You might think that the utility industry is exempt from the ever-growing business focus on customer experience (CX), but you’d be wrong. A 2020 McKinsey survey of 20,000 residential utility customers identified that providers from the top-quartile group of performers saw three to four times higher net customer satisfaction than those in the bottom quartile. And utility leaders were finding that focusing on the optimization of customer journeys and satisfaction drivers were paying off in unexpected ways. A staggering 50% of customer satisfaction appears to be derived from factors directly controlled by the respective utility provider’s customer service department – for example, information timelines, clarity and ease of access, with the balance of customer satisfaction depending on outage frequency and duration.
From the onset of the COVID-19 pandemic and beyond, the electric and gas utilities providers that accelerated their digital game with the goal of meeting increased customer expectations continued to thrive. It became evident that digital channels and user-friendly, interactive and transparent self-service were key enablers of unlocking higher satisfaction at a lower cost, translating into a win-win for both the provider and the customer. Studies show that from 2018 to 2020, utility companies that maintained or improved their digital platforms and activities saw customer satisfaction rise by 2 percent, whereas utilities that experienced a decline in satisfying their customers’ digital expectations saw a decline in overall customer satisfaction of 1 percent. In many cases, those percentages can translate into massive returns or losses for utility providers.
The takeaway here is that when it comes to the utility customer, digital experiences are critically important, and directly linked to overall customer satisfaction. The good news for providers is that digital channels perform better than traditional channels and are typically more cost-effective.
So how does the utilities industry – or any sector for that matter – address the growing need to remain – or become – digitally relevant in a post-pandemic business world? The pandemic acted as a “moment of truth” for most businesses – in how they operate both internally and externally, and how they build lasting relationships with their customers. And this is where partnering with established BPO outsourcing companies can make a difference. While businesses work at breakneck speed to emerge intact from a global pandemic – and not only survive the crisis but build resilience and momentum – their critical customer service activities can be incredibly well-managed by aligning with an outsourcing expert like Anexa.
While Anexa is recognized as a leading specialized services provider, one of our renowned specialties is customer service. And whether this dynamic lives on digital or traditional channels, our talented (and English/Spanish fluent) agents are trained to act as the voice of your business, and represent your culture and brand with care and authenticity.
Questions? Reach out to Anexa today.