Improving Conversion rates in Utilities
Consumers, whether individuals or commercial, will increasingly value a digitally enabled relationship with their utility and energy suppliers, particularly those that offer smart technology and access to related services. Xaleons Engagement Platform provides a holistic Customer Experience solution, with a feature-rich, scalable and user-friendly interface for all CX requirement’s in Energy and Utilities.
Powering the world’s most engaged providers
Customer churn in utilities and energy can be high:
and mostly due to poor customer experience. As in every sector, expectation spillover has created a high expectation for digital solutions in the utilities sector, and everything from quotes, to onboarding and understanding bills is under scrutiny.
Xaleon’s solutions provide utility and energy organizations with a better platform to connect with their customers and build relationships that increase retention.
The Cost of the Abandoned Forms
For energy and utilities, competition in recent years has become fierce as consumers are able to move to competitors with ease. The cost of acquisition is high, and consumers abandon the sign-up process rapidly should they experience any barriers. In order to increase conversion rates and maintain a competitive advantage, utilities and energy companies need a seamless first-touch interaction process and a fit-for-purpose technology platform where they can understand and sign documents with ease. Online contracts that are immediately available to sign increase conversions by up to 173%.
A more hands-on-approach
As in every other sector, utilities and energy must support baby boomers on digital channels and re-create the offline experience online. Elderly customers will require a more hands-on approach to their service, from onboarding through to handling customer queries and complaints. Call center operatives will have to dramatically increase the engagement experience with a technology platform on which they can truly support less digitally savvy customers.
The Technology Imperative
33% of customers currently churn due to poor experience with their utility and energy providers who can no longer rely on competitive pricing alone. Technology driven organizations will win the battle of both customer acquisition and retention. In the utility retail sector, the average acquisition cost is high, retention cost is low, while the churn of customers can range very high. With the right digital platform, utility and energy organisations are able to gain actionable and real-time insights into customer frustrations that ultimately lead to churn.
Customers are driving the need for energy and utility organizations to rapidly respond to their demands, conditioned by the ‘omni’ expectations set by other sectors. This expectation spillover from retail, banking and travel where the digital experience is becoming seamless is setting new expectations for the utilities sector which must digitize to keep up with hyperconnected customers.
Closing the customer experience gap
It is often said that insurance and energy and utilities are a grudge-purchase. Something consumers know that they need, but do not want to pay for. Those organisations who create the best customer experience, can set themselves apart and build trust and rapport with their customers, ensuring that churn is decreased by an increase in loyalty.
Xaleon’s Engagement Platform provides us with an end-to-end solution, the value of which I cannot overstate; everything from first sales contact, customer on-boarding, problem-resolution and of course, gathering real-time insight into our customer’s barriers and problems has significantly improved our entire Customer Experience function.
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