There’s been a lot of news about using IoT devices to reduce costs; however, uptake has been slow due to the expense of implementation and the dearth of data scientists and analysts. There are 14 states, primarily in the Northeast and Atlantic Coast, including Washington D.C. with deregulated electric markets.
Energy management has been around as long as deregulation. Small, medium, and large enterprises can benefit from the economies of scale that can be gained by buying energy in bulk across multiple states.
If you are buying energy for your business in a deregulated market, an energy management consultant can help you reduce your spend by 20 to 40%. The consultant will begin by obtaining your utility bill and analyzing how to improve the price you are paying. This includes evaluating market conditions, discovering risk tolerance, and determining your real business needs.
When energy markets begin trading, your consultant will arrange a competitive auction to determine the most competitive price, the best supplier, and the optimal terms which will result in the best energy solution for your organization.
Having worked with hundreds to thousands of clients, energy consultants are able to identify efficiencies that those not dedicated to energy management are aware. You remain active in the energy market determining the best times to buy for the optimal efficiency and cost savings. All of this is tracked versus your budget with ongoing reports of budget versus actual.
Taylor Consulting and Contracting have been providing energy management services with impressive results:
- A collection of Dunkin’ Donut franchises in six states have saved 15 to 20% annually for six years over what they were able to buy electricity for individually.
- More than 4,000 Boston SMEs have joined Boston Buying Power (BBP) and enjoyed 50% savings during the 2014 polar vortex, and more than 100% versus the market-based price of electricity.
- Independence Blue Cross of Pennsylvania has saved 50% on their electricity over the past five years since Pennsylvania deregulated electricity.
Technology, and data, is enabling companies of all sizes to reduce their energy spend. You don’t have to wait to employ IoT to enjoy the savings.
According to Gartner, 64% of people say customer experience (#CX) is more important than price in their choice of a brand.
According to American Express customers are willing to pay 17% more for a good customer experience.
Forrester found that 80% of companies say they deliver superior customer service. However, only 8% of people think these same companies deliver customer service worthy of a superior rating.
What kind of customer experience are you providing? Have you asked your customers? Have you asked your employees? Engaged customer-facing employees have a better idea of the customer experience than non-customer facing employees. Disengaged employees don't care.
How do your customers define an acceptable, unacceptable, and outstanding customer experience? Ask them. That's the only way you'll ever know.
Talk to your customers to let them know you care about what they think. They'll be amazed that you care about them as individuals.
Recognize employees who provide an outstanding customer experience so other employees will know what you value - beyond revenue.
If you address a customer's concern, they're more likely to stay with you than a customer who never complains.
Save a customer time, make their life easier and you'll earn a customer for life - and probably reduce your marketing budget.
Great insights from Bruce Temkin and Temkin Group with the following statistics from "ROI of Customer Experience 2015" which looked at the connection between customer experience (CX) and loyalty for 10,000 consumers and 300 companies across 20 industries.
- 87% of consumers who give a high rating for emotion were likely to make multiple purchases, compared to 13% who gave a low rating.
- 76% of consumers who gave a high rating for emotion were promoters compared to six percent who gave a low rating.
- 63% of consumers who gave a high emotion rating were likely to forgive a company's mistakes compared to 11% giving a low rating.
The findings from Temkin Group are reinforced by findings from Forrester:
- CX leaders grow revenue three times faster than CX laggards. On average the eight CX leaders had a compound annual growth rate (CAGR) of15% while the laggards grew at an average of 2.5%.
- Companies with superior CX can charge more for their products and services. This is especially true for customers who rate an experience as "outstanding."
- Superior CX drives customer loyalty and purchase intent. When customer has a good experience they'll tell their friends about it - in person and online, they'll spend more with you and be less likely to move to a competitor if you have a hiccup in service.
I've written numerous posts of the need to create an emotional connection to the brand.
I've worked with companies where the SaaS customers were not engaged with the brand and renewal rates were dismal. I've worked with a professional services who was much more concerned with sales than customer sat, CX and retention with similar results.
You need to establish a two-way relationship, ideally a dialogue, with your customer where you are learning what's important to your customers, while at the same time convincing them of your commitment to meeting their needs. The more you learn about customers' needs and wants, the more you'll be able to make their lives simpler and easier which will lead to a "customer for life."
The more you establish an emotional connection with your customer, and provide a solid CX, the more loyal they will be, you'll see less churn, and greater revenue.
As more companies learn about the positive ROI in engagement and CX, perhaps they'll reallocate their marketing spend from lead gen to customer retention?
What are you doing to enhance the emotional engagement and CX of your customers with your brand?