The influence of customer engagement
As midnight strikes on 1 April, there will be an estimated 1 million eligible customers who will be able to switch water suppliers, for the first time, to associate retailers and new niche entrants.
Analysts are expecting this to create the biggest retail water market in the world with 25 retailers competing for market share.
With the wholesale price regulated, margins are expected to be on average 2.5%. This is expected to place pressure on retailers to find other ways to attract and retain customers.
Key differentiators that influence success
Innovation, customer service and improved customer engagement will be key success factors together with advisory services on how to save water and reduce costs.
Making the best use of customer data will also be a key differentiator and factor for success. It will allow retailers to gain a greater understanding of their customers and combine customer data and content to communicate with their customers on a more personal level. This will deliver improved customer engagement and allow retailers to align new services, promote bundled deals and deliver greater value.
We are very aware that the ability to track customers and their communications across all channels and present a single customer view is the dream of most marketing and customer service teams, particularly when focussed on the attraction and retention of customers. The benefits of a 360-degree view are well documented, but worth reinforcing – improved customer experience, higher customer engagement, greater customer retention and higher conversion rates.
To achieve this dream, it is important that you have a marketing distribution platform that can support every customer touchpoint both on and offline and combine content with customer data and integrate channels, communications and systems. This is no longer a pipe dream, but a reality and will soon become a necessity.
To find out more and learn how we have helped other organisations please contact us for an informal chat.
Read our South West Water UX case study.
Blog author: Jonathan Astin, Business Development Manager at CDS.
Spotlight on... the print supply base
Wider public sector organisations seeking an effective print and digital solution and requiring continued access to key print suppliers read on.
Faced with numerous routes to market, which is best for us?
Wider public-sector organisations with a print and digital solution requirement and unsure what to do and how to put in place a quality formal arrangement, look no further
Deep thinking at Think Digital Government 2017
Listening to September's Think Digital Government conference reminded me of the old adage... if you want to catch big fish, you have to sail into deep water.