Good design is good business. Monetary benefits of good design in product, service, and organization are comprehensively captured in this study by McKinsey. Analysis of data from 300 publicly listed companies over five years proved that companies that inculcated good design experienced 32 percentage points higher revenue growth and 56 percentage points TRS (total return to shareholder) growth than industry counterparts.
A deregulated energy and utility sector is not insulated from the effect design can have on its revenues. Since the release of this study in 2019, customers have increasingly experienced personalization from brands in the retail sector. They are accustomed to relevant, contextual communications from companies, a seamless buyer journey, and convenient experiences. Small bumps in the journey make a big difference in the overall experience. Consumers have many choices, and they will go for companies offering the best experience.
In the energy & utility sector, chances of interacting with the customer are few. A majority of times, it is during purchase, termination of services, and bill payments. Companies can maximize these moments with personalized marketing, an uninterrupted buyer experience, and seamless customer support. It requires good, compliant design across all levels of the product, service & organization.
We understand that demographic profiles of energy customers cover a vast spectrum. Sales and after-sales services must cater to all age groups above 18 years old, illiterate, highly educated, and people belonging to different ethnicities. In this challenging sales cycle, a customer’s conversion often hits dead ends with third-party verification (TPV) services. Tedious processes, improper verification, change of heart, loss of connectivity are some of the reasons we lose sales at this stage.