Personalized & Segmented Bonuses Offer Ways to Reduce Customer Churn in Utility Companies

    SAN MATEO, CA, June 19, 2019 /24-7PressRelease/ -- NextBee announced today their initiative to connect utility companies to their customer base on a more personal level while keeping costs lowered and the process more automated. The launch of their new Utility Customer Recognition & Rewards Program utilizes many of the cutting edge features that have kept NextBee at the front of the engagement marketing industry.

NextBee CEO Ashish Mohole had this to say, "Over the last several years numerous cities have introduced deregulated utilities, and this compounded with perceived customer service issues, flatline brand imaging, and a general lack of customer relationship has caused a growth in utility customer churn. Losing customers has many implications for utilities such as loss of revenue, loss of market share, further decline in brand imaging and increased threat of acquisitions to name a few. Moreover, it can cost 6-7 times more to acquire a new customer than to retain an existing one. Slowing and preventing churn is not a onetime activity but instead requires continuous personalized engagement. Our new initiative allows for segmenting of customers based on micro-patterning of data and then offering personalized incentives and bonuses to each member of the segment thus humanizing a brand but on a scalable level."

Deep Segmentation: Deep segmentation allows for not only a more personalized program but also for churn prediction analytics. By using information such as historical energy consumption, type of property, type of customer (i.e., residential, commercial or industrial), type of product, customer demographics, client interactions, social media noise, complaints, customer's sentiment score, etc. a churn prediction model can be created and used to tailor proactive offers and targeted campaigns for customers with high lifetime value.

Customizable Rules Engine: Using the segmentation data, utilities can now focus on high-value clients with personalized services, micro-campaigns or customized products/services which helps to retain clients (and lure new ones too).

Smart Incentives: Management can set limits, change tier reward point levels, give ad-hoc bonuses and adjust incentives overall from the micro-patterning data NextBee's community engagement engine creates.

Everything in the Utility Customer Recognition & Rewards Program is designed to create an engaging yet highly flexible environment which drives users to participate and creates higher overall customer lifetime values while building a more connected brand who is focused on customer connection and excellence.

In addition to this new initiative, NextBee is now also offering Engagement Program Consultations and has recently launched a new Security Compliance Assessment Service for Loyalty and Engagement Programs which allows for an evaluation of any weak spots in current loyalty or reward programs. Companies can register for these free assessments at https://info.nextbee.com.

You can also, join the online conversation on Facebook, Twitter and LinkedIn #NextBee

NextBee is a software company that creates cutting edge engagement programs via their AI and Machine Learning system. For the past 10 years, NextBee has delivered its technology as a service to the world. Our award-winning engagement marketing platform automates the full lifecycle of loyalty, referral and advocacy efforts with NextBee offering personalized solutions for integration, implementation and fulfillment services and the most robust project tracking and back-office administration functions available. NextBee delivers the engagement software solutions and support companies want at each step of their business' journey.

Media Contacts: Info.NextBee.com

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