Forrester defines a customer journey as the path that customers take when interacting with your company and brand, including both online and offline touchpoints.
Utilities often have exclusive rights to serve customers in specific geographical service territories, so it’s tempting to think CX isn’t as important. However, while it might not be as predictive of loyalty or lifetime customer value as it is in other industries, CX still matters for these companies because it’s causally linked to rate cases to drive rate increases, cost savings and even higher employee retention.
According to research from Capgemini, 73% of utility customers would be willing to spend more in exchange for a better experience Research from IDC suggests that utilities suffer from lower CX scores than other industries. “Energy consumers around the world suggest that the customer experience provided by energy suppliers is mediocre at best,” IDC concludes, citing ratings in which consumers gave energy suppliers an average score of 3.03 on a scale of 1 to 5.
What is journey mapping, you do you need it, and what is the ROI of high CX in the Utilities industry? Download the whitepaper on demystifying customer journeys. Learn about common challenges, KPIs, and case studies to help you navigate the world of CX in your industry.
Brands with superior CX bring in 5.7x more revenue.
84% of companies that work to improve CX report an increase in revenue.