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Industry Research : Most Traditional Energy Retail Utilities Lag Disruptor Brands in Delivering Customer Experience

#contactcenterworld, @Accenture

Most traditional energy retail utilities lag behind disruptor brands — new energy-market entrants and service providers from other industries — when it comes to delivering an engaging customer experience, according to a new study from Accenture (NYSE:ACN). In the face of disruption, these companies should invest to deliver a more satisfying customer experience and exceed liquid customer expectations.

As part of its New Energy Consumer research program, Accenture surveyed approximately 70,000 consumers across 36 energy retail utilities and six disruptor brands in multiple markets worldwide. The study, conducted by Accenture Research in partnership with Fjord, the design and innovation unit of Accenture Interactive, intended to identify how customers feel about their experience with these companies and measure their affinity for the brand across physical and digital interactions. Disruptor brands included firms in the retail banking, telecommunications home services, retail insurance and energy retail industries.

Respondents were asked to rate one of nine key moments of interaction with their utility, ranging from initiating their service and adding new services to terminating their service and receiving disruption notifications. The customer experience for each moment was scored on a 10-point scale, representing the aggregated scores from across six experience dimensions:

Authentic – Conveys distinct personality and stays true to self
Fun – Holds people’s attention in an entertaining way
Relevant – Creates relevant consumer touchpoints
Engaging – Identifies with individual needs and wants
Social – Connects people with each other
Helpful – Is intuitive, clear and easy to understand

Individual customer scores were aggregated to derive overall brand affinity scores for every moment, brand or region. The brand affinity scores indicate overall how connected customers feel to energy retail utilities and service providers from other industries.

The study found that traditional energy retail utilities’ score of 6.3, aggregated across all key moments, lags disruptor brands’ score of 6.8. For each key moment evaluated, the customer experience scores for disruptors were higher than the scores for traditional energy players, with the largest gap for receiving communications from their provider. With customer experience at the heart of value creation for these utilities, this is a cause for concern but also presents opportunities.

The study found that the 25 percent of customers in competitive markets with the highest customer-experience ratings (6.8 or higher) are 20 percent more likely to stay with their current brand, 37 percent more likely to recommend their energy retail utility and 22 percent more satisfied than other customers surveyed.

The need to improve customer experience is particularly important for utilities in competitive markets, which are under increasing threat from disruptor brands. Among traditional energy retail utilities, competitive brands were less loved than non-competitive ones across all but one key moment: receiving proactive communications from their provider. The largest gaps were noticed during moments of sign up, including initiating basic energy services or adding a new product or service.

"In the new energy ecosystem, energy retail utilities must invest in the customer to create a connected energy experience," said Tony Masella, a managing director at Accenture who leads its Energy Retail and Customer Services practice. "This need is increasingly urgent, as new market entrants, energy industry convergence and even consumers themselves are disrupting the status quo. The risks of not improving customer experience are substantial, but the value in doing so is equally significant. To improve customer relevance, energy retail utilities must become ‘Living Businesses,’ continuously evaluating and adopting new customer-centric capabilities such as automated customer service and personalized and targeted digital messaging."

Three transformational levers could enable mastery of customer experience

The study notes that while identifying the interactions that are most or least loved is important, the real value of the research lies in identifying the moments that matter — i.e., those that drive clear business outcomes. Based on an evaluation of customer satisfaction, likelihood to remain a customer, and likelihood to recommend a company to others, the study identified three key moments that matter the most across all energy retail utilities surveyed: service initiation, billing, and providing help with specific queries. It is here, the study notes, that these utilities should prioritize improvement.

The study also suggests three transformational levers that companies can use to deliver more satisfying, effortless and unique customer experiences, particularly in the moments that matter most:

- Use artificial intelligence (AI) to enable intelligent service. AI can help improve customer satisfaction while reducing operational cost via the shift to digital. As consumers increasingly accept AI, energy retail utilities should use it to provide relevant and contextualized digital support.

- Personalize with hyper-relevance. Energy retail utilities can execute a hyper-relevant experience through a variety of tools and techniques, including proactive alerts and auto adjustments of in-home technologies that take things off consumers’ "thinking list," and personalized subscription services, for example.

- Target for value, target for growth. Identifying further value in existing products and services is key, as is pursuing untapped value in new ones. Energy retail utilities must pivot wisely by recalibrating business portfolios to specifically target new customer preferences and opportunities.

"Focusing on these areas can set energy retail utilities on a course to sustainable growth and competitive advantage," Masella said. "Activating a new energy experience requires more than just meeting customer expectations — it calls for exceeding customer demands by a significant margin. Leading utilities create hyper-relevant customer experiences where every customer interaction is an opportunity to deliver a connected energy experience that goes beyond the commodity. Those that focus on experience can become trusted providers and true partners in delivering what a customer wants."

Research methodology

Accenture surveyed 69,685 consumers globally across 36 energy retail utilities and six disruptor brands to identify how they feel about their utilities across nine key moments of interaction: initiating their service; adding new services; moving their service to a different residence; reviewing their bill; getting help with queries; terminating their service; receiving communications; receiving irregular billing/activity notifications; and receiving disruption notifications. Survey respondents were selected based on screening questions to ensure sufficient recent experience corresponding to a specific experience moment for a specific brand. The online survey was conducted between February and April 2018.

#contactcenterworld, @Accenture

Posted by Veronica Silva Cusi, news correspondent
Source: https://www.businesswire.com


About Accenture:
Company LogoAccenture is a global management consulting, technology services and outsourcing company. Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance.
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Today's Tip of the Day - Build In Training Time

Read today's tip or listen to it on podcast.

Published: Monday, December 17, 2018

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2023 Buyers Guide Help Desk Software

 
1.) 
eGain Corporation

eGain CallTrack™
eGain CallTrack™ is a dynamic call tracking and case management solution that helps companies provide quick, high-quality, and cost-efficient resolution of customer issues across traditional and emerging interaction channels. It is one of the many innovative customer interaction products in eGain Solve™ suite, the unified customer engagement and knowledge management software suite, which helps businesses transform their traditional call centers into omnichannel customer engagement hubs. eGain CallTrack will enable you to track, manage and resolve cases and maintain service level agreements (SLA), across channels.

2.) 
Happitu

Happitu is your customer support team’s personal coach. It guides your team through every interaction with custom workflows, responsive scripting, and dynamic help topics.

Documentation in Happitu is automated, detailed, and consistent. Go beyond handle times and service levels with the rich insights of Happitu – from granular interaction data to aggregate data and trends – you get the complete CX journey!

We intentionally built the Happitu Workflow Designer with your customer support team in mind. Using our intuitive tools that provide quick and safe iteration, you eliminate the need to involve IT or Development. Yes, you will no longer have to dread submitting a change request to Devin from IT!

Try it free for 45 days!

3.) 
Knowmax

Knowmax
Knowmax is an omnichannel knowledge management platform. Our mission is to transform contact centers into resolution centers and drive customer self service.
The platform is an industry-agnostic enterprise-grade knowledge platform with components helping in easy findability of actionable information at the right time across the desired touchpoint.

4.) 
LiveAgent

LiveAgent Help Desk
LiveAgent is a cloud-based Help Desk Software with over 195+ compatible integrations. Streamline all customer communication channels and manage them from a single shared company inbox. Enjoy social media integration, unlimited ticket history, call recordings, hybrid ticket streams, and more. Companies like BMW, Yamaha, Huawei, Orange, or Forbesfone use LiveAgent to deliver customer wow to 150M end-users worldwide.

5.) 
Nuxiba Technologies

CenterWare
Nuxiba's Help Desk Software is ideal for delivering top-level contact help desk services. It not only tailors to your existing technology resources but also allows you to set staff priorities that forward clients to the most knowledgeable agents.

Give personalized assistance, and analyze performance with our real-time monitoring, recording, and reports. Integrate Salesforce or VTiger CRM systems, be TCPA compliant, protect your cardholder's data during calls, and more!

Request a quote or demo today and start the journey to increase your first-contact resolution percentages in less than three months!

6.) 
OneDesk

OneDesk's software combines Helpdesk & Project Management into one application. No need to purchase, integrate and switch between applications. Your team can support your customers and work on projects in one place. Aimed at SMBs as well as departments at large enterprises, OneDesk is frequently used by project managers, customer service, IT, professional services and more. This easy-to-use, feature-rich, and highly configurable software can manage both ticket & task workflows.

7.) 
Teckinfo Solutions Pvt. Ltd.

ActivDesk Help Desk Software
ActivDesk Help Desk Software is an intelligent ticketing software for multi- channel customer interaction & engagement. It streamlines the entire ticket management process. With its SLA & escalation management, it enables your help desk to deliver enriching customer experience.
 

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