According to a recent investigation by The Competition and Markets Authority (CMA) into the trading practices of the UK’s ‘big six’ energy firms, 95% of dual -fuel customers would have saved money by switching tariffs or suppliers. The findings of the investigation highlight that on average a customer could have saved an estimated saved up to £234 per year by switching suppliers. Rewarding customer loyalty is a well-known practice in business, but in this instance the UK’s major energy suppliers are rewarding disloyal customers with lower tariffs – and it’s fascinating.
As producers of components for power generation and distribution, we know the energy sector well and the findings of the investigation have come as somewhat of a surprise to us. This is especially true of the rating of the major energy suppliers’ customer service as ‘relatively poor’.
Due to the competitive environment in which we operate, we understand the importance of not only a high quality end product, but also the value of an all-round outstanding customer experience. For example, take the power generation sector itself. There are a variety of metal forming techniques and options on the market that could produce power generation components, however it is our strong customer service and willingness to go the extra mile combined with our precision cold forming capability that has earned our customers’ loyalty and leads to them returning time and time again. Unfortunately for the big six energy suppliers, this appears not to be the case.
So what’s a person to do? Well, we believe that customer loyalty still has an important role in the business world and should be rewarded, but if your loyalty is not being recognised it may be in your best interests to research alternative energy supply and tariff options to find a provider that better suits your needs and budget.