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Utility bills are amongst the most likely to be put off by consumers according to new research carried out by MORI on behalf of Xansa.
On a national level the delay in payment of utility bills means that the British public are estimated to owe utility companies more than ?1 billion - a major problem for the utility sector.
This situation has arisen in a stable economic climate. It is likely to get worse over the coming months with gas, electricity and water prices going up, rising interest rates and higher council taxes imminent.
A real challenge for utility companies
Xansa's survey shows an increasing propensity for customers to pay mobile phone, satellite TV and other bills before utilities. The result is that it's costing more than ever for utilities companies to recover debt.
Developing an arrears management strategy for today's market
Ian Staines, a director in Xansa's utility division, believes that utility companies are going to need to get a better understanding of their customers if they are to find the triggers that will prompt regular payment: "The survey shows that a one size fits all approach to chasing payment and recovering debt is not going to work. Modern consumers are individuals who respond to requests for payments in different ways."
"We believe that with better customer segmentation and the right type of communication at the right time, utility companies can build bridges with their increasingly diverse customer base. We have helped our clients recover debts they would normally have written-off by improving their use of existing customer data and helping them to talk to customers as individuals."
For more information or a copy of our research overiew please call Ian Staines, Market Development Director, Utilities Sector on 07720 898 854 or email us now at marketing@xansa.com.