In utilities we trust?

Let's talk trust

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What does trust mean in everyday life and business?

Trust in our everyday lives means having confidence that someone will do what they promise in a way that has your best interests at heart.

In the energy retail sector this means a household having the confidence to pass responsibility for their energy supply to a retailer in the knowledge that in return they will receive an honest, transparent service.

The ability to gain trust rests on two key elements:

Intent

Companies must show customers that they have the integrity, motivation and drive to put their interests first. This may be reflected in a company’s core values, brand and decision making, but critically it must be conveyed clearly at every part of a customer’s journey with the company. If customers believe retailers are genuinely trying to do the best for them, the battle is begun. The remaining challenge is for the customer to see behaviour that reinforces this.

Capability

Companies must make sure their operating model delivers the promises they make to their customers.

The right people with the right skills, using the right technology in the right way to meet expectations repeatedly, and over time, will develop a credible track record.

A provider needs both the right intent and capability, because the absence of either produces loss of trust and, ultimately, increased operational costs.

In other words, a strong brand and effective marketing strategy is useless without the technical capability to back it up, and vice versa.