Putting customer experience at the core of commercial transformation
Traditional utilities are struggling with declining market share. New entrants have flooded the market with a variety of differentiated propositions, offering consumers more choice and better prices than ever before seen in the sector.
Switching is increasing year after year, so for the first-time incumbent suppliers must radically improve their customer acquisition and retention strategies if they are to survive in the market of the future.
How can companies adapt to changing conditions in the face of dramatic pricing pressures?
Improving your customer service proposition offers an effective solution
Frustrating customer journeys contribute to overall churn. For example, particular pain points for customers include moving house, something 1/7 customers do each year. Figures show that 40% of customers switch after a house move and reasons cited include complex and confusing interactions with current suppliers.
Therefore, rethinking customer journeys to satisfy the needs of your consumers will help your company to retain profitability in the newly competitive market. It’s now more crucial than ever before that you utilise commercial levers such as your branding, pricing strategies and online presence to put customer experience at the core of your transformation.
Learn how to improve your customer experience so that you can eliminate wasteful touchpoints, reduce churn and reduce call-centre traffic.
Seb Fox, Sector Manager – Future of Utilities
Seb Fox is the content lead for our Future of Utilities portfolio. He keeps an eye on industry developments, hot topics, and puts together our conference agendas. He’s been with the company for nearly a year, having recently graduated from Mansfield College, University of Oxford.
Follow him on Twitter here: @Futureofutils