What does it take to grow an £x00m energy retailer?
At a recent BFY Group client strategy day, we discussed what it takes to grow a £x00m energy retailer.
A number of challengers have delivered incredible growth since entering the market, and gained ~1% market share in only four years of trading.
With Ofgem recently ditching the "Big 6" / "Six Largest" moniker as a result of the dramatic changes in the market, energy retail is now a very different place.
Organic growth now requires more than just a deeply discounted price. The fastest growing suppliers are no longer the cheapest in the market.
Non-organic growth is also highly competitive. The Supplier of Last Resort process now requires a highly compelling bid 'price' in the form of customer tariffs and protecting customer credits, and a deep understanding of what Ofgem needs to see in the tender response.
Suppliers should now be taking time to ensure they have a robust growth strategy to thrive in the market.
Our key recommendation for suppliers is simple: think ahead.