Low prices and slim margins– this is where analysts are predicting electricity providers are headed. To consumers, one utility provider’s kilowatt-hour is the same as one from their competitor; it becomes a better kilowatt-hour if it’s cheaper and their bills are lower.
After 5 years of working with some of the largest utilities companies in the world, we are sharing what we have learned about enterprise mobile strategy and digital transformation in this exclusive webinar to help utilities companies jumpstart their own innovation processes. Real-world case studies focus so on how companies need to innovate to survive, and respond to the dynamic needs of consumers.
With a specialty in user research and user-centered design, Jared Huke, our Chief Design Officer, is uniquely positioned to share his knowledge. He’s worked on mission-critical operations applications, as well as revenue-generating consumer-focused applications. His unique expertise in design and futurist focus help utility companies catalyze their own innovation processes.
But how will this affect your business and revenue goals? View our webinar replay of ChaiOne’s Chief Design Officer Jared Huke as he discusses where organizations may be missing out on revenue from mobile tech.
The companies who don’t focus on innovation are condemning themselves to a downward spiral of profits, constantly trying to outdo each other with new and more drastic price reductions. Capital expenditure budgets get zeroed out, along with the research and development advancements that they bring.
In five to seven years, these companies won’t exist. The companies who will are the ones who realize that the kilowatt-hour is only one part of their product. They are actively transforming into a service. Utility companies are no longer just “providers”; they’re a full service organization for energy needs. Providing the kilowatt-hour is just one part, amid fulfilling other key needs:
- Educate. According to Accenture, 52 percent of businesses in non-competitive markets and 37 percent of those in competitive markets said that they wanted more information about energy conservation and management from their utility provider.
- Manage. The smart home has arrived, but not all utility providers have recognized the opportunity. Utility companies can make this technology more possible for consumers by providing a platform for connectivity to their various connected devices, integrating their own smart meters into the existing platforms, or even going as far as leasing out connected devices to consumers.
- Connect. During times of crisis, responding to the situation is obviously important, but reassuring your customers that you are responding to the situation requires a massive effort without tech advancements. Mobile and social media are the channels of choice for consumers; mobile traffic to one utility providers’ website rose 16,000 percent during Hurricane Sandy and the company was able to provide vital information to those customers.
- Anticipate. Most companies optimize the mobile experience for customers, then fail to connect that experience all the way through to the full service design, especially when it comes to calls to the help line or visits with service technicians. How frustrating is a four-hour window for a busy professional?
When tapping into these opportunities, many companies fail to realize that it’s not mobile-first anymore. It’s user-first. Make the entire experience seamless for your users by enhancing their current customer journey, rather than forcing them to change their existing behavior. This is how you create the stickiness and brand loyalty that is so hard to find in today’s brand environment.
Coming to these insights requires a deep understanding of customer needs and demographics. How can you be user-first if you don’t first understand the users? This depends on a robust and scientifically sound user-centered design engagement. Go beyond customer surveys or employee observations. Follow your customers in the store. Interview them. Research them. Develop personas to understand who, exactly, are your current core customers, and what they are thinking, feeling, and doing when they interact with your brand. Map out their frustrations and find a way to simplify that process leveraging technology, which may include a mobile solution, but may not. Let your customers tell you, indirectly, through your research.
Don’t view digital products as more opportunities to bombard customers with opportunities to engage. View digital products as your avenue to simplify their experience. Buying any product or engaging with a brand is an inherently complex and frustrating process. Understanding customers’ needs through user research can distill that complexity, and help you simplify your customers’ experiences.
This webinar will focus on how utilities companies can use mobile transformation as the foundation of their innovation, with practical and straightforward recommendations on how to implement an innovation strategy that generates actual business impact. From helping consumers manage the smart home to streamlining all of your communications processes, the opportunities for the utilities industry are there. It’s just a matter of creating the foundation and culture, and knowing how to innovate.