In an era where households grapple with mounting cost-of-living pressures, governments and energy/utility companies find themselves under unprecedented scrutiny from consumers.
Over the past year, across various jurisdictions, the sector has witnessed its highest customer turnover rates on record. Amidst this turbulence, the imperative for more innovative products to bolster the transition towards renewable and clean energy looms large.
This landscape evokes parallels with the telecommunications sector and its evolutionary journey over the past few decades. The advent and proliferation of mobile devices have diminished the demand for fixed-line services, while lightning-fast connectivity has become the new norm. Concurrently, ‘smart’ technologies like IoT and edge computing have risen to prominence. Alongside these advancements, agile disruptors, unencumbered by legacy systems and born in the cloud, have swiftly seized opportunities to redefine the market.
Parallels in Disruption: Telecom and Energy Sectors’ Digital Evolution
The rapid pace of disruption in telecom compelled established players to embrace technology not merely to retain customers but to remain competitive. They diversified their offerings, bundled products, and anticipated forthcoming waves of innovation. In essence, they pivoted towards agility.
Customer Experience as a Competitive Edge
This transformation journey is now imperative for stakeholders in the energy sector to not only survive but thrive. While the cost of living is a factor in declining customer loyalty, the pivotal role of customer experience cannot be overstated (in the digital space and with your agents). How swiftly an energy company engages, adapts, and proactively offers new solutions profoundly influences customer satisfaction and loyalty.
In the age where customers demand personalised experiences, making them feel valued is paramount. They seek tailored offers, flexible engagement, and proactive service. Yet, achieving this level of personalisation with vast customer bases may seem daunting. However, as evidenced by the telecom sector, it’s not insurmountable.
What’s required is a robust technology infrastructure that fosters innovation, guides sales journeys for both existing and prospective customers, ensures regulatory compliance, and enhances the company’s Net Promoter Score (NPS).
However, not all digital enablement products are created equal.
Looking Ahead: Future Solutions for Digital Enablement
In the forthcoming posts, I’ll delve deeper into solutions that companies can leverage today to support digital enablement and guided sales journeys. Stay tuned for insights into how these tools can revolutionise the energy sector’s approach to customer engagement and business growth.
Nick Nikolitsis
Product Director, Energy
Hansen Technologies