Large Texas Electric Retailers Well-Positioned to Continue Market Dominance
According to the 2018 Utility Trusted Brand & Customer Engagement™: Business, a Cogent Reports study by Market Strategies International, large retail electric providers in the Texas market enjoy higher-than-average Brand Trust from their business customers. 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.
Also, the study indicates a strong correlation exists between businesses’ level of brand trust in their retailer and their willingness to recommend their retailer. This shows 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.
“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.”
Now in its third year, the study assesses Texas businesses’ experience with their retail electric providers and transmission and distribution utilities.
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