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.
Blog author: Jonathan Astin, Business Development Manager at CDS.