Spending by U.S. utilities on customer engagement solutions is expected to increase in coming years
A new report from Navigant Research analyzes the key market drivers and inhibitors related to utility residential customer engagement, providing case studies, profiles of major players, and best practices for utilities and their partners.
Customer engagement has become an increasingly complex business process for utilities, and changing tools for engagement, such as online, mobile, and social networks, create a myriad of choices for stakeholders seeking to meet current customer expectations. The days of a once-a-month bill have morphed into potentially ongoing conversations and numerous points of contact that utilities need to strongly embrace and exploit. Click to tweet: According to a new report from Navigant Research, providing digital self-service tools through web portals and mobile applications, and targeting customers through energy management programs with enhanced personalization, are among best practices for utilities.
“Today utility customers expect much more from their utilities than just electrons—they want to know more details about their energy use, how they can reduce their bill, and to be environmentally friendly,” says Paige Leuschner, research analyst with Navigant Research. “To meet these changing expectations, utilities need to engage customers more proactively and in ways that customers want to be reached, like mobile apps, self-service portals, and social media.”
Given new engagement pressures, spending by U.S. utilities on customer engagement solutions is expected to increase in coming years, growing from $636 million in 2016 to $774 million in 2022. However, from an operational standpoint, investing in self-service tools via the web or mobile apps can help reduce call center traffic, saving money in the long run and sometimes serving as a better alternative for customers.
The report, Residential Customer Engagement, examines the key market drivers and inhibitors related to utility residential customer engagement. The report highlights several case studies where utilities are providing the additional tools and communications pathways customers expect today. Some of the major players that aim to support enhanced customer relationships in the utility customer engagement space are profiled, including telecommunications providers, broadband companies, home security providers, tech companies, distributed energy resources (DER) vendors, and others that solely serve utilities. The study also provides a set of best practices for utilities and their partners as they navigate this changing customer engagement landscape. An Executive Summary of the report is available for free download on the Navigant Research website.
Contact: Lindsay Lorenz
* The information contained in this press release concerning the report, Residential Customer Engagement, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.