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Countries covered: United Kingdom
UK suppliers have been focusing on winning former customers back, capitalizing on new suppliers’ poor service and failure to realize the savings promised. In doing so, suppliers are benefiting from the lower acquisition costs and the affinity to their former supplier. Scope: * Assessment of benefits of adopting a winback strategy for European Utility suppliers * Winback switching forecasts 2003-2007 for UK, Germany, Sweden and Spain * Recommendations for maximising the implementation of a winback strategy * Targeted survey of leading European Strategy Managers Report Highlights: The suppliers surveyed who have adopted a winback strategy had seen an increase in acquisition rates, reaching as high as 40% for some suppliers.The two leading triggers that suppliers state win customers back are prior customer service experience and price savings In cumulative terms, the number of UK customers who will return to their former supplier in almost ten years of competition will hit 6.7m. By 2007 a recovery in the winback strategy is expected to result in 7% of all switchers being won back compared to the 3% expected in 2003 for the German market. The issue suppliers face is not if but when and how much weighting should they provide in supporting a winback strategy. To implement a winback strategy, companies will have to adopt the three staged strategy: Ad hoc campaign; Cost-led winback; Value led winback Reasons to Purchase: * Understand the necessary implementation of a winback strategy * Learn from suppliers who are actively seeking customer winbacks * From forecasted rates of customer winbacks allow first pass estimates for allocation of resources to acquisition channels and strategies |
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