. Energy retailers can further optimize their offerings by gaining a deeper understanding of their customer base—specifically, household characteristics, consumption patterns, and demographics. This allows companies to better match existing products and services with the right customers, ultimately increasing engagement and conversion rates.
Customer segmentation with smart meter data
Smart meter data offers an opportunity for detailed customer segmentation. Energy companies can use this data to design and launch targeted campaigns for households based on specific energy consumption patterns.
For instance, households with high daytime electricity usage could be ideal candidates for smart solar and smart charging services or purchasing a battery so that the excess solar power can be stored and used later. A personalized marketing message could emphasize cost savings from using solar energy to charge an EV, increasing the likelihood of conversion.
NET2GRID, a provider of household energy insights and disaggregation, uses meter data of various granularities to help energy companies target the right customers. By utilizing NET2GRID’s APIs and energy consumption analytics, energy retailers can create personalized campaigns that resonate with the true needs of different customer segments.
A tangible example: A high energy consumption household
Let’s look at a practical example of how this works. Using NET2GRID EnergyAI™ and its energy insights, energy retailers can assess a household’s energy consumption and calculate potential savings from installing solar panels or battery storage systems.
Take the case of Sam, an owner of a household with high energy consumption. Using NET2GRID’s tools, the energy company determined that Sam could save €1,280 annually by installing solar panels, with a return on investment (ROI) of 11 years. They can also calculate Sam’s self-consumption rates for both summer and winter months and recommend the optimal photovoltaic (PV) or battery energy storage system (BESS) capacity for his household.
Armed with this information, the energy retailer can craft a highly personalized marketing campaign targeting Sam. The email campaign might include:
This targeted approach, grounded in data, ensures that Sam receives a relevant and tailored offer. Because the message is specific to his energy usage and needs, the chances of conversion are significantly higher. The messaging could also include other calls to action like:
Clear savings projections: "Save €1,280 per year with solar panels!"
ROI transparency: "Your investment will pay off in 11 years."
Customized product recommendations: "Here’s the ideal solar panel for your energy needs."
By capitalizing on the insights deriving from smart meter data, energy retailers can not only improve customer satisfaction, but also boost engagement, program enrollment, and conversion rates. The future of energy retail lies in understanding customers on a deeper level and delivering tailored services that empower them to make smarter energy choices.