The utilities sector has always faced challenges including regulatory requirements, deregulation, cost management and infrastructure development. More recently, the sector has seen shifting customer expectations for sustainable energy products, reliability, improved service, quicker response, channel access and digital experiences. While many utility organizations traditionally held strong monopolies, competitive alternatives have been emerging from non-traditional market entrants.
As the primary service provider of business-to-business (B2B) energy management, distribution, and delivery services, the Client was not facing imminent customer attrition issues but sought to prepare for a more competitive environment by understanding their customers more effectively. Their goal was to be more connected to their customers and establish clear priorities for customer experience change that would have the greatest impact in building authentic customer loyalty.
They sought to:
The Client and The Verde Group partnered to conduct “Voice of Customer (VOC)” analysis to establish a baseline and clear priorities for customer experience improvements. The Revenue@Risk® customer experience diagnostic quantified the specific customer experiences most influential to customer loyalty and most impactful to ROI. In particular, the work analyzed drivers of dissatisfaction, recognizing that customers are much more likely to act on negative emotions than on positive ones.
Revenue@Risk® analysis is a unique, proprietary analytic methodology that quantifies the financial impact of customer problems to answer these key business questions:
The Verde Group analysis was conducted across key customer journeys and analyzed the impact of problem experiences. Both qualitative and quantitative analysis occurred for the Client. Quantitative research was conducted by telephone amongst close to 500 B2B customers including key accounts.
Together, The Verde Group and the Client completed detailed action planning virtually to determine and agree on the most significant priorities to address the most damaging problems impacting loyalty. They aligned on three key areas of opportunity: