Choice, so the theory goes, is a good thing. The greater the degree of choice, the greater the possibility of you finding exactly what it is you're after - and, hopefully, at a more competitive price.
But having more options presents its own problems: Which company can I trust? Is this really the right product for me? Will that newfangled thingamabob coming to the market suit me better? Do I have the time to properly research all the possibilities before making my decision?
And that's just when buying a new toaster...
The energy market is little different to any other in this regard. In fact, with dozens of companies and hundreds of tariffs vying for your attention, it's probably one of the most difficult to navigate when it comes to finding the right deal for you.
In recent years energy customers have become increasingly savvy, helped in large part by the springing up and rapid growth of numerous smaller, independent energy companies. And whilst the Big Six (you know who they are...) still account for over 92% of market share, this is down from a staggering 99.8% from just five years before. That means independent suppliers' market share has grown nearly 40-fold in the past half-decade.
Ever increasingly, the choice when it comes to buying your energy really is yours.
The Challenges of Choice
However, just like the fiercely competitive toaster market, this exponential growth in suppliers has its downsides. For busy SME owners, this often boils down to not having the time or expertise to stay up to date on which company can offer you the best rates.
But it's not just about the money. The boom in business experienced by many of the smaller suppliers has meant a comparative growth in received complaints as they struggle to cope with the added demands on their infrastructures.
To highlight this, September's Citizens Advice complaints table of the biggest 18 suppliers reveals that only one independent makes the top five in terms of least complaints received (as a ratio per 100,000 customers). At the same time, independents make up three of the bottom six.
So whilst there's never been a greater selection of energy suppliers from which to choose, it's also never been more difficult to ensure the customer makes the right decision.
How we can help?
We think choice is a good thing, but it's even better when someone else can deal with the downsides!
At Smarter Power, not only do we spend a lot of time liaising and brokering deals with all the various suppliers (not just the Big Six) to ensure you get the best possible price, we'll also be the ones handling any complaints on your behalf. Which means you're left with all the positives and none of the negatives.
So why not call us on 0330 333 4107, and let us take the challenge out of choice.