How Utilities Can Address Customer Churn
- Apr 26, 2019 7:26 pm GMT
This item is part of the Special Issue - 2019-05 - Customer Care, click here for more
Within the last few years, power utilities across the globe have begun struggling with a new issue: customer churn. Increased competition is one big factor contributing to this situation. However, the availability of similar service providers alone doesn’t cause customers to leave a company. According to a LinkedIn article authored by utility industry consultant Sanjivrao Katakam, a variety of conditions prompt them to do so, including weak customer service, an indistinct value proposition, and poorly set customer expectations.
Customer experience (CX) is also a factor, and many sources state “perceived indifference” on the part of the company as a reason customers leave. Because utility companies are increasingly no longer the only game in town, they must compete more like companies in other industries, in terms of providing added value and developing a relationship rather than merely facilitating a string of transactions.
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