Study Names Nine Most Trusted Texas Retail Electric Provider Brands
Market Strategies announced nine Texas REPs as Most Trusted Utility Brands for 2018, as part of its 2018 Texas Retail Electric Provider Trusted Brand Study, a Cogent Reports study by Market Strategies International-Morpace.
Market Strategies stated, "A significant highlight from the findings is that Texas REPs have developed customer trust to the highest level ever recorded by the study, and the level of loyalty has grown as well."
Market Strategies stated that Brand Trust scoring is based on Texas REP customer responses to questions that include brand health, service quality and value. The overall Texas REP Brand Trust score increased 17 points from last year, to 735 (on a 1,000-point scale), Market Strategies stated
Chris Oberle, senior vice president, Market Strategies International-Morpace stated, "[O]ur research shows that REPs with lower brand trust will be financially challenged, as they attract rate-shopping customers who are likely to leave them if they don’t continue to offer the lowest rates."
Below are the 2018 Texas Retail Electric Provider Brand Trust performances by customer trust level and REP size segment.
2018 Texas Retail Electric Provider Brand Trust Performances:
* Highest-scoring REP in segment
Most Trusted Brand = Top quartile of market on Brand Trust index score or within 20 points of the top scorer in ranking segment
Trusted Brand = 715 Brand Trust index score to Most Trusted Brand cutoff
Market share is based upon study respondent share
Customer Loyalty & Brand Trust Impacts On Likelihood To Switch
The study measured Brand Trust among 88% of the Texas retail electric provider customers by surveying 5,571 customers across 53 providers based upon a data-driven brand trust model. The Brand Trust model comprises nine factors: community support, customer focus, communications effectiveness, environmental dedication, local reputation, reliable quality, competitive rates, enhanced offerings, and billing and customer service. The study collects a demographically representative sample across all Texas service territories open for retail electric competition.