Marketing and branding play an integral role across the oil and gas supply chain, particularly as margins continue to squeeze and competition rises.
As oil demand increases, companies will need to develop strategies to boost production and keep pace. Historically, investing in a strategic marketing plan hasn’t been a high priority for oil and gas professionals. However, in today’s economy, it’s becoming significantly more clear why conveying company differentiators and promoting brand awareness is key to continued success.
Capitalizing on Brand Awareness
Within the industry, there are thousands of small and medium-sized businesses that are lesser-known than giant corporations. Many of these smaller businesses can benefit exponentially from increasing their visibility and the recognition of their niche products and services. To that end, it’s important for these companies to present their business on equal footing with major corporations, which can more easily be accomplished with a strategic oil and gas marketing and branding plan.
Additionally, large corporations can benefit from capturing their audience’s attention and building brand loyalty by personalizing their message. An abundance of trademark symbols, font treatments, and brand names have led to confusion about what a large company stands for and what many of their products or services really offer. Customers want to be informed in a simpler language what a company offers and how the product or service will give them a return on their investment. Implementing a marketing plan in a large corporation will help accomplish this challenge and establish a consistent brand message.
Navigating the Talent Shift
It’s no secret that the oil and gas industry is experiencing a massive talent shift. For most businesses across the supply chain, there is a relatively large age gap between industry veterans and younger employees due to the industry’s highly cyclical nature. Many seasoned veterans are reaching retirement age which has lead to the hiring of more and more younger employees.
In an effort to attract this demographic, new recruiting strategies will need to be implemented. This is where a powerful marketing plan comes into play, as a company’s efforts should not just be focused on influencing sales but also recruiting and retaining top talent. The industry will need to focus their efforts on highlighting areas where the business excels and informing potential recruits of all the opportunities there are to grow their career.
Staying Ahead of the Competition
Although the threat of a downturn lingers, oil and gas companies should strive to promote their brand and market their business to remain relevant in an industry ripe with competition. Between the Industrial Internet of Things and a fluctuating economy, big changes are on the horizon for the sector. It’s up to you to stay ahead of the curve.
Stay tuned to our blog for specific oil and gas marketing tips and to learn about the power of a brand refresh in the oil and gas industry!
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