Maximize your opportunities in a challenging energy market
It’s no secret that energy companies have had to cope with major challenges during the last year. Record-high energy prices and worried customers have at times nearly crippled the customer service functions of energy companies and customer loyalty has been eroded as customers have frantically searched for ways to lower their costs. But let’s see past the gloom and doom headlines of the media and embrace the opportunities that will become available to those who turn the situation to their favor. What can energy companies do in challenging times to turn adversity into success?
Openness and communication generate customer loyalty and reduce pressure on customer service
Rising electricity prices have put pressure on energy companies’ customer service departments, and most of the questions they receive come when monthly invoices are sent out. But there are hidden opportunities here for energy companies that succeed in finding new ways of improving their communication with their customers. The key is to maintain openness and transparency, in order to restore customers’ confidence and boost loyalty by offering them truly outstanding customer service.
Supplying customers with proactive, easily accessible information in a forum where you have their undivided attention reduces pressure on customer service.This enables energy companies to create a superb customer experience where they really stand out from the competition.
Energy companies need to create this type of value for their customers, particularly in times when loyalty and confidence among their customers is relatively low. Those who succeed will have customers who are less likely to start looking around for other options.
Profitability through increased efficiency
With so much focus on the energy crisis, it’s easy to forget about profitability. But looking more long term and with a broader perspective, energy companies risk an erosion of their margins, particularly as the competition increases. There’s simply no room for internal inefficiencies which, over time, erode profitability.
One of the biggest inefficiencies at energy companies is manual processing around their billing and payment routines, which is also frequently the source of errors. This, in turn, leads to recurring invoice questions from customers and a lot of time winds up getting spent on tasks that could easily be automated with the right tools.
Here, as well, there are major opportunities for companies that are open to change. But in order to work smarter, energy companies must first identify their internal time thieves. Digitalizing and automating those steps in their billing and payment processes will enable them to save time and resources that they can instead invest in developing their business and improving their customer experience.
Take advantage of the opportunities in a challenging situation
Energy companies are undoubtedly facing major challenges. But they can also seize the opportunity to turn this to their advantage by implementing changes that will enable them to positively stand out from the crowd in a highly competitive market. Energy companies that improve their communication and streamline their processes can distinguish themselves from the competition and offer a customer experience that fosters confidence and boosts loyalty. What many don’t know, however, is that a cutting edge billing platform can help them achieve all of that.
Right now, there are many other things that energy companies need to be focusing on and prioritizing, which is understandable. However, choosing the right partner to help you implement a new billing platform can be a relatively easy way of quickly achieving major results. For energy companies ready to take the lead, the time is now!
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