Brave New World for Utilities

Accenture’s survey, Revealing the Values of the New Energy Consumer, offers four critical implications for utilities and electricity providers in the new energy marketplace. 1. Mine the data. Use analytics to make sense of diverse customer preferences, and then target groups with tailored value propositions and solutions. Data, along with the ability to manage and analyze it, may become the new core of competitive differentiation. It’s not just how many customers you have – it’s how well you know them.

2. Use the data to delight. Develop programs that cater to many different needs and values, with innovative offerings such as loyalty rewards and installation services. The traditional commodity service may become just one component of a whole range of services. It’s not just how well you keep the lights on – it’s what else you bring to the table.

3. Reach them with the tools they prefer. Adopt a cross channel approach to marketing, sales and service. Social networking, mobile devices and redesigned call centers – all can help to deliver a targeted, tailored message, and to manage customer segments more effectively. It’s not just about adding a Facebook page – that’s probably only the beginning.

4. Got a weakness? Fill it by collaborating. New, non-traditional entrants into the energy marketplace might be better equipped to deliver tailored products and services, all the while providing excellent customer experiences. Consider partnering with them to help engage customers, build trust, and drive growth in the beyond-the-meter market. Don’t stop at the customer – embrace and engage with new partners and potential stakeholders.

Photo credit: NRG Photos