What the Utilities Can Learn From The Telecoms Industry About Customer-Centric Services
Ebin Thomas
Account Executive at Anyline
Across the utility industry, organizational leaders all share the same pain point: the market has been nothing if not disruptive in recent memory.
Competition has accelerated enormously. Aggressive new entrants are fighting tooth and nail for their share. And it’s getting harder by the day to truly separate yourself from those competitors in terms of services, which is why those in the industry need to consider a different approach.
The telecom industry went through similar issues over the last 10-20 years. How did the successful organizations survive? By going from a product-oriented approach to a customer-centric one. This is an excellent opportunity that utility industry professionals can learn from for a wide range of different reasons, all of which are worth exploring.
The Telecoms and the Utility Industries are More Similar Than People Realize
The conditions that Telco faced over the last 10-20 years – those that contributed to a major shift in the way things were done – are extraordinarily similar to that which the utility industry is facing today. When there is deep market saturation on both the customer and the provider sides of the equation, traditional approaches of product differentiation from one company to the next essentially becomes impossible.
At that point, the solution comes by way of a new focus towards customers.
One thing that telecoms companies learned the hard way is that when the market conditions change, and you don’t adapt quickly, the strategies, operating models and measurements that were built with a product focus in mind instead of a customer become major contributing factors to under-performance.
Consumers today understand that there is little to no difference between what one operator offers versus another, and it is now easier than ever to change providers. From the point of view of a customer, you truly can throw a proverbial dart at a wall and pick a company at random and expect to get the same basic services and functionality. Even prices tend to be extremely similar from one organization to the next.
The Power of the Customer-Centric Experience in Telecoms
So if you can’t stand out in a crowd based on your services alone, what do you do to differentiate yourself from so many others? Thankfully, the answer is simple:
You focus on the customer experience.
Regardless of the industry you’re talking about, customers will always be an organization’s most valuable asset. Therefore, focusing on the type and quality of experience that you’re offering them is critical. This is another lesson that Telecoms companies learned over the last few decades, as this industry is one that is particularly susceptible to customer volatility and has a very high level of competition by its nature.
Many more customers than before are now used to changing providers on a regular basis. Some get a better offer and jump ship. Some want to move to another provider because of technological evolution. By investing heavily in the customer experience, organizations from this sector were able to not only differentiate themselves from competitors, but they were able to finally create a deep level of customer loyalty at the exact same time.
The Benefits of a Customer-Oriented Approach
One of the major benefits of a customer-oriented approach for the utility industry is that it can help reduce churn rates. This is thanks to a timely, targeted series of two-way interactions that keep customers engaged.
Another benefit has to do with how it creates deeper relationships between the business and customers, which can be great opportunities for things like upselling.
A customer-centric approach can allow utility providers to win back customers who had gone elsewhere, and it can even help create better market analysis reports. Truly, the benefits over both the short and long-term shouldn’t be ignored.
A Customer-Oriented Approach Doesn't Exist Without Personalization
Of course, you can’t get to this point without personalization – something that differentiates one business from the next and spawns loyalty.
Using existing data, it’s possible to improve how you listen to customers. One must connect with customers effectively through coordinated efforts. Personalized engagements should be created across not just email but also print, call center interactions, mobile devices and more. Every touch point needs to be personalized, getting the right message to the right person at the right time.
Data is at the Heart of Personalization
To get to this level of personalization, the utility industry must leverage data at every opportunity. Consumption data can be captured with a smart meter or meter reading, for example. Customers can be engaged through dedicated customer apps.
At Anyline, we can help with your transformation towards this more customer-focused effort through our meter reading technology. It allows your workers and your customers to scan meter readings with any smartphone. Our SDK can also easily be integrated into an existing system or to a customer-focused app.
To find out more information about how to get started with Anyline’s solution, or to get a demonstration, so you can see it for yourself, please contact us today.
