- A quantitative assessment of the key global price-related consumer trends and the impact they have for utilities
- Detailed value-added analysis of extensive primary research across eight countries in Europe and the USA
- A market-specific assessment of three major customer types in terms of switching, product uptake and price sensitivity
Price drives switching but only when the utility has a recognized brand. However, even when a 10% savings incentive is offered, consumers tend to be ambivalent about switching.
In an effort to keep things simple, convenience consumers are less likely to switch if they are unsatisfied with the service. Whilst, on average, 46% of the general population would switch if they were unhappy with their supplier, a smaller proportion of convenience consumers would do so with the majority, 47%, opting to complain instead.
The report segments consumers across the eight countries using a unique price consciousness index. Consumers are classified into low, moderate and high price sensitive bands enabling the marketing, customer service and brand departments of energy suppliers to better understand consumers' behavior.
- Understand the motives driving customer attitudes to price and be in a position to better meet needs and so increase retention and acquisition levels
- Fine-tune marketing and advertising campaigns in light of growing price-related, global consumer trends
- See how perceptions of service, choice and brand affect customers' relationships to price and develop products that will appeal to them directly
Consumer attitudes to price are both diverse and complex. Although competitive tariffs and savings will attract certain customer types to utilities, the importance of brand, product range and service cannot be underestimated.