CAMBRIDGE, Mass.--(BUSINESS WIRE)--Large retail electric providers in the Texas market enjoy higher-than-average Brand Trust from their business customers, announced Market Strategies International. These retailers, which serve over half of the business market, also see strong loyalty from their customers, showing that investing in brand yields a return in customer retention.
Now in its third year, the 2018 Utility Trusted Brand & Customer Engagement™: Business, a Cogent Reports study by Market Strategies International, assesses Texas businesses’ experience with their retail electric providers and transmission and distribution utilities. The study provides key insights and performance trends for businesses’ brand trust, product experience and service satisfaction with their retailer and electric utility.
The study also shows a strong correlation between businesses’ level of brand trust in their retailer and their willingness to recommend their retailer, showing that not only are businesses with high trust much less likely to switch retailers, but that they’re also more likely to help retailers acquire new business through word of mouth. Some of the large providers that rank above average are Ambit Energy, CPL Retail Energy, Direct Energy, Green Mountain Energy, Reliant Energy and TXU Energy.
|Brand Trust score||Would not switch to another|
|range||retail electric provider for any||Likelihood to recommend|
|(0–10 scale)||cost savings||(mean, 0–10 scale)|
“It’s clear from our findings that retail electric providers can create a competitive advantage by investing in creating strong brand connections with their business customers,” said Chris Oberle, senior vice president at Market Strategies International. “We know from our research that trusted brands create more loyal customers who want to use more retailer offerings. So, the larger electric providers are in a position to build financial value by tracking their Brand Trust performance.”
About Utility Trusted Brand & Customer Engagement: Business
Market Strategies conducted surveys among 10,031 business electric and combination utility customers of the 60 largest US utility companies (based on customer counts). Utilities are given equal weight to balance the influence of each utility’s customers on survey results. Market Strategies will supply the exact wording of any survey question upon request.
About Market Strategies International
Market Strategies International is a leading provider of research and consulting services to utility management, trusted by the world’s most successful organizations to help them thrive. We blend primary research with data from our syndicated, benchmarking and self-funded studies to provide clients with exceptional research insight that helps solve their challenges. Our research specialties include brand, communications, CX, product development and segmentation. Our syndicated products, known as Cogent Reports, help clients understand the market environment, explore industry trends and monitor their brand within the competitive landscape. Founded in 1989, Market Strategies is one of the largest market research firms in the world. Read Market Strategies’ blog at FreshMR, and follow us on Facebook, Twitter and LinkedIn.