Lately, the demand for oilfield equipment is proliferating owing to the rising oil extraction and refining activities across the globe. Additionally, the ongoing efforts to discover new oilfields across various untapped regions is spurring the need for oilfield equipment across the globe. Consequently, oilfield equipment manufacturers have started adopting market segmentation solutions to gain a stronger foothold in the market space and achieve a better competitive advantage over their peers.
Infiniti’s market segmentation solutions assist oilfield equipment manufacturers in determining the potential parameters for positioning their portfolios across markets in terms of psychographics and demographics. Additionally, with our help, clients can identify the potential opportunities and the upcoming trends in the oilfield equipment industry to improve their operations and optimize their current offerings.
The Business Challenge
A global oilfield equipment manufacturer with offices spread across various geographies was facing predicaments in developing a unique brand positioning strategy and reaching out to different target audiences. As a result, the client wanted to develop an effective market segmentation strategy to gain a deeper understanding of their consumer needs and reach out to them in a seamless manner.
Additionally, developing robust market segmentation strategies helps leading businesses in this industry space to successfully reach out to different niche markets and sell their product offerings.
To overcome the potential challenges and identify the specific target audience across niche markets, the client approached Infiniti’s market segmentation experts. Infiniti’s team of experts carried out a comprehensive research including discussions and interviews with leading stakeholders in the oilfield equipment space. Also, to cater to the specific business requirements of the client, Infiniti gathered information from numerous exclusive sources such as paid industry databases, company presentations, platforms, and newsletters.
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Benefits of the Market Segmentation Study
- Identified potential market opportunities and devised effective go-to-market strategies
- Segmented the potential customers into sub-segments based on their preferences
- Understood customer behavior in terms of brand loyalty and brand affinity
- Tailored products, services, and pricing to meet the needs of each segment
- Improved profitability and competitiveness and enhanced marketing and service efficiency
Benefits of Our Integrated Approach
In a span of 10 weeks, the client gained insights about entering potential markets and venturing into new segments within the oilfield equipment industry. The engagement also helped the client devise an effective marketing plan to overcome potential challenges, classify probable target groups, and benchmark their product offerings against their peers.