"Electric utilities find themselves in an awkward position where they make money by selling power, but are required by regulators, and increasingly by consumers, to help customers find ways to save power or use renewable sources. The collision of new technology, social good, business strategy and politics will make the next decade the most interesting in the century-long history of the industry." - Robert Mittelstaedt, Dean Emeritus of the W. P. Carey School of Business at Arizona State University
Given regulatory pressures, utilities must leverage growth opportunities by developing new unregulated products and services, or protecting their core business from disruptive entrants. Even though Utilities tend to have somewhat of a captive customer base, thanks to the proliferation of social media, instant news exposure to other utilities, and unprecedented levels of unsolicited consumer opinion and feedback - expectations have increased dramatically in the utility industry.
In the face of deregulation, increasing market pressures, and rising customer expectations, utilities must understand and interact with their customers and invest in building brand loyalty to stay relevant and competitive.
Utilities need to ensure they have a satisfied customer base - as satisfied customers not only provide the needed insulation from competitors, but satisfaction breeds trust, and trust is the foundation to trying new products or for co-creating energy efficient solutions.Utilities need to find ways to engage with their customers and uncover the unique needs of specific customer segments and find ways to develop custom and personalized solutions.
We can help you answer important business questions like:
- How satisfied are my customers?
- What is my customers perception of my brand?
- What specific components of my relationship and transactions with customers drive their satisfaction?
- Where should I focus my investment dollars to have the greatest impact on my customers satisfaction and loyalty?
- How engaged are my customers? How can I improve my customers engagement with my company to continue to keep my company top of mind?
- What segments exist within my customer base? What are the different energy management product needs of my different customer segments?
- What motivates my customers to select one rate plan over another? How can I prevent customers from switching to a lower efficiency plan?
- What are my customers preferred channels of communication? What is my optimal channel mix to get the greatest ROI on my communication dollars?