Perhaps it’s the cold snap, or the financial squeeze but energy switching is back!
Almost a third (28%) of billpayers have switched energy provider in the last year, with more than half (51%) stating price as the main reasons for seeking a new supplier.
That’s according to new data released by ResQ – an outsourcing company that works with energy providers.
Apart from money, a major driving factor in swapping was seeking a better customer experience – responsible for 39% of all switches.
This included; better customer service (14%), renewable energy commitments (10%), friends and family recommendations (6%) and dissatisfaction with current supplier (5%).
Looking ahead, while price reductions were cited by 81% of respondents in their top three switch influencing factors, 35% stated improved quality of service, 33% ease of switching process and 30% also noted the reputation of the provider.
Debt fears
Some 40% of customers were worried about falling into debt this year and, less than a quarter believe energy suppliers are doing enough to support struggling customers.
When asked what support they would find most helpful, 46% wanted proactive communication on account surplus built up through higher direct debits in low-use months.
Repayment holidays and access to budgeting tools, were also asked for.
Gill Marchbank, CEO at ResQ said: “We are entering what is likely to be a very difficult winter for many customers with price inflation continuing to put upward pressures on basic needs like heat, light, and food.
“These findings reveal a clear pathway for suppliers to follow in their bid to improve customer satisfaction and retention.”
