The CX Factor: How Experience Management is Set to Transform the Energy Industry
Customer Experience Management is the next step in the evolution of this customer/employee partnership in the energy industry. It empowers energy companies by delivering a rich array of feedback you can use to anticipate customer and employee needs, address emerging issues, head off potential problems, and measurably improve performance — all the way up the value chain. As a technology it de-silos organizations and activates the workforce, and demonstrates the transformative value of customer and employee intelligence at all levels of an organization.
The energy industry however, presents its own set of challenges that must be considered before laying the groundwork for an effective Experience Management program.
- Focus on personal relationships: The ways in which you collect customer feedback must be consistent with the high-touch relationships your customers have come to expect. Find out more about Medallia for B2B.
- Facilitate knowledge transfer: As the energy industry leadership undergoes a changing of the guard, it is more important than ever to have a sustainable way to measure and document customer relationships and ensure that knowledge is transferred effectively to new teams coming on board with a customer. Find out more about Medallia for Account Management.
- Manage customer churn: Relationships can be worth millions and with ongoing industry consolidation, customer retention is critical. Experience Management is meant to build a flow of customer intelligence that prevents churn by getting the right feedback into the hands of the right people in the organization to take action at the right time.
- Make it easy and field friendly: Energy field and account management teams are on the go and Experience Management programs must be mobile and user friendly. Your program should be easy to use and in step with today’s short and sweet, interactive world of social media. Anything less puts your program at risk of employee adoption failure. Find out more about Medallia for Digital.
- Increase business with existing customers: Unlike B2C where millions of individual customers are at your disposal, the energy industry has a limited set of customers. Maximizing wallet share is critical to growing your business. Experience Management programs must therefore not only surface issues among your customer base, but also present opportunities for you to win and grow additional business with your promoters.
- Engage your employees: Energy companies are fighting for talent in a world of sexier technology companies. How do you stand out, attract and retain top millennial talent? By engaging your employees, listening and acting on their feedback. Employees want to feel involved and heard, and energy companies can’t afford to assume they understand these unique needs anymore. Find out more about Medallia for Employee Experience.
In a cyclical industry like energy, investing in, and growing, a robust Experience Management program is critical to expanding market share, reducing operational costs while increasing operational excellence, managing customer churn, and achieving a distinct competitive advantage. Energy companies are looking for ways to differentiate — via amazing talent and satisfied, loyal customers — and effective Experience Management might be the very key to success.
Join us at Experience ‘19 to hear how diverse organizational functions and industries are optimizing customer experience management solutions for success.