How Experiences are Transforming Energy

By Melissa Leon, Lead Senior Solutions Consultant Manager, Energy Practice with Medallia

What does Customer Experience Management look like in the energy industry?

Experience Management is the next step in the evolution of the Customer Experience (CX) – the 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.

Factors to Consider for Effective Experience Management

 
  • 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.

CX KPMG

Experience Management is the Key to Success

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.

The Importance of the Customer’s Voice

voice of customer business to business
By: Melissa Leon, Sr. Solutions Consultant, Energy Vertical for Medallia

In today’s environment, surveys are everywhere. You receive them from airlines, restaurants, grocery stores, and in some cases even at your work from vendors. But, for some reason, it’s still a rare sighting to see a B2B organization take their customer’s voice seriously. 

Why don't B2B companies take the customer's voice seriously?

Consumer marketing spends so much on market research because, simply, marketing is so costly – they have to ensure their success. Consequently, B2C companies are swimming in customer data. In B2B, the stakes are higher and marketing typically just means awareness or market research.

Market research is simply seeing if your marketing is working. But what about the rest of the organization? Companies don’t have near the customer intelligence to make operational and systematic decisions, because traditionally they don’t think they have to.

Yes, all companies vouch for their customer-centricity, but are they really?

5 benefits of a VOC program

Here are 5 benefits to implementing a Voice of the Customer (VOC) program that will enable you to listen to your customers better in a B2B environment:

1. Lead in Brand Integrity:

It’s about the integrity of your customer experience. This customer experience becomes your brand and, if not managed properly, can make or break you in a world that can behave like a B2C. Your consumer’s smartphone and word of mouth can be your organization’s biggest strength or your biggest weakness.

2. Open Communication:

In B2C, consumers call a company’s call center or post on social media to recall their latest experience with a brand. In B2B, customer communication can get stifled at the account manager level – or worse – not get to anyone at all. It’s harder for a customer to know who to talk to to ensure what they need done immediately, is in fact completed to their satisfaction. VOC provides a direct pipeline not just to sales, but to the rest of the organization, which is a key differentiator for your customer.

3. Proactive Initiative:

Market research is reactive. Typically it’s done every 2-3 years and sample sizes can leave something to be desired for someone on the line making big business decisions. After a few months, following up is no longer an option because it is simply too late. With VOC, customer data is collected in real-time, piped to the right players in the organization and quickly acted on. Most within 24 hours. Imagine the changes and decisions a company can make with that stream of intelligence!

4. Perfected Calibration:

Tune in. Gain the ability to quickly calibrate your offering, product, customer experience and marketing with customer intelligence.

5. Unrivaled Trust:

In B2B, relationships are king. When customers talk to you, they assume you are listening and thus feel heard, understood and consequently, valued. They trust you understand them. You are creating engagement just by listening.

Only VOC for B2B will tell you if your business decisions and investments are accurate, you’re living up to your brand promise, and are truly driving value in the eyes of the customer.

Read the full article from Medallia here.