Some electricity brokers keep their supplier relationships at a minimum. There are a few reasons for this, but most often they don’t want to maintain a relationship they may or may not use.
But it turns out there’s a lot of value in having more supplier relationships. Let’s look at 3 reasons electricity brokers need more suppliers and see if it’s worth the effort to maintain all those relationships.
1. More Competitive Rates
The first reason electricity brokers need more suppliers is straight-forward: they’ll have access to more competitive rates.
Having access to more suppliers means you have access to more options for your clients. Not only does this give you a competitive advantage, it helps instill your client’s confidence in you.
It also helps you build a better relationship so your current clients will come back to you when their energy contracts are up.
2. Name Recognition
Did you know you can leverage your suppliers’ branding to build client trust?
Having names your client recognizes on your pricing sheets signals to them that you’re the real deal. Brand familiarity can work magic.
So having a few suppliers who regularly advertise on TV, radio or billboards can payout big, even if you’re not closing a lot of deals for them.
3. Better Incentives
Many suppliers offer great incentives for closing more deals. They are a great way to pad your commissions with some extra income or goods.
Depending on the supplier, you can get a large bonus or a lucrative gift-card just for closing a couple of deals with them in a month.
Having more suppliers means more offers like these.
So Is it Worth Having More Suppliers?
If you’re keeping up with several suppliers, you might still ask yourself, “is the value of having more suppliers worth it?”
Many firms still won’t have the time or resources to maintain so many supplier relationships, which means they’re stuck without the benefits of having multiple suppliers.
But that’s where Broker Online Exchange comes in. We give brokers access 75+ top suppliers in North America, so they’ll always have the best rates, name recognition and incentives. We keep up the relationships so electricity brokers can do what they do best—sell electricity.