An Oliver Wyman utility client states that happy customers lead to happy regulators, which in turn leads to happy shareholders. For utilities that serve the customer well, there are $5 billion of incremental earnings in play across North America, clearly a pool that would be beneficial to tap into.
However, tapping into this pool is not as easy as it seems. Utility companies are faced with an obstacle: The Wrath of the Customer. Involved and engaged customers impact regulators, which results in an element of risk for future earnings growth. Utilities must take an in-depth look at the consumer purchasing experience and the reputation of their brand.
The connection between the customer and utility performance is real and significant. Based on an Oliver Wyman conducted analysis of customer experience, branding, customer satisfaction and reputation among North American Utilities, it was found that it pays for utilities to focus on providing a superior customer experience and branding.
