Instilling customer loyalty has been a struggle for utility suppliers for some time. Consumers are consistently offered better deals to switch. In fact, by switching tariff once their existing deal comes to an end, consumers can save up to £150. Meaning, consumers are essentially being rewarded for lacking loyalty and going elsewhere for their utilities. This, combined with the fact that many are becoming increasingly selective when it comes to who they buy from, is resulting in a challenging landscape for suppliers to improve customer retention.
When it comes to instilling loyalty, competitive pricing and good customer service is a given and will always be key determining factors when it comes to selecting a supplier. But there are other factors that are also becoming more and more important, such as aligning with brand values, ensuring your business practices are ethical and offering perks/loyalty schemes, that providers should absolutely have front of mind when developing their customer retention strategies.
Ello surveyed over 2,000 UK consumers to uncover how valuable a loyal customer is to a utility supplier over the course of their lifetime, gaining insight into what sways their purchasing decisions and the key factors influencing them to stay with their existing supplier.
We also honed in on key differences between various demographics, surveying Gen Z, Millennial, Gen X, Boomer and the Silent Generation to help utility suppliers make more informed decisions when creating targeted and personalised loyalty strategies for their customers.
Download our research report below.