The Global Energy Crisis: What your business needs to know, now
Published 26 August 2022
Between the skyrocketing costs of utilities and the increasing effects of climate change, the global energy crisis is creating a precarious environment for the industry and consumers alike.
Seizing this environment as an opportunity to advance the market for renewable energy sources industry leaders are engaging with government and businesses to further the call for power generated by sources such as solar and wind. As the industry looks to diversify from fossil fuels, every aspect of energy is being reconsidered: usage, source, and how future energy bills will be measured.
Stylus’ experts have been tracking the energy landscape and all that’s impacting it, and providing powerful predictions for you and your business in our latest report, Answering the Energy Crisis. We spotlight three key ways your businesses can support and inspire customers as the landscape continues to change at pace.
1) Plug In to Practical: Offer Immediate Solutions
Why?
Whilst transitioning infrastructure to be renewable-ready is a long-term prospect, consumers need immediate solutions for rising utility costs. Globally, the power crisis is impacting individuals, with 20% of Americans already struggling to pay energy bills in 2021, and 88% of Brits saying they’re either ‘very worried’ or ‘somewhat worried’ about the price hikes. Looking beyond the home, consumers are feeling the strain with petrol prices rising – 31% of Americans have tried to reduce their bills, swapping driving for walking (44%) and biking (18%).
How?
Hand out smarter everyday living tips that will help people tighten their purse strings as their utility bills continue to rise. Businesses can encourage consumers to adopt energy-smart habits, like unplugging unused appliances and dimming lights.
2) Spark Interest: Make Renewable Energy Attractive to Consumers
Why?
The opportunity for creative innovation in the renewable energy landscape is here. Because of the global energy crisis, consumers’ knowledge of the power industry has had to increase, fast – bringing with it a new willingness to explore the idea of replenishable sources.
How?
Tap into the (seemingly utopian) ideas from designers taking the lead on concepts that blend the functionality of renewables with attractive aesthetics to appeal to consumers. Joe Doucet, a New York-based designer, has conceived a wind turbine wall. Comprising rotating square panels, Doucet claims a single well-placed wall has the ability to generate 10,000 kW of energy annually – enough to fuel the average American home for a year.
3) Make the Switch: Follow Global Leaders
Why?
The global energy crisis has exacerbated the urgency for a transition to renewables – and brands that are early leaders in this switch will reap the rewards. Consumers have long been calling for businesses to take meaningful action on climate change, and the majority of adults from across 13 developed countries believe that corporations should fund institutional change. Aligning your business with people and places making a tangible impact will put you in good stead with future consumers.
How?
Consider supporting community-level renewable power projects as a way of impacting energy consumption, as well as enticing new eco-minded residents. Take inspiration from US organisation Reactivate which allows individuals to buy a stake in a community solar farm and gives them a monthly credit for their utility bills – experts estimate this can equate to up to a 25% discount.
Crucially, during a crisis, consumers want businesses to show they understand what people are thinking, feeling and doing – and then they want to see you do something about it. The above three suggestions are a good place to start in ensuring your customers aren’t left in the dark.
If you’d like to find out more about our research into the energy crisis, and how your business can prepare for the future, get in touch so a member of the Stylus team can talk you through it, and explain how your businesses can harness the power of trends and insights like these – and more.
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