The utility industry is experiencing a major shift in the customer experience.
Traditionally, utilities were seen as a necessary expense by customers, who were simply happy to pay their bills and expect reliable service. But, with the rise of technology and changing customer expectations, utility companies must now deliver above and beyond what used to be expected of them.
It’s not just about pleasing the customer. Higher customer satisfaction leads to utility cost savings associated with optimized customer service. In addition, a superior customer experience can make it easier to implement operational and technological changes that deliver further efficiency gains.
To help you improve your utility customer experience, here are five important trends you should be aware of.
Personalization
Personalization is one of the most important trends in customer experience today. By understanding their customers’ usage patterns and preferences, utility companies can offer personalized recommendations and services.
For example, a utility company might analyze a customer’s usage patterns to suggest ways they could reduce their energy consumption, reducing the need for increased supply and helping companies meet consumption goals. Alternatively, they might offer customized payment plans based on a customer’s income and bill-paying history, such as equal billing, which creates a more stable revenue stream.
Personalization can also extend to communication. Many utility companies are now offering personalized communication to their customers, such as alerts when there is a service outage in their area or updates on their bill payment status. By tailoring their communications to each individual customer, utility companies can improve their customer satisfaction and build stronger relationships with their customers.
Self-Service
Another trend in the utility industry is self-service. Customers now expect to be able to manage their accounts and access information online, without having to call a customer service representative.
Utility companies are responding by offering self-service portals where customers can view their bills, pay their bills, and track their usage. These portals are often available through a mobile app, making it even easier for customers to access their account information.
Self-service portals not only improve customer satisfaction, but they can also save utility companies money by reducing the number of customer service representatives needed to answer calls. That means, by empowering customers to manage their own accounts, utility companies can free up their employees to focus on more complex customer inquiries and support. It can also help reduce payment time and overdue bills.
Sustainability
Sustainability is becoming a major priority for both utility companies and their customers. Many customers are willing to pay more for renewable energy sources and want to reduce their carbon footprint. utility companies are responding by offering renewable energy options and promoting energy efficiency. For example, some utility companies offer incentives for customers who install solar panels or energy-efficient appliances.
utility companies are also investing in new technology to make their operations more sustainable. For example, some companies are using smart grids, which use data to optimize energy distribution and reduce waste. Others are exploring the use of blockchain technology to create more transparent and sustainable energy markets.
By prioritizing sustainability, utility companies can improve their reputation with customers and help to address one of the biggest challenges facing our planet.
Proactive Communication
Proactive communication is another trend in the utility industry. Rather than waiting for customers to call with a problem, utility companies are reaching out to customers before issues arise.
For example, a utility company might send an alert to customers in an area where there is going to be a planned power outage, so they can prepare accordingly. Or they might send a reminder to customers who haven’t paid their bill, so they can avoid late fees.
By being proactive, utility companies can improve their customer satisfaction and reduce the number of customer complaints. Proactive communication also helps to build trust with customers, as they feel that the utility company is looking out for their best interests.
Artificial Intelligence
Artificial intelligence (AI) is becoming an increasingly important trend in the utility industry. AI can be used to analyze large amounts of data, such as energy usage patterns, and identify areas where efficiencies can be improved.
For example, AI can help utility companies to identify which customers are most likely to be late with their payments, so they can intervene before the customer falls into arrears.
AI can also be used to improve customer service by providing personalized recommendations and support. For example, some utility companies are using chatbots powered by AI to provide customers with quick and efficient support or direct them to useful resources. These chatbots can answer common questions, help customers troubleshoot problems, and even make service appointments.
AI can also be used to improve energy efficiency through machine learning algorithms that analyze data from smart meters and identify areas where energy waste can be reduced. This can help to reduce costs for the utility company and also help customers to save money on their bills.
The reality is the utility industry is undergoing a major transformation, with customer experience becoming an increasingly important priority. Customers now expect more from their utility providers, and companies that fail to benefit from important cost savings, ease of strategy implementation, improved payment time, and so much more.
By embracing these trends and investing in new technologies, utility companies can build stronger relationships with their customers and create a more sustainable future for everyone.
Interested in learning how the Silverblaze Customer Portal for utility can help? Book a demo today.
