The customers of today are a completely new breed. They think differently, act differently and perceive situations also differently. Digitally savvy customers also ride high when it comes to expectations in a deregulated market. Operational efficiency at optimal costs is what they assert. That is why, customer service is a default expectation for them, and they seek even better and more personalised services, which appear a given to them.
The realities of customer loyalty confronting today’s businesses are, without a doubt, formidable. Customer acquisition expenses continue to be high. And, so are the opportunity costs, which are lost when customers exit. However, one good news is that the retention costs are comparably low.
In today’s world, the opportunities of digital conveniences are vast and in such a scenario, along with emerging social engagement techniques and advanced analytics, frictionless and personalised customer experience can actually seem a possibility. The customer journey in such a scenario can become a sum total of varied individual touchpoints.
A digital approach provides efficient integration of social engagement, omnichannel experiences, and emerging technologies.
However, a strong digital strategy certainly calls for leveraging technologies and services. Digital tools and platforms can be effortlessly embedded with self-service analytics when it comes to adapting to individual business processes. In this respect, the Internet of Things and machine learning can define evolutionary customer experiences and enhance operational efficiency for the end-user.
Companies of this era must re-define day-to-day operations in an approach, which enables products and tools at every customer touchpoint, along with the process stages, in generating action-inducing insights. Simultaneously, digital governance will pertinently need to balance the emerging opportunities and even undertake the risks that are involved to establish clear-cut and transparent accountability for digital policies, strategies, and standards.
Today’s times are different, unbridled and unpredictable. And the rules of this exciting era are different, with newer nuances to handle, smarter problems to tackle and greater conveniences to offer. This is one age that brings together the new-age energy consumers, complex models, volatile marketplaces, and smarter workforces. And the only constant factor in it all is that, the curve keeps changing and turning. As consumers become more selective prosumers, the providers need to nimbly transform the processes and models. A digital transformation provides utilities much faster and more convenient self-learning agility in order to keep pace with ever-altering customer and market demands.
The icing on the cake is that a well-chalked out social media strategy can boost utilities, analyse customer sentiments effortlessly in real-time, and drive home sustainable outcomes.