CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cogent Reports™ announced today that Texas Retail Electric Providers (REPs) have a Brand Trust level of 748 (on a 1000 point scale), a good initial score for these retailers. The top four providers have an even higher combined average Brand Trust score of 752. The top four providers, Ambit Energy, Bounce Energy, Champions Energy Services and StarTex Power, are also named Texas Retail Electric Provider Most Trusted Brands, according to the survey.
But not all REPs in the state have high trust levels among their customers. The survey shows a very large 200-point spread between the highest- and lowest-scoring providers.
“We know that brand trust is the basis for market share growth as customers are not likely to do business with retailers they do not trust,” said Chris Oberle, senior vice president at Market Strategies International. “Customers also tend to be loyal to companies they trust and are also more likely to recommend those companies to others. And customer loyalty increases financial returns for these electric providers.”
This is the first time retailers have been benchmarked on brand trust in the Texas market, the largest deregulated electric market in the country. Another finding shows that REPs that have been able to position themselves as trusted providers also have higher customer engagement ratings. This means that REPs will be more effective at offering other value-added products and services to their customers.
“It is clear that after over a decade of deregulation and electric choice in Texas, retail electric providers have built brand images in the market. And some of these brands are more trusted by consumers than others are,” Oberle added. “Consumers should only select an REP with high brand trust, as that provider will be more financially viable and they can count on it to be good to its word on the promises it makes.”
About the Report
Market Strategies interviewed a sample of 878 Texas electric consumers aged 18+ in November 2015. Respondents were recruited from the Research Now opt-in online panel of US adults and were interviewed online. The data were weighted by age, gender and race to match the demographics of the Texas population. Due to its opt-in nature, this online panel (like most others) does not yield a random probability sample of the target population. As such, it is not possible to compute a margin of error or to statistically quantify the accuracy of projections. Market Strategies will supply the exact wording of any survey question upon request.
About Market Strategies International
Market Strategies International is a market research consultancy with deep expertise in consumer/retail, energy, financial services, healthcare, technology and telecommunications. The firm is ISO 20252 certified, reflecting its commitment to providing intelligent research, designed to the highest levels of accuracy, with meaningful results that help companies make confident business decisions.
Market Strategies conducts qualitative and quantitative research in 75 countries, and its specialties include brand, communications, CX, product development, segmentation and syndicated. Its syndicated products, known as Cogent Reports, help clients understand the market environment, explore industry trends and monitor their brand and products within the competitive landscape. Founded in 1989, Market Strategies is one of the largest market research firms in the world, with offices in the US, Canada and China. Read Market Strategies’ blog at FreshMR, and follow us on Facebook, Twitter and LinkedIn.