Utilities around the world are planning or deploying massive customer engagement initiatives, and for good reason. Customers in the U.S. currently spend less than seven minutes each year interacting with their utilities, and persistent deficits in customer engagement can become a major liability. According to J.D. Power, disengaged customers are less satisfied with their utility service, and low satisfaction correlates with reduced operating margins.
Successful customer engagement creates significant value for utility shareholders. Opower has developed a business case framework to quantify potential benefits of customer engagement through cost savings across various areas of utility operations. This whitepaper identifies the value of customer engagement, including:
- Lower customer acquisition cost
- Reduced cost-to-service
- More cost-effective, scalable energy efficiency
- Increased adoption of demand response
- Increased competitive market performance