After years of consistently growing brand trust among their customers, trust in Texas retail electric providers (REPs) eroded in the first half of 2021 as winter storms left customers seeking support beyond standard service. The average Texas REP scored 739 on Escalent’s Brand Trust Index in the second half of 2020 thanks to the customer support REPs provided during the pandemic. In the first half of 2021, the score declined to 723 as customers were disappointed with some REPs on their support during the winter storms. These findings are from the Cogent Syndicated 2021 Texas REP Trusted Brand study, conducted by Escalent, a top human behavior and analytics advisory firm.
Escalent has measured customer trust of more than 50 Texas REPs since 2016 using the firm’s Brand Trust Index, which is a composite score of the full customer experience. While all Texas REPs perform extremely well on satisfaction with rate, billing and customer service, other factors have more impact on the brand strength and value of a REP.
Performance to customer expectations on community support, environmental stewardship, ease of doing business, being prepared for emergencies, and putting the needs of their customers first are qualities that build greater brand loyalty and customer attraction. Yet, these ratings are lower for REPs overall than service satisfaction and show clear differences between good and great REPs.
“The 2021 storms were a real test for Texas REPs in terms of how they support and relate to customers. And many providers were able to show true commitment to their customers and communities,” said Chris Oberle, senior vice president at Escalent. “In terms of brand value, the challenge for lower scoring REPs is proving why customers should want to do business with them. During the storms, customers learned which retailers deserve their business and identified the ones most trusted to provide the full value and support they expect. Our list of most trusted REPs exceeded those expectations.”
Additional findings from the study:
Escalent congratulates the following REPs on being named Most Trusted Brands among Texas REPs. These brands represent customer-focused companies that Texans can trust to exceed their expectations.
|Cogent Syndicated 2021 Most Trusted Brands among Texas Retail Electric Providers|
|4Change Energy||Express Energy|
|Alliance Power||Green Mountain Energy|
Below are Texas REPs ranked by Escalent’s Brand Trust Index, showing annual score change.
|Texas Retail Electric Provider||Brand Trust Index||% Score Change From 2020|
|Green Mountain Energy||759||-3%|
|CPL Retail Energy||749||4%|
|New Power Texas||742||n/a|
|Champion Energy Services||732||-4%|
|First Choice Power||674||-3%|
* Boldface Texas REPs are 2021 Most Trusted Brands
Cogent Syndicated measures Customer Engagement and Brand Trust among customers of Texas retail electric providers by surveying 4,582 customers across providers based upon data-driven models. The study measures key performance indicators (KPIs) to provide management perspectives on how to improve REP brand positioning, sales and promotion, customer trust, effective messaging, product sales, customer experiences, service quality, customer acquisition and loyalty. Escalent’s Brand Trust Index 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. Escalent will supply the exact wording of any survey question upon request.
Click below to learn more about the full report.