Owing to the rise in global demand along with the volatility of prices and stringency of environmental guidelines, oil and gas companies face three main challenges – cost reduction, performance optimization, and improvements in environmental footprint.
Technological advancements, as we are aware, has taken over the world and the global oil and gas industry is no exception to this rule. Deployment of technology has given rise to digital oilfields that use specific tools to read and interpret data on pipelines, wellhead conditions, and mechanical systems. Leading oil and gas companies have even leveraged big data analytics to increase oil production while cutting down on operational costs. However, just leveraging technology to enhance product experiences won’t help companies to completely capitalize on the benefits of innovation.
Moreover, the global oil and gas industry faces major regulatory challenges being a significant consumer of water and energy resources. This acts as a major constraint for oil and gas companies; thereby, compelling them to redefine their extraction, production, and distribution techniques. Also, to obtain their license to operate, oil and gas companies have to ensure transparency in the environmental management of their business activities.
The Business Challenge
- The client: A multinational oil and gas company
To understand customer behavior and establish ongoing trends, the client – a multinational oil and gas company, also regarded as one of the ‘Seven Sisters’ – approached Infiniti to engage in a market research study. The B2B industrial organization wanted to understand the market landscape in order to maximize benefits by effectively tapping into the prevailing market opportunities.
The oil and gas client wanted to conduct market research to study the existing market trends and set up newer trends to match consumer needs and preferences. However, their primary objective was to employ a systematic approach to understand the market dynamics – competitors, strengths, weaknesses, and key trends.
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Our Approach
Infiniti’s market research engagement helped the oil and gas company to understand customer needs and market trends. The changing market landscape with aggressive competitors posed several challenges for players in the global oil and gas sector. Furthermore, to help the client assess the market landscape and identify imminent market trends, the market research experts at Infiniti conducted a market research study that offered valuable insights on decision-making procedures, market trends, and barriers.
The approach included primary and secondary research methodologies coupled with qualitative and quantitative data collection procedures. The experts also reached out to various stakeholders in the oil and gas industry.
Business Impact
Infiniti’s market research experts offered end-to-end solutions that helped the oil and gas client to better understand the market’s dynamics. In addition, the market research study helped identify potential problems and uncovered several areas for improvements. The oil and gas client also gained insights on existing market trends that helped identify newer trends and align them with customers preferences.
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