How To Retain Customers in a World of Choice — The Ultimate Guide for Utilities Companies
Published: 26 October 2021
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The utilities sector has been impacted by a period of sustained negative publicity, focused primarily on poor customer service and price increases. This discredit has led to a decline in customer trust. This is compounded by the slow adoption of new technology, compared to other industries. Systems are outdated, data is stored in different locations (thus preventing a single customer view) and inefficient processes disrupt the customer experience. While these traditional companies are struggling to transform operations and improve services, their customers’ expectations have already grown.
In this digital landscape and with new deregulation laws, competition is just around the corner. New competitors emphasize renewable energy, digitalization and customer experience. Increased competition is responsible for an increase in the costs of customer acquisition. In the last 6 years, the cost of acquiring new customers has increased by 60%.
In this guide, you will come to recognize your clients’ frustrations from different points of view, and identify the best techniques to retain customers and build customer loyalty for utilities companies. By the end, you will be able to build a strategy that stands the test of time.
This guide is structured in three parts:
- The utility customer experience, where you will learn that consumers expect consistent quality service as part of the comercial offering;
- The importance of marketing for the success of your business, where you will understand why as an energy provider you are in a unique marketing position and the importance of personalization;
- The right payment strategy. The last part will show you why the digitalization of the payment process is crucial to meet the needs of your customers and how to combine more than one collection tactic to improve your chances of getting paid faster. SlimPay offers the possibility to combine several payment methods. This combination allows you to improve the customer experience and also offer businesses further benefits (risk management and financial performance).
This is just a summary, to find out more we invite you to download our guide.