As the battle for electric customers in Texas heats up, consumers are sending a clear message to retail electric providers (REPs): “I need to trust you.” In fact, REPs with trusted brands are more attractive to Texans than large, well-known brands. Approximately two-thirds (64%) of Texans say they need to strongly trust a REP before signing up with them, making it imperative for providers to develop brands that are based upon trust. These and other findings are from the Cogent Syndicated 2020 Texas REP Trusted Brand study by Escalent, a top human behavior and analytics firm.
The study finds that although three in four customers say their REP offers competitive rates and great service, they still expect to shop for a new REP soon. Overall, customer trust among REP brands remains relatively unchanged this year, with the study’s Brand Trust Index dropping only three points to 732 (on a 1,000-point scale). But a large 196-point difference exists between the highest- and lowest-scoring brands and represents an opportunity for highly trusted REPs to attract new business from larger providers scoring lower on brand trust.
“With all providers having attractive rate plans and high service satisfaction, these traits become table stakes for attracting customers. Being a trusted brand is the best way for REPs to stand out from the pack,” said Chris Oberle, senior vice president at Escalent. “Our study shows that all providers are great at marketing their commodity but only a few have earned trusted brand identities. Brands built on trust become customer magnets and are able to retain and grow their customer bases.”
Brand Trust is not only a great way to attract customers, it is also tied to customer loyalty. Customers who have a trusted relationship with their REP are about twice as likely to say they don’t plan on shopping for a new provider.
The Escalent Cogent Syndicated study is a year-long survey of customers of the 50 largest Texas REPs and scores each on a proprietary Brand Trust Index to designate the 10 Most Trusted Brands. Texas consumers trust these providers above other REPs, making them the most likely to wrestle customers away from other providers and build greater loyalty.
Congratulations to the following REPs who have shown their dedication to establishing great trust among their customers.
|2020 Most Trusted REP Brands|
|Texas Retail Provider||Brand Trust Score|
|Green Mountain Energy||779|
|Champion Energy Services||755|
|All Texas Retail Electric Providers Covered in Study|
|4Change Energy||Entrust Energy||Payless Power|
|Acacia Energy||Everything Energy||Pennywise|
|Alliance Power||First Choice Power||Pogo Energy|
|Ambit Energy||Frontier||Pulse Power|
|Ameripower||Gexa Energy||Reliant Energy|
|Amigo Energy||Green Mountain Energy||Spark Energy|
|Beyond Power||Griddy||Stream Energy|
|Breeze||Hino Electric||Summer Energy|
|Brilliant Energy||Iberdrola Texas||Tara Energy|
|Champion Energy Services||IGS Energy||Think Energy|
|Chariot Energy||Infinite Energy||TriEagle Energy|
|Cirro Energy||Infuse Energy||TXU Energy|
|Constellation||Just Energy||Veteran Energy|
|CPL Retail Energy||MP2 Energy||Windrose Energy|
|Direct Energy||NEC Retail||WTU Retail|
|Discount Power||NextEra Energy Services||Xoom Energy|
|Our Energy||YEP Energy|
Cogent Syndicated measures Customer Engagement and Brand Trust among customers of Texas retail electric providers by surveying 5,146 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 study.