As the energy value chain becomes more decentralized and digital, energy providers must create a more vibrant, connected energy experience.
There’s good reason to give consumers what they want. Our analysis suggests that much of future growth will likely come through energy retail new products and services and new ways of delivering value to consumers. These products range from electric vehicle products and services to connected building services.
The case for becoming a Living Business
Against this backdrop, energy providers need to move beyond traditional ways of doing business and serving customers. To stay relevant to consumers, energy providers need to create a connected experience across marketing, sales and service.
To be hyper-relevant to consumers, they need to reshape themselves into what Accenture calls a “Living Business.” In Accenture’s Living Business study, nearly 70 percent of all utilities’ executives surveyed acknowledged that their business needs “a much more iterative, dynamic, and agile approach to doing business compared to three years ago.” They know they need a new, customer-centric mindset that inspires different behaviors—and leads to fundamentally better performance.
How to gain consumer love
We surveyed nearly 70,000 customers across 45 brands worldwide, including 36 energy provider brands.
By studying nine keys moments across sign up, service, and communications, the CX dimension analysis revealed customers who rate their overall experience higher are significantly more likely to recommend, to be satisfied, and to stay with their current provider.
Shaping the connected energy experience
As energy providers move toward becoming intelligent customer enablers focusing more on new energy markets, connected lifestyle provision, energy services, and aggregation and flexibility services, mastering CX is fundamental. Regardless of the path, Accenture sees three transformational, relatively unexploited, levers to deliver experiences that are more satisfying, effortless and unique for customers.
We believe focusing on these areas can set energy providers on a course to sustainable growth and competitive advantage:
- Use AI to enable intelligent service.
- Personalize with hyper-relevance.
- Target for value, target for growth.
A well-defined, well-executed CX is essential to customers getting what they desire from a provider they trust. To play in the new energy ecosystem, energy providers must become experience architects of the new energy consumer.