Utility Spending on Customer Engagement is Expected to Grow From $636 Million in 2016 to $774 Million in 2022

Investing in self-service tools via the web or mobile applications can help reduce traffic to call centers, saving money in the long run

A recent 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.

Utilities and their vendor partners face ongoing challenges in deploying effective technologies and services aimed at improving customer engagement. Best practices for utilities seeking to improve their customer engagement game include updating web portals with energy-saving tools and customer-centric data, offering mobile applications to enable bill paying, and embracing social media channels like Twitter and Facebook to gain valuable and timely feedback—especially during outages. Click to tweet: According to a recent report from @NavigantRSRCH, utility spending on customer engagement is expected to grow from $636 million in 2016 to $774 million in 2022.

“Customer engagement used to entail sending a monthly energy bill, dealing with high bill complaints, and finding resolutions for customers experiencing power outages,” says Paige Leuschner, research analyst with Navigant Research. “Customers are now more proactive and expect more insight into energy usage.”

A diverse set of businesses, such as telecom providers, broadband firms, and security companies, now offer energy-related products and services, and this competition is motivating utilities to respond with better engagement strategies, according to the report. At stake is the highly valued customer relationship utilities enjoy; utilities failing to recognize the threat posed by these players do so at their own risk.

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 Funicello-Paul

+1.303.493.5477

lindsay.funicello.paul@navigant.com

* The information contained in this press release concerning the report, Residential Customer Engagementis 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.

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