Heard of the “bait and switch?”
Here’s what happens. Typically an energy provider will lure in an unsuspecting customer with incredibly low rates in the form of an “introductory offer.” Often these rates are so low that it’s hard for a consumer to pass them up. At first, the customer is delighted because the rate is so low and they are saving so much money.
What the energy provider didn’t disclose was that this introductory offer is so low, they’re actually losing money by offering it. To counterbalance this, the energy provider hikes up the rates to an astronomical amount. And, then a customer is often locked into this rate for a relatively long period of time. Because most energy providers have expensive exit fees, customers are left with a difficult choice to stick it out or pay to leave and hope that the next energy provider doesn’t trick them again.
To illustrate this, our UK team hosted a night at a local pub. The initial drink price was listed, but after a certain amount of time, that price went up without warning. Take a look at our experiment and see for yourself:
Not surprisingly, pub-goers grew agitated at the sudden switch in price. If it’s not okay in a bar, it shouldn’t be okay with your energy bill.
At Octopus, we would rather lure you in with excellent customer service and energy you’ll love. We don’t need to switch up our rates and lock you in with long-term contracts. No matter how long you’re a customer with us, you’ll have access to our low rates. We want you around for the long haul, which means earning your trust and proving to you that we’re different from the rest.