Report: "Texans Prefer Large Retail Electric Providers"
Market Strategies International-Morpace issued a report stating that, "two out of three (62%) Texans prefer large, trusted and financially stable retail electric providers (REPs) over smaller REPs that typically rely on low rates to attract customers."
"Additionally, most customers don’t use online electric-rate shopping tools. This means well-known large REPs have a significant competitive advantage over small- and mid-sized REPs with weak brands," Market Strategies International-Morpace said in its annual "Cogent Reports Texas Retail Electric Provider Brand Trust Study by Market Strategies International-Morpace."
"The days of ‘set a rate and wait’ are over for the REP market. Texans are experienced shoppers who already know what brands they can trust to offer great products and service," said Chris Oberle, senior vice president of Energy Research at Market Strategies-Morpace.
"Online shopping tools ... are a smaller part of electric shopping than expected," Market Strategies International-Morpace said
"Texans use Power to Choose most, but only 26% use it and fewer use any other available online shopping tool," Market Strategies International-Morpace said
Market Strategies International-Morpace said that it found usage of online shopping sites as follows:
Do not use online shopping sites 51%
Power to Choose 26%
Save on Energy 13%
Texas Electric Service 7%
Texas Electricity Ratings 7%
Electric Choice 6%
Source: Market Strategies International-
Morpace. Cogent Reports.
Texas Retail Electric Provider Brand
Trust Study: Q3 TTM 2018.
The Texas Retail Electric Provider Brand Trust Study measures Brand Trust among Texas retail electric provider customers by surveying 5,462 customers across 43 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, Market Strategies International-Morpace said