The exploration and production in crude oil manufacturing industry face numerous challenges as it addresses growing energy demand, declining production from older reservoirs, the need for sustainable operations, and new resources are harder to reach and harsher environments.
Additionally, the challenges for the crude oil manufacturing industry come at the same time with some fantastic opportunities emerging for the sector. Investing in innovation and R&D is crucial for companies manufacturing crude oil as every company understands, that R&D and innovation is a key to growth and prosperity. However, this position creates severe competition between market-players with sufficient resources for R&D. Furthermore, corporate social responsibility requires crude oil companies to success in each criterion in order to build a reputation as a reliable potential partner for public-private strategic partnerships: cross-sector and government. However, this challenge includes relations with various stakeholder groups, health and safety concerns, i.e. human rights, stakeholder rights, employee rights, community relations, environmental protection, transparency, and corruption issues.
Business Issues[spacer height=”10px”]
- The client: A leading crude oil manufacturer
A leading crude oil manufacturer based out of the US – approached Infiniti to gain a comprehensive view of the company’s existing market presence, challenges, customers, and the competition prevailing across the crude oil manufacturing industry space. The client with a considerable number of business units spread across the globe was facing predicaments in understanding the market dynamics and accordingly formulating robust marketing strategies to stay ahead of the competition.
How Can Market Intelligence Help Companies in the Oil and Gas Industry?[spacer height=”10px”]
Market intelligence solutions help firms analyze the unstructured data and identify the crucial pieces of data that are used to retain customers. Additionally, these solutions help companies in the oil and gas industry space develop customer segmentation based on value, understand precisely how much marketing activity to carry out to which customers and which of their most valuable customers are at a risk of churning.
Summary of our market intelligence solution
Client Journey[spacer height=”10px”]
Infiniti’s market intelligence experts carried out a unified approach comprising of interviews and discussions with leading investors in oil and gas industry space to help the crude oil manufacturing client understand the target segment and accordingly devise robust marketing strategies. The experts also gathered information from various exclusive sources such as newsletters, paid industry databases, and company presentations.
Solution Benefits and the Business Impact[spacer height=”10px”]
The leading crude oil manufacturer gathered information on various data sets and analyzed the information across multiple sub-segments with the help of Infiniti’s market intelligence engagement. Additionally, the client gained detailed insights relevant to company’s markets and made informed business decisions. This further helped the client enter new markets and minimize the risk of investments.
The Future[spacer height=”10px”]
In the next few years, crude oil manufacturing companies will be merrily drilling and pumping away. However, crude oil companies may be smaller and will be extracting almost exclusively unconventional oil such as oil shale and tar sands. This requires more technology, more equipment, and more cost, but is perfectly viable in the foreseeable long term.