Connecting with consumers in the new era of energy consumption
Gone are the days when utilities have limited interactions with customers. We live in the age of the empowered energy consumer, who is far more demanding and connected. Today’s energy and utility consumers are asserting added control by choosing particular providers and offerings, actively managing their consumption and making their voices heard directly through social channels, not just through regulators. In some cases, customers are even generating their own power.
If utilities can’t deliver, their customers are comfortable looking elsewhere. Providers now need to engage with consumers through the channels that they prefer to offer self-service bill payment and provide the ability to manage energy usage and compare energy efficiency with others. And those channels can be through the web, on a mobile device, in a text message or over the phone with a representative in a call center.
Building customer relationships
Every utility needs to forge its own path forward. But no matter how energy providers respond, their success will depend on building strong, lasting customer relationships that can grow and thrive in the years ahead. And it all starts with great analytics.
Winning the hearts of utility customers today means predicting their needs for tomorrow and meeting them before they ask. Meeting customers’ demands can be challenging. Engaging customers as individuals requires sophisticated customer analytics and marketing capabilities.
Energy and utility organizations that want to establish a foundation for building customer relationships can tap into the power of IBM’s customer intelligence platform. Predictive Customer Intelligence for energy and utilities offers a customer intelligence platform that enables utilities to identify, analyze and determine significant trends into customer behaviors and respond to those trends in appropriate ways.
The platform combines industry-specific predictive analytics and decision-support tools to help utilities drive enhanced productivity in marketing, target the best candidates for new energy programs and increase cross-sell, up-sell, loyalty and retention. It enables utilities to build a comprehensive and ongoing profile of the energy consumer. And the solution includes models for microsegmentation based on behavioral, psychographic, demographic, geographic factors and more.
Using analytics to reduce customer churn
IBM Predictive Customer Intelligence enables identifying high-value customers who are at risk of churn, so that energy retailers are empowered to offer customers promotions and programs that will keep them as loyal customers. Slovenský plynárenský priemysel, a.s., one of the largest utility suppliers in Slovakia, provides a great example of an organization that is using customer segmentation achieved by analytics modeling to target the right customers with the right product offers. Its new multichannel campaign strategy allowed the company to cross-sell electricity to its gas customers and offer new customers special incentives for switching to either its gas or electric services. This approach helped the organization improve its customer churn campaign by 50 percent, thanks to early warning indicators and alerts.
Check out the full case study to learn more about the success Slovenský plynárenský priemysel, a.s. achieved, and find out how IBM Predictive Customer Intelligence can help you interact individually with customers.