Among the many technologies, programs and customer engagement tools EFI has at their disposal, EFI, Google and Fannie Mae joined forces to connect and engage with low- and moderate-income (LMI) customers that are typically harder to reach. Fannie Mae is a leading source of mortgage financing in the United States. They make sure affordable housing is accessible to homeowners, homebuyers and renters across the country with the help of their housing partners. Their housing partners include mortgage lenders and servicers, housing counselors, real estate agents and other industry professionals. They help millions of people throughout the U.S find a place that they can call home.
Fannie Mae is unlike any company in the utility space because they understand exactly how to communicate with the LMI audience. Historically speaking, this audience has been difficult to reach for utilities. EFI partnered with Google and Fannie Mae to offer a Free Google Nest Thermostat E to customers in select markets to help Fannie Mae loan recipients save money on their utility bills.
Connecting an audience in need, with a personalized moment in time, with a free Google Nest Thermostat is a way to communicate with what was previously an almost unreachable audience. EFI empowered the customer to trust and engage with their utility, all while saving them money on their bills. Generally speaking, LMI audiences have unfavorable opinions of utilities. Viewing them as companies that charge them high prices to “keep the lights on”. So, by providing real value to these customers at the right time, in the right vertical, they’re flipping the script and showing that the utility is a partner and is here to help.
EFI and Google noticed immediate success. On day one of marketing, EFI’s marketplace saw a 300-percent uptick in activity from the targeted segment, 20+ percent conversion rates and over 117,000 kWh savings! What this also did for just one program was open positive channels of communication to 2,000-4,000 more LMI customers, an audience this large Northeast utility was struggling to reach. Sure, this is only with one utility in one area. EFI, Fannie Mae and Google have multiple programs in market throughout the U.S. with various utilities now.