Do you trust your business energy supplier?
Trust your business energy supplier? How about your energy broker? We’ve been looking at customer satisfaction scores across our industry, as well as a few other sources, and it looks like trust is in short supply.
Did you know that trust in the energy industry has declined by 3% between 2020 and 2021? According to Edelman’s annual Trust Barometer 2021, the energy industry around the world has lost credibility with customers. Why has this happened? What has caused trust levels to fall so noticeably?
There are no easy answers to these questions. It’s a problem that is echoed in the UK: in 2019, the BEIS Public Attitude Tracker showed that only 41% of people trusted their business energy supplier. That same year, Marketing Week reported that energy companies have a collective Net Promoter Score of -10.
What is a Net Promoter Score and why is this important?
A Net Promoter Score (often abbreviated to NPS) is a customer loyalty metric developed in 2003 by Fred Reichheld at Bain & Company, in collaboration with a company called Satmetrix.
To work out their Net Promoter Score, companies survey their customers and ask this question:
How likely are you to recommend our company to a colleague, friend or relative?
This question is answered on a rating scale, ranging from 0 (not at all likely) to 10 (extremely likely). The answers reveal three customer categories:
- Promoters = respondents giving a 9 or 10 score
- Passives = respondents giving a 7 or 8 score
- Detractors = respondents giving a 0 to 6 score
The Net Promoter Score is calculated as the difference between the percentage of Promoters and Detractors. It is provided as an absolute number between -100 and +100. This means that, if you have 30% Promoters, 50% Passives, and 20% Detractors, your Net Promoter Score is +10.
A Net Promoter Score shows what customers really think about the businesses they use: how reliable it is, how affordable it is, how good the service is. In short, how trusted it is.
If you wouldn’t recommend a company to a friend, do you really trust that company?
Do you trust your business energy supplier?
If you believe the reports, quite a lot of people don’t trust their business energy supplier. So what are more recent surveys saying about consumer trust in the industry?
In 2020, Ofgem published its Energy Supplier Performance Scorecard and provided NPS scores for the Big Six energy suppliers, medium-sized energy suppliers, and small suppliers.
- The Big Six showed an NPS of -15
- Medium suppliers showed an NPS of +17
- Small suppliers showed an NPS of -6
These scores apply to domestic customers only, but the scores do seem to tally with the non-domestic supplier rankings compiled by Citizens Advice Bureau. In these rankings, the Big Six sit primarily in the middle of the table, with well-established, medium-sized suppliers nearer the top.
Ofgem focuses on complaints received as a key measure of overall satisfaction. It’s a valid approach; a supplier that gets more complaints is providing a poorer service.
Would you trust a supplier if you knew their customer service was bad?
Add to this how overwhelming the energy supplier industry can be, and how little the average business owner knows about managing their contracts effectively, and it’s no wonder trust is so low.
What do you do when you can’t trust your business energy supplier?
If you find it hard to trust your business energy supplier, you’re not alone. You need somebody you can trust. You need somebody watching your back, making sure you sign up for the right contract with a reputable and reliable energy supplier.
That’s where we come in.
Troo are energy experts. We deal with energy suppliers every day so our customers can get on with their day jobs. We’re an energy broker – but we’re different to the other, unscrupulous brokers you’ve probably delt with in the past.
For a start, we disclose all our service fees, so you know exactly what you’re paying for and why. That’s important because most brokers don’t do this; they hide their fees in your unit rate, and you don’t know what you’re paying until you get your first energy bill.
Even worse, a lot of brokers will tell you that they work with all energy suppliers, or that they check the whole market to get you the best price. In reality, they have preferred suppliers that pay higher commission, and they pre-select these contracts for you before they ever send you a quote.
We won’t tell that lie.
We work with a panel of select business energy suppliers, all carefully vetted to make sure they match our values and our commitment to customer service, so you get a deal that’s fair and transparent.
If that sounds good, get in touch with our team. Call us on 0808 164 2222 or email firstname.lastname@example.org to book a callback today.
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