How to Retain the 'Reimagined' Utility Consumer
- Nov 24, 2021 6:40 am GMT
The key to success is agility and adaptability, according to a recent blog on small business strategies. I would venture to say those qualities are crucial in any business. The pandemic has brought inescapable changes to the mindset of consumers. According to data from Accenture, the pandemic has caused at least 50 percent of consumers to re-evaluate priorities, expectations and personal purpose. That group has been tagged the ‘Reimagined’ and they’re changing their buying habits accordingly. The Accenture report covered 14 industries, including gas and electric utilities and showed that 17 percent, dubbed ‘The Traditional,’ said they were unchanged and 33 percent felt they were still evolving. Can utilities embrace change and adapt to a post-pandemic consumer? Well, the pandemic isn’t over yet but what lessons learned from other markets can be applied to this industry? Retailers are hosting virtual events to ensure safety. Beyond virtual home energy saving audits, are there additional virtual events utilities can create to further educate, inform or assist ratepayers? Retailers and small businesses are updating their marketing plans and pivoting to online sales. Utilities are utilizing a measure of digital customer engagement models such as mobile apps but a J.D. Power 2021 Utility Digital Experience Study found that the more in-depth functions—such as research on energy-saving information or updating service are still not widely available online.
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