Reducing customer "offer fatigue" with utility product suite
Ricoh Production Printing Solutions has launched a customer marketing suite for utilities to better target, retain and engage with customers. The company is calling the suite an "industry-first offering of behavior-based predictive models designed to optimize marketing budgets and improve how utility companies communicate with their customers."
The product suite takes advantage of actual utility customer data from multiple sources to create a standardized set of algorithms that allow utility marketers to target customers with the highest propensity to respond to various marketing communications - for example, electronic adoption, renewable energy adoption, equal pay, usage, late pays and attrition.
With these predictive models, utility companies can reduce the amount of "offer fatigue" consumers often feel from their service providers. Predictive modeling allows marketers to see who within their portfolio is not likely to engage with an offer, thus enabling the company to exclude those particular customers from receiving a message. With the ability to identify specific, receptive audiences, utility companies can develop campaigns that maximize results while optimizing their marketing budgets.
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