Improving customer experience is something every organisation has been thinking more carefully about in recent years. At large, brands have discovered the only way to capture and retain customers, is to deliver a phenomenal experience. Unfortunately, this is becoming increasingly difficult as around 60% of consumers say their CX standards have increased.
Utilities companies have long struggled with meeting the expectations of their target audience. Most of these brands operate in heavily regulated markets, which give clients a limited choice in their provider. As such, these organisations don’t always have a solid strategy in place for “earning” their customers, allowing service and satisfaction to take a backseat.
However, the utilities sector isn’t immune to the impact of unsatisfied customers. Indeed, one study found 34% of consumers in the UK regularly switch their providers, and 33% of the time, the switch is a result of poor customer service.
The Potential for CX in the Utilities Sector
As consumers have begun to take back more control over their purchasing choices, even when it comes to critical concepts like utilities, brands are being forced to evolve. The utilities sector is now dealing with a landscape where consumers have grown accustomed to personalised, empathetic, fast-paced, and convenient service. They expect the same from their utilities provider.
Failing to adapt to growing CX demands puts utilities companies at risk of significant losses, not just in profit and customers, but also in terms of reputation. Embracing the right tools for customer service and support allows these brands to regain the respect and appreciation of their target audience once again, while differentiating themselves from emerging competitors. Here are just some of the biggest benefits utilities companies can generate from CX tools:
- Enhanced customer loyalty: Customers are becoming increasingly more comfortable with the idea of switching energy suppliers. In 2019 alone, around 6 million people switched to a new electricity company. As the cost of living continues to rise and recessions loom, consumer loyalty will be lower than ever. Delivering exceptional customer service through omnichannel CCaaS tools and personalised interactions gives brands a better way to retain their clients, and continue competing in a harsh environment.
- Improved access to data: In order to deliver the services and support customers need in the utilities landscape, brands first need access to the right data. Old-fashioned tools for CX tend to distribute data and information across a host of different platforms, making it harder to create a unified view of client needs. A CCaaS system in the cloud can help to connect different communication points, and provide a more comprehensive view of the journey.
- Enhanced team productivity: Utilities companies have a lot on their plates in today’s fast paced and competitive landscape. They need their team members to be empowered to perform effectively in any landscape – even when working from home. CX solutions like CCaaS platforms and workforce management tools provide these brands with the tools they need to synchronise and optimise their teams. The result is an ability to sort through requests and respond to opportunities at a rapid pace.
- New sales opportunities: With CCaaS solutions providing insights into the customer journey and offering new ways to connect with clients, utilities companies can unlock different opportunities for consumer relationships. Brands can begin to look into different methods of investing in strategies like business-focused energy, or sustainable power. This opens the door to the creation of a more competitive, differentiated business.
- Improved transactions: The right CX tools can also make it easier to streamline the secure transactions utilities companies need to manage every day. With billing tools integrated into contact centres, and self-service solutions for making payments, companies can improve the efficiency of their everyday cashflow. The right tools make it easier to keep on top of bills for companies, while making payments more convenient for clients.
Trends Driving CX in the Utilities Sector
According to a study from McKinsey, what sets companies in the utilities sector apart from their competitors, is a focus on optimising customer journeys and experiences. Notably, the company found that around 50% of a customer’s satisfaction level on the utilities sector is derived from factors the company can directly control.
As customer expectations continue to evolve, brands will need to double down on their commitment to delivering streamlined and efficient experiences to customers. This will become particularly important in a time of economic stress and turmoil. Some of the major trends that will help utilities to thrive in the CX space going forward include:
- Omnichannel interactions: To serve customers effectively, utilities brands need to be able to connect with their clients on the channels they prefer to use. Studies have shown energy companies prefer to engage digitally around 80% of the time. This means companies will need to think beyond the standard phone call when looking for ways to serve customers. Implementing new channels will make it easier to retain and support a wider community.
- Automation: Most utilities companies are consistently overwhelmed by the sheer number of requests and support tickets they need to address each day. This leads to long waiting times for customers, and reduced satisfaction levels. Implementing automation could be one of the most effective ways for brands to stay ahead of the competition. Allowing users to automatically submit readings, make a payment, or answer questions using virtual agents and chatbots will also reduce the strain on utilities team members.
- Artificial Intelligence: Fully understanding the needs and expectations of customers in the utilities sector can be complicated. Sorting through thousands of calls every day for insights would require a significant amount of investment in both time and money. Artificial Intelligence will allow companies to filter through information and leverage valuable insights for business decisions at a rapid pace.
- Hybrid work: Increasingly, employees in the utilities sector are spending less time in the office, and more time distributed across remote landscapes. To ensure these team members can continue to be as efficient as possible in their role, they need access to the correct tools. CCaaS solutions available on the cloud, combined with collaboration and communication tools will help to bring staff members together, to power better customer experiences.
Looking Ahead with CX in Utilities
Ultimately, utilities companies haven’t always had the best reputation when it comes to customer service. However, with economic issues and recessions on the rise, these brands will need to invest heavily into CX if they have any hope of retaining their customers.
The utilities brands with the strongest focus on CX will be the ones capable of guiding their consumers through the cost of living crisis, into a brighter tomorrow.
