The race for the customer: Winning in a dynamic marketplace
The race for the customer: Winning in a dynamic marketplace
Insight

The race for the customer: Winning in a dynamic marketplace

Utilities are facing new competition—often with innovative service and product offers to own the customer relationship.

How do utilities build customer service excellence?

As the utility industry continues to evolve, understanding the customer is becoming more and more critical. Utilities are facing new competition—often with innovative service and product offers to own the customer relationship. Multiple studies have shown a significant link between customer satisfaction and return on equity (ROE). While the perception that the power and utility industry is not known for customer excellence is perhaps unfair, it is not without a kernel of truth. To counter this impression, utilities need to move quickly to strengthen their relationships with customers and define their role as the utility of the future.

Some utilities have made significant strides to better understand and meet customer expectations; however, there is still a gap between traditional utility customer interactions and what the evolving industry will require.

Although each utility has varying challenges in reaching and retaining customers, there are several action steps that can be taken to create an excellent customer experience.

  1. Increase understanding of customers
  2. Define customer strategies
  3. Deliver on the promised experience
  4. Establish relevant metrics and drive continued improvement

KPMG’s whitepaper reveals how power and utilities companies can approach these four steps and the actions needed to get ahead of the competition.

The race for the customer
The power and utilities industry is evolving to excel at customer understanding and excellence.