According to a VoxGen poll of 2,000 UK consumers, customer satisfaction is a key influencer in the decision to switch utility provider. While competitive offers and tariffs continue to be high on the list of customer priorities, CSAT is not far behind.
We commissioned the study by market researchers at Vision Critical late last year amid the public debate around rising cost of living and higher energy/utility bills.
Almost 60% of consumers said an energy (OR utility) provider’s track record in providing high customer satisfaction levels would be highly influential on any forthcoming decision to switch providers. Importantly, only 5% said customer satisfaction history would hold no influence in their decision-making.
In comparison, 66% of the sample said offers and deals would be highly influential in their switching decision, with 4% saying it would have no influence. While tariffs and rates topped the board with 78% of people rating this as the highest influencer. 3% said tariffs and rates would have no influence at all.
This raises the question: what’s easier to sustain, lowest price or best customer experience? And more to the point, which is more detrimental to the bottom line?
As the utility markets become more competitive and price increases under scrutiny, utility companies need to make sure they don’t forget the importance of customer satisfaction on consumer decision to switch provider.