Not many people realize that the lives of energy brokers and consultants are extremely busy. They are tasked with trying to wear many different hats for their business to be successful. They can go from having to juggle business development, customer support, relationship management, and human resources functions. On top of that, they have to maintain broker licenses, comply with a multitude of state regulations, and keep track of accounts receivables and payables.
3 COMMON ENERGY BROKERAGE PITFALLS
The word efficiency is a cornerstone of the energy industry, so one would think that energy companies know a thing or two about being efficient. Unfortunately, this has not become the norm so far. Energy markets are fragmented and lack standardization. Utilities and suppliers often rely on legacy systems and outdated data exchange protocols. Each supplier is pushing its own processes on customers and brokers. Finally, a lack of back-office optimization takes an additional toll on running an energy brokerage business. Failing to optimize important activities, such as keeping track of leads from the moment there generated, signing the LOE/LOA, issuing quotes, signing contracts, proactive renewal notifications, and energy supplier relations really hurts the business growth path. Ultimately, customers are the ones suffering from this mess. For example:
Supplier switches customer from a fixed rate to a variable rate at the end of the term, which results in the customer paying the higher rate.
The customer is not happy that the supplier increased their rate.
Now that the customer is unhappy and doesn’t fully understand the situation, they report the supplier.
The customer then starts to look for a new brokerage that will shop on the customer's behalf with new suppliers.
ENERGY BROKERAGE SOLUTION
Finally, there is an easier way to manage the day-to-day operation of an energy brokerage. BrokerX is an innovative cloud platform that allows energy brokers to streamline their business by giving them the ability to manage the entire customer lifecycle while simplifying back-office operations. BrokerX industry-leading CRM (Customer Relationship Management) solution gives energy brokers the ability to manage sales pipeline, provide multi-supplier pricing quotes, and generate professional proposals and contracts – all with a simple and intuitive cloud-based solution.
BENEFITS OF DEPLOYING A CRM SYSTEM
The impact of how CRM systems actually make you money: industry surveys and analysis show 30% average lifts in sales and productivity across key performance indicators and outcomes, and a rising average ROI of $5 - $8 for every dollar invested into CRM technology or operations.
Effective sales organizations are 81% more likely to be practicing consistent usage of a CRM or other system of record.
The average CRM user adoption among sales professionals is 73% and the average ROI period is 13 months.
74% of users said their CRM system gave them improved access to customer data.
Data accessibility for salespeople shortens their sales cycles by 8-14%.
BrokerX is a software solution for energy brokers that eliminates manual tasks through automation, providing more time to sell and grow their businesses. This includes instant pricing, renewals, commissions, reporting, and so much more. To learn more about our energy broker software, schedule a demo today!