An Emerging Opportunity
On all counts, the Oil and Gas market is more volatile than most. Globally, prices fluctuate, regulations evolve, and supply and demand shift. Regionally, each market has unique dynamics, all dependent on macroeconomic variables like rising material cost and high interest rates, not to mention unique location-specific changes in supply and demand. Being a marketer in this arena demands a solid foundation on industry trends to make the smartest marketing decisions. However, most brands in Oil and Gas haven’t refreshed their marketing strategies in years… leaving an opportunity wide open for savvy digital marketers.
We've dug deep into the most recent industry data and our own two decades of experience to provide you with a how-to guide on how to take advantage of this exponentially growing (but digitally stagnant) market. Let's get right into it.
Segment Analysis & Target Market Selection
The oil and gas market is broken down into segments. If you haven’t yet, a good first step is to analyze each to find where your brand best fits in the flow. This allows for targeted marketing, laser-focused on which part (or parts) of the market you’re planning to win. Whether you and your team choose to focus on:
- Upstream: Exploration and production
- Midstream: Transportation and storage
- Downstream: Refining and distribution
You’ll need a full understanding of each segment's needs and challenges to build the marketing strategies that place your brand in an optimal position and maximize your ROI. Each market has specific advantages and drawbacks.
Evaluate the potential ROI and align your marketing goals with the most promising markets. Choosing the target can make or break your marketing efforts. Trust us, taking the time to do the research will be the difference between a major win or a budget-crushing fail.
Customer Profiling and Targeting
Identifying Key Customers
Always know who you’re selling to. In the oil and gas industry, this could mean large corporations, smaller service providers, or even local governments. Carefully identify these key players and tailor your marketing efforts to meet their specific needs. It’s your job to connect as deeply as possible with your target audience. Potential customers are looking for personal connections with the brands they buy from, currently an uncommon occurrence in this market. This opens a window for you to step in and step up.
Understanding Customer Behavior
Once you've identified your customers, the next step is to understand their behaviors. What drives their purchasing decisions? What are their pain points? What motivates them? What risks are they concerned about? Think about every step they’ll take on the buying journey, how they make decisions, and how you can meet their specific needs.
Creating Buyer Personas
Once you’ve identified and worked to understand your audience, create a persona to represent your research. A clear, thought-out buyer persona will guide all your subsequent marketing efforts. Keep your persona in mind as you plan strategies and build campaigns. The more personalized and specific you are, the more likely your messaging will resonate with potential buyers. Here's an example Buyer Journey/Persona our team at 97th Floor recently created for General Kinematics.
Branding and Positioning in the Oil and Gas Industry
Creating a Unique Brand Identity
Your brand identity is what sets you apart. Think it through – what makes you different from other businesses in the industry? What are your specialized offering points? Focus on what makes your company unique, whether it's innovative technology, exceptional service, or a strong commitment to sustainability. If you’re looking for a place to start, begin by collecting reviews or interviewing previous customers for their opinions on what you do best.
Brand Positioning Strategies
With your identity in mind, work to position your brand in a way that highlights these strengths to appeal to your target audience. Clear, consistent messaging across all marketing channels is key. To pinpoint what messaging resonates best, you can give A/B testing a shot. Most importantly, always look for new opportunities to demonstrate your value through every medium. Case studies, visual data representations, and customer reviews are common ways to do this.
Managing and Sustaining Brand Reputation
The battle’s not won yet, sustaining your hard-earned digital clout isn’t an easy process. Building a strong brand reputation takes time and effort. Maintain transparency, deliver on promises, and engage with your audience consistently to keep your brand's reputation positive. This needs to be an integral part of your marketing efforts.
Developing a Comprehensive Marketing Strategy
Setting Marketing Objectives
Supported by your clear brand identity and ideal customer targeting, it’s time to build out a digital marketing strategy. First, define clear, achievable marketing objectives. Whether it's increasing brand awareness, generating leads, or boosting sales, having specific goals helps measure success. Keep track of your goals and efforts to achieve them to celebrate success and identify opportunities for improvement.
Define Your Strategy
A well-developed marketing strategy, especially in Oil and Gas, involves sub-strategies including:
- Product Strategy: Your product strategy should highlight what sets your offerings apart. Focus on the benefits your products provide and how they solve your customers' problems.
- Pricing Strategy: Pricing can be tricky in the oil and gas industry. Consider factors like production costs, market demand, and competitor pricing to find the sweet spot that maximizes profitability.
- Distribution Strategy: Efficient distribution ensures your products reach your customers promptly. Evaluate your supply chain and look for ways to optimize it for better service delivery.
- Promotional Strategy: Promotional strategies should be diverse and include digital marketing, traditional advertising, and public relations. Tailor your promotions to the preferences of your target market.
Leveraging Digital Marketing for Oil and Gas Companies
Website and SEO Strategies
Marketers across the field agree, almost every part of digital marketing revolves around a well-optimized website. It's no different in Oil and Gas, your website is your digital storefront – the place all potential customers will navigate to on their path toward a purchase. It needs to be user-friendly, informative, and most of all, optimized for search engines to attract organic traffic. Use tools like Google Analytics, Search Console, and HubSpot CRM to track visitor behavior and optimize performance. Learn more about SEO strategies here.
Social Media Marketing
Social media platforms offer a space to connect with your audience, share industry insights, and showcase your company’s culture. Regular, engaging content helps build a loyal following. Depending on your business, goals, and strategies, social media may or may not be a place to focus your budget and time.
Content Marketing
Quality content drives traffic and builds trust. Create valuable content that addresses your audience's pain points and positions your company as an industry thought leader. Publishing content also drives your SEO. Learn more on how to set up a consistent content strategy here.
Analytics and ROI Measurement
Regularly analyze your marketing efforts to measure ROI. Use analytics tools to track performance and adjust strategies as needed for continuous improvement. Keep in mind that metrics like impressions and leads can be a great start, but the end-goal of marketing is to generate conversions. Successful marketers make money. If ROI is stagnant, the marketing strategy is too.
Conclusion
By targeting the right segments, fine-tuning your strategies, and focusing on persona-specific messaging, you can position your brand as a leader in this digitally stagnant market. In Oil and Gas, staying ahead requires a laser focus on your goals and your audience's needs. Find ways to set yourself apart and continuously refine your strategies. With a well-crafted digital marketing plan, you’re ready to take advantage of the market and win contracts like never before. Good luck!
Want to kickstart your marketing dreams? Check out our services.
