The utility segment is among the most highly competitive domains. Customers are spoilt for choice as they have several alternatives in providers. They decide how they use energy and where they buy it from. If you run a utility company, expect customer retention to be a top challenge. A single miss means you lose their loyalty, and they will probably never be back again. Even worse, they may spread the word, leading to a domino effect with returning consumers. However, you can implement some measures to stay on top of retention. Here are surefire strategies utilities can rely on.
- Ensure no outages
One thing that consumers expect the most from utility providers is the reliability of services. Making them stay for the long haul is possible if you ensure no outages for them. Power outages can be frustrating, even more, when people have no idea of how long they will last. Preventing outages should be a priority, but you cannot be too sure. So have a plan B to resolve the issue on the fly. Be there to address their concerns and get the systems up and running as soon as possible. Provide them with realistic power restoration estimates and do your best to fulfill the word.
- Facilitate energy management
Modern consumers want providers to do their bit to help them conserve energy and manage costs. They are most likely to switch to another utility company if you fail to help them with energy management. Luckily, there are viable solutions for community-owned utilities to enhance the customer experience in this context. You can use these solutions to empower consumers with energy management tools. These tools enable them to track their usage and improve their consumption habits for more savings and optimal efficiency. Consider giving them information about peak hours when they have to pay higher rates for using energy. When customers get what they want, they are least likely to change providers.
- Go extra mile with customer education
Retention is not only about delivering seamless services and helping consumers optimize their monthly bills. It is also about being empathic, and you can do it by going the extra mile with customer education. For example, you can provide energy-saving tips through regular updates. You can even consider the weather-specific updates, such as how to reduce the need for running ACs for long hours during summers. Pick bits and pieces of information they probably do not know, such as phantom loads that use energy even when not in use. Education enables people to make energy-conscious decisions when shopping for appliances. They see it as a value-addition to your services, giving them a valid reason to stick with your services.
Retaining customers is one of the most significant challenges for utility businesses. But it should not be as daunting as you imagine. You have to focus on delivering value to the consumer, right from providing uninterrupted services to helping them manage usage and going the extra mile with education. If you cover all three fronts, rest assured they will not go anywhere!
