People want a good deal, and aren’t afraid to shop around to find one. As such, it should come as no surprise that recent research into customer loyalty by ELLO Media revealed that more than a quarter of UK consumers feel no loyalty to utility providers, with over one in five switching their provider over the past year.
Traditionally, customer loyalty has never been high on the agenda for the industry, with price often, if not always, taking precedence. Competing on price alone, however, can be a risky premise. Not only does it restrict margins, but it also incentivises consumers to keep switching providers again and again, while brands end up losing sight of the value of a loyal customer.