Excerpt from the Co-Chief Executives Review (year ended 31st March 2023)
For anyone evaluating the viability of Utility Warehouse and it’s UW Partner Opportunity, a read of the latest Telecom Plus PLC report and accounts is highly recommended.
As follows is an excerpt from the Co-Chief Executives Review for the year ended 31st March 2023. For the most recent report and accounts click here.
“As our multiservice bundles have become increasingly compelling, so the confidence, enthusiasm and activity levels of our Partners have increased. Armed with a highly referable customer proposition, and invigorated by the increased demand for the savings and earnings they can offer to people they know, momentum has built amongst our Partners, and they have played a key role in delivering the record levels of customer growth we have achieved this year.
In the face of rising living costs, people from all walks of life across the UK – nurses, teachers, students, retirees – have been joining UW in record numbers to earn an additional income as UW Partners. As higher energy prices evolved into a broader inflationary trend during the year, many found that they could not balance their household finances through savings alone. The opportunity to earn a secondary income that could more than offset the rising costs they are facing has proven a popular proposition.
To capitalise on this increased demand for the UW Partner opportunity, and to help more Partners succeed and earn, we took a number of steps to strengthen both our customer and Partner propositions during the year:
- Through implementing the market-wide energy ‘Faster Switching’ in the summer we significantly reduced the delay between customer sign up and commission payment, resulting in faster earnings for Partners.
- In introducing our multiservice savings Boost in the autumn, we increased the referability of our customer proposition and therefore the earnings opportunity for Partners.
- In January we extended the full Customer Bonus to new Partners, enabling them to start earning sooner, and helping more experienced Partners to accelerate the building of their teams and their long-term residual income.
- To support our growing Partner community, we were excited to launch our inaugural ‘Save a Bundle’ billboard, radio and digital marketing campaign towards the end of the year – seeking to raise consumer awareness of UW, add credibility to the UW proposition and facilitate our Partners when recommending us to people they know
Given the key role our Partners play in unlocking our highest value customers – multiservice homeowners – the ongoing growth of our Partner community puts us in a strong position for continued high-quality customer acquisition.
We are hugely proud of the positive societal impact the business is having in helping our Partners to earn an additional income and to meet the current rising cost of living; and we will continue to invest in supporting our Partners and helping them to achieve their goals through UW.
Stuart Burnett & Andrew Lindsay MBE
Co-Chief Executive Officers
27 June 2023
To read the full TelecomPlus Report and Accounts for the year ended 31st March 2023, please click here.
UW's primary goal is to significantly grow their existing Partner community
The current climate offers a unique opportunity for UW to continue to help UK households both save and earn in the face of the increased cost of living; maximising the number of services our home owning customers take maximises their savings and delivers the most valuable long-term customer relationships for UW. And our word-of-mouth route to market remains at the heart of our ongoing growth strategy as the best route to acquiring these, our highest value customers.
To this end our primary goal is to significantly grow our existing Partner community, but also to continue to innovate around and extend our word-of-mouth model to appeal to new audiences such as through our rapidly growing Customer Referral programme.
Delivering exceptional value and service remains at the heart of our core multiservice proposition and we will continue to invest in each of our individual services, as well as our multiservice bundled benefits, with the goal of maximising customer lifetimes and increasing customer advocacy to further fuel our future growth.