Brand Trust Is Higher for Utilities That Spend More on Communication and Highlight Savings and Environmental Programs for Customers

Escalent Recognizes 33 Utilities as 2024 Most Trusted Brands

Suzanne Haggerty, Director, Syndicated Research – Energy

LIVONIA, Mich., June 27, 2024 (GLOBE NEWSWIRE) — Higher investments in communication and more frequent messaging on preferred channels increase Americans’ trust in utility companies even though customers face ongoing inflation-related economic difficulties. The utility industry Brand Trust Index is down for the third year in a row, declining eight points to 680 on a 0-to-1,000 scale. However, Brand Trust is 5% higher than the industry average among utilities that have effectively communicated savings opportunities, environmental programs, and utility value drivers. Today, we name these 33 top utilities as the 2024 Most Trusted Brands.

Those are some of the latest findings of the 2024 Cogent Syndicated Utility Trusted Brand & Customer Engagement™: Residential study, which tracks the performance of 142 gas, electric and combination utilities to identify brand and customer experience opportunities and trends in the industry. The report is published semiannually by Escalent, a top data analytics and advisory firm with extensive energy, utility and brand experience.

The Communications Intensity Index, an indicator of per-customer spending, for the Most Trusted Brands is also 10% higher than the industry average. More importantly, customers of the Most Trusted Brands find the communication more relevant, accurate and easy to understand.

“The real advantage of the 2024 Most Trusted Brands is their expertise in crafting messages that reinforce the value proposition and strengthen customer awareness of satisfaction-driving benefits such as reliability, ease of service interactions, energy-saving programs, and the ways the utility supports a clean environment,” said Suzanne Haggerty, director of syndicated research with the Energy team at Escalent.

Although monthly utility bill manageability perceptions have stabilized since mid-2023, they are still significantly lower than in 2021. Additionally, while customers have decreasing perceptions that utilities offer reasonable rates for the services they provide, which continues to lower Brand Trust, customers also report decreased perceptions that their utilities are ethical in dealing with customers or that utilities consider customer concerns in business decisions.

Conversely, the 2024 Most Trusted Brands continue to significantly outperform the industry on all three of those perceptions. They have 9% higher value scores and their customers have significantly higher perceptions of their ethics and willingness to consider customer concerns. Additionally, the Most Trusted Brands more effectively use bills to help customers identify savings opportunities, with 6% higher scores for the perception that the bill provides information on ways to lower consumption.

Historically, higher-scoring utilities have also developed and promoted a portfolio of products and services focused on energy management and savings, allowing them to serve as consultative partners rather than simple service providers. Sometimes, their portfolios aren’t significantly different from those of similar companies, but their program communication is easier to understand and highlights customer benefits. This year, the Most Trusted Brands see 6% higher scores for the perception that their voluntary offerings can help customers lower their costs.

“Many customers have become cynical about utility motives. The significant bill increases related to fuel prices in 2022 took an incredible toll on Brand Trust and many customers were left jaded. However, the 2024 Most Trusted Brands have really invested in and optimized their communication strategies to achieve several goals,” added Haggerty. “They’re helping customers manage utility spending and sharing a convincing utility value proposition, which helps fight customer cynicism, leading to improved Brand Trust.”

Escalent is pleased to name these 33 utilities as our 2024 Most Trusted Brands.

^{* Utilities named as Most Trusted Brands are selected based on having Brand Trust Index scores in the top decile of the industry, the top score within their respective benchmark segment, or a Brand Trust Index score within 20 points of the top benchmark segment score and above the industry average.}

The following tables reflect regional peer benchmark Brand Trust scores among the 142 utilities surveyed. These scores reflect the level of trust customers have with each utility.

About the Utility Trusted Brand & Customer Engagement™: Residential study

Escalent conducted surveys among 61,432 residential electric, natural gas and combination utility customers of the 142 largest US utility companies (based on residential customer counts). The sample design uses a combination of quotas and weighting based on US census data to ensure a demographically balanced sample of each evaluated utility’s customers based on age, gender, income, race and ethnicity. Utilities within the same region and of the same type (e.g., electric-only providers) are given equal weight to balance the influence of each utility’s customers on survey results. The Brand Trust index score is a composite based upon consumer ratings across six factors. Escalent will supply the exact wording of any survey question upon request.

For more information on the full report, click here.

About Escalent

Escalent is an award-winning data analytics and advisory firm that helps clients understand human and market behaviors to navigate disruption and business transformation. As catalysts of progress for more than 40 years, our strategies guide the world’s leading brands. We accelerate growth by creating a seamless flow between primary, secondary, syndicated, and internal business data, providing consulting and advisory services from insights through implementation. Based on a profound understanding of what drives human beings and markets, we identify actions that build brands, enhance customer experiences, inspire product innovation and boost business productivity. Visit escalent.co to see how we are helping shape the brands that are reshaping the world.

Contact        
Stephanie Salvadero, 734.838.5192
stephanie.salvadero@escalent.co

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2870df2a-3bed-4eb4-9126-80c1e73a58bf

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