Study: Customer Support of Energy Utilities Directly Related to Brand Trust

According to the 2017 Utility Trusted Brand & Customer Engagement™: Residential Cogent Reports™ study by Market Strategies International, support of utility rates and attracting consumer use of alternative energy offerings requires brand trust among residential electric and natural gas utility consumers.  This annual study highlights a statistical relationship between brand trust and rate support, and shows customers expect utilities to expand support for new offerings and community outreach as a result of rate increases.

“Building a brand that customers trust and offering products and services customers will use are the new utility challenges,” said Chris Oberle, senior vice president at Market Strategies International. Brand trust is truly the difference between customers supporting or resisting new utility income opportunities.”

High brand trust scores are required to attract customer use of alternative energy offerings and to increase the preference to use utilities as providers of these products. Additionally, customers who trust their utility are twice as likely to recommend those alternative energy products to other customers.

“Our research clearly shows utility brand trust levels are closely tied to financial success, customer advocacy and market support for rate changes,” continued Oberle. “High brand trust benefits customers, shareholders and stakeholders, and positions utilities as credible players in shaping the evolving utility market.”

The study’s brand trust index has declined by one point this year to 692 (on a 1,000-point scale). The study, now in its fourth year, benchmarks brand performance of 130 utilities on a quarterly basis among 59,823 utility consumers. The brand trust index is based upon 35 rating questions that relate to a suite of emotional attachment and management performance factors.

This year, 44 utilities were designated as 2017 Most Trusted Brands. This group of utilities scores 40 points higher on brand trust than their industry peers. As a result of the brand trust garnered among customers, Most Trusted Brand utilities experience a 7 percent improvement in support for rate increases and a 27 percent boost in positive customer comments than industry peers. Additionally, Most Trusted Brands are viewed by customers as better stock investments.

The following four tables show benchmark scoring among the utilities surveyed:

2017 Brand Trust Scoring by Benchmark Segments: EAST REGION

2017 Brand Trust Scoring by Benchmark Segments: SOUTH REGION

2017 Brand Trust Scoring by Benchmark Segments: WEST REGION

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Service Type		Utility Brand		Brand Trust Score
Combination		Xcel Energy – West*		699
Combination		SDG&E*		692
Combination		Avista		672
Combination		Puget Sound Energy		669
Combination		PG&E		656
Combination		NorthWestern Energy		655
Electric		SMUD*		744
Electric		Idaho Power*		729
Electric		Salt River Project*		726
Electric		Seattle City Light*		716
Electric		Pacific Power		703
Electric		Tucson Electric Power		701
Electric