Rapidly shifting market demands are posing enormous difficulties to providers all across the world. They must adjust to technical advancements like rooftop solar panels, intermittent renewable energy generation, and behind-the-meter storage, as well as rising customer demands.
This new market setting is unpredictably unexpected. Well, adapting to it will necessitate a complete revamp of utilities’ operating and business structures. In Latin America, in addition to these hurdles, solar power providers must contend with outdated infrastructure and changing regulations. This is because it adds to the road to success’s difficulty.
Customers will expect the same quality of service from providers like solar plant businesses as they do from other service industries. Some common examples are telecommunications and banking. Customers are looking for alternatives or ways to cut their energy consumption as the cost of electricity rises. Alternatively, they can use rooftop solar panels to create their own energy.
If you are working as a solar plant business operator, here is how you can future-proof your business like a pro!
Design a Strategic Marketing Plan
The next phase will be to create a strategic marketing plan based on the information gathered. Given the numerous myths that surround the solar sector, your marketing strategy should center on disseminating accurate product information to potential buyers. Depending on the examination of the previously obtained data, the following aspects may be covered:
- Print and internet advertising campaigns are a good option
- Loyalty programs can be implemented to attract new clients and encourage repeat purchases
- Options for buying in bulk
- Develop the company’s website to include interactive features
- To assist in lead generation, use web resources
For the best results, each component of your marketing strategy necessitates research, then resources, and planned implementation. That is how future-proofing is done the right way.
2. Build a Recognizable Solar Plant Brand
As even the smallest sale has the potential to attract thousands of new clients, always give the best service possible for each transaction. Building a respected brand necessitates not only developing and maintaining the greatest level of service at every stage of the selling process, but also keeping a consistent brand identity.
Ensure that your logo, website, strategy, and other promotional materials all reflect your distinct value offer. As a result, potential customers will simply associate your company with exceptional customer service (or any other value proposition).
3. Start to Work as a Financial Consultant
The majority of solar projects necessitate a large sum of money to complete. Working as a solar project financial consultant for people with financial expertise can be quite lucrative. In the solar sector, there is no shortage of clients searching for financial assistance. This can be your second side business within your field to support the main business.
4. Consider Targeting Other Markets
When it comes to expanding a solar firm, the owner may need to look into different areas. If your existing market is local, consider expanding to a statewide or national level. Your solar panel combiner box company may be able to enter into an area where there is no or little competition by serving a wider market. Another possibility is to reap the benefits of economies of scale.
Can you receive government contracts if you’re exclusively targeting private SMBs? The successful execution of one contract bid or sale may lead to future contract referrals. And even if it doesn’t, government contracts demonstrate your company’s professionalism.
Work on Flexible Generation
With the predicted growth of renewables, the grid of the future will be more variable as a result of renewable sources’ intermittent dispatch. As a provider, you will need to develop a strategy to mitigate the impact of fluctuating renewable power on their operations.
Depending on each utility’s level of vertical integration, methods can vary. From adding flexible generation assets to working with other utilities or service providers who can supply this as an auxiliary service.
5. Invest in Solar Stocks
According to the Solar Energy Industries Association, the Solar Investment Tax Credit (ITC), which was introduced in 2006, has resulted in a 52 percent annual growth rate in solar. Furthermore, as the supply glut from Chinese production is offset by rising demand, solar companies’ profitability is expected to rise.
The Invesco Solar ETF is one of the most convenient methods to invest in the solar energy market (TAN). The MAC Global Solar Energy Index is the target of the ETF. It comprises companies that make solar power equipment, such as quality all-in-one solar street lights, and goods for consumer customers.
Also, companies that make equipment for solar panel manufacturers, solar installers, and solar cell manufacturers. The fund has returned 17.91 percent YTD as of March 2, 2020, and 65.65 percent in 2019.
6. Never Stop Researching Market
Growing your solar company is a reasonable next step for you, but is the market ready for it? Market research can help you predict if an expansion will succeed or fail. Before deciding on an expansion, think about the following questions:
- Who are the buyers who might be interested?
- What are the most recent solar energy product industry trends?
- What are the demographics of the potential buyer’s surroundings?
- Which part of the country is the greatest for finding new buyers?
- What kinds of solar products are most likely to spur growth?
Every piece of information assists the business owner in developing a marketing strategy for future-proof growth. A business owner might waste a lot of resources and money if they don’t do their homework and don’t meet the buyer’s expectations.
The solar industry is here to remain, as per-person energy usage continues to rise. While per-unit rates from electrical energy firms continue to rise. Furthermore, many localities, particularly smart cities and next-generation cities and towns, are considering rooftop solar energy generation. They even have laws in place to support it. This opens up even more opportunities for the solar industry.
By understanding the above points in depth, you will be able to save your growing business from any kind of future crisis. Businesses are prone to face ups and downs but with the