Today’s competitive business environment requires suppliers to set themselves apart from the competition. The best approach to remaining competitive is by developing incentives that encourage customer loyalty. There’s a distinct difference between client satisfaction and client loyalty. Loyalty is mainly driven by customers’ perception of a company’s convenience, value, trust, and quality.
Reward programs are an excellent way for utility firms to build brand loyalty and remain competitive. Such initiatives are even more critical in retaining millennials because they quickly change providers to receive better service or value.
Are you already a part of the Indra Energy My Energy Perks®? If you’re not taking part in our program or you are considering making a change, here are the benefits of these types of programs.
Many suppliers offer discount cards or vouchers applicable to different non-energy areas of spending. For instance, you can use My Energy Perks® for dining at some of your local and national restaurants or for a car rental on your next vacation. There are over 500,000 ways to use our rewards.
Many companies that run such deals will require their clients to sign up for a contract for a certain period of time. The amount of value you receive can vary based on several factors.
Some suppliers have incentives that help customers get better service if they consider them. If upgrading service is one way to lower your electric bill, this type of incentive is worth considering. While this is the case, utility firms should strive to ensure that the loyalty programs aren’t unreachable. Although many companies want to create programs that seem challenging, it’s essential for participants to feel like they’re receiving rewards regularly.
Suppliers should strive to offer loyalty programs that offer strong emotional attachments with participants through increased service and personal recognition. Additionally, effective loyalty programs that result in customer retention should consider other aspects aside from low pricing to retain clients. Utility firms should understand their clients’ needs before creating rewards that appeal to them the most.
Are you planning to work with a company that can offer you rewards for your loyalty? At Indra Energy, we offer rewards that you can redeem and use for shopping, vacation, car rentals, dining, and other activities. Get in touch with our customer support for inquiries regarding our rewards.