A new study from Cogent Reports™ names the 20 Most Trusted Business Partners among utilities based on results from its 2015 Commercial Utility Trusted Brand & Customer Engagementstudy. This study surveyed more than 6,000 business customers of the 59 largest electric and combination utilities in the US.
Brand Trust scores a solid 712 on a 1,000-point scale among commercial utility customers, and is 27 points higher than the recent 685 Brand Trust level posted by residential utility customers. However, there¡¯s room for improvement, particularly for utilities that want to become trusted business partners among their small- and mid-sized business customers.
¡°Especially among small- and mid-sized businesses, executives want partners that will give them advice and help them grow their business,¡± said Chris Oberle, senior vice president at Market Strategies International and lead author of the report. ¡°One factor that sets the top 20 apart from their industry peers is their use of digital media. Digital offerings are the perfect way to offer businesses customized messages without necessarily having to assign a full-time account manager.¡±
The study also shows that, although digital communications are a powerful tool for strengthening the relationship between utilities and their commercial customers, few utilities are reaping the full benefit of offering these electronic avenues of support.
Commercial customers who had heard from their energy utility via social media scored their power provider 89 points higher on a 1,000-point Brand Trust scale. And yet, only 29% of survey respondents were aware of their utility¡¯s social media presence.
¡°Electronic access overall¨Cwhether it¡¯s social media, online portals or mobile outage alerts‒seems to really push scores up,¡± continued Oberle. ¡°Digital offerings are a way for utilities to position themselves as trusted business partners for their customers.¡±
Among individual utilities, AEP Southwestern Electric Power Company (SWEPCO) distinguished itself with a top score of 802. Oberle noted that the utility has leveraged digital tools to support economic development in its Arkansas, Louisiana and Texas territories. Other top regional scorers include APS, NYSEG and DTE Energy. Overall, Cogent named 20 utilities as the most trusted brands by their respective commercial customers.
¡°The benefits of becoming a trusted business partner for commercial customers are many,¡± Oberle said. ¡°Customers who trust their utility are more likely to try utility product offerings, and they are significantly more likely to make positive comments about their utility in their community.¡±
¡°In a sense customers become de facto community advocates,¡± Oberle said. ¡°For a utility trying to build its brand value, there¡¯s nothing more valuable than that.¡±
