Last January I posted a blog directed toward the Retail Energy industry titled “Your New Year’s Resolution – Customer Retention.” Back just 12 months ago, retention was not a priority for many Energy Service Companies (ESCOs ) – in fact one CEO of a mid-sized ESCO thought that customer retention was a waste of money. Well, all of this changed when the industry experienced the Polar Vortex, or as one of my friends in the industry called it “the winter of discontent.”
As temperatures plummeted across the United States and prices skyrocketed, the industry had changed forever. This change has forced ESCOs to become smarter marketers and brought a new found light on data analytics to understand who your best customers are, acquisition strategies beyond selling price, new partnerships to evolve product offerings and customer retention. Yes, 12 months later customer retention is more important than ever. Customers are a bit jaded after this past winter, and you need to invest in them because, without a committed customer base, they will leave you for someone else.
Last January, I was urging ESCO executives to not ignore those customers you worked so hard to acquire. In fact, I beat this drum all year long as at the Energy Marketers Conference in February and again in September at the Retail Energy Conference.
So as you look to 2015, make sure you have allocated resources to retaining those customers that you have worked so hard to acquire. Remember there is a reason why they selected you as their provider of energy, now make sure you remind them of that and make that relationship mutually rewarding!
To read my post from January 8th 2014 click here. Or, to hear in detail about customer acquisition and retention strategies check out the video from our presentation at the Retail Energy Conference in September.
Have a safe and happy holiday season!