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This guide will help you understand how to perform market research in the Texas oil and gas industry
As a market researcher, you may be interested in finding out more about the Texas oil and gas market research. This section will give you a brief overview of some of the most important facts about it. The history of petroleum exploration goes back to 1866 when Colonel Drake struck black gold at Oil Creek near Titusville, Pennsylvania (now known as Oil City). It was an exciting time: between then and 1930, hundreds upon hundreds of small companies sprang up across America to find deposits like this one; they even went overseas to places like Persia (now Iran), where they found vast amounts.
This was just before prohibition so production was booming until then; however, during World War II, drilling stopped because rationing laws became applicable. The state also accounts for more than one-fourth of the total U.S. refinery capacity with over 565 refineries that have an average daily throughput capacity of 3 million barrels per day (BPD). In addition to being home to many large producers and refiners, Texas also exports crude oil to other states and countries on a regular basis—it ships about 12% of its annual production out of state.
Now that you've learned a bit of history about the oil industry, let's look at some statistics.
You're probably aware that Texas is the largest oil and gas-producing state in the United States. But did you know that it has been ranked as number one for nearly 20 years? In 2018 alone, Texans produced 1.7 billion barrels of crude oil and 2 trillion cubic feet (tcf) of natural gas from wells—nearly half of all U.S. output. Additionally, a recent PWC study found that the industry has supported more than 2.5 million jobs since the pandemic began in 2019. It is also projected that the industry will become the basis of long-term growth in the future. Read more on the study here. Federal data in the U.S. also reveals that the Texas economy continues to add jobs in the oil industry, signalling that demand for oil will increase even as recessional pressures grow.
In the next section, we'll get started with the basics of a Texas oil and gas market research project.
As with any market research project, the first step is to define your parameters. Texas oil and gas market research works the same way. This will help you make sure that you’re asking the right questions and getting the information that you need. Once you have an idea of what you want to ask, it’s time to set up an effective survey. There are many tools out there that can help with this process. However, the trick is finding one that works for you and your organisation.
You need a good understanding of both the oil and gas industry as well as your target audience before putting together a successful survey or focus group. If possible, try visiting some field sites or speaking directly with people who work in this industry (i.e., contractors, and geologists). This way, when you start designing questions for surveys or focus groups later. It will be easier for everyone involved because:
1) Everyone will understand what each survey question means
2) Participants won't feel like they're wasting their time answering questions from someone who doesn't know much about the industry
3) All participants will feel more comfortable participating honestly
In the next section, let's look into how to conduct a Texas oil and gas market research project and why it's beneficial for you.
Market research is an essential tool for anyone looking to enter or expand their business in the Texas oil and gas industry. Whether you're a new startup or an established company, market research can provide valuable information. This information will help you understand the key opportunities and challenges of this industry.
Comprehensive Texas oil and gas market research can reveal new opportunities in the Texas oil and gas market. By identifying key trends, opportunities, and risks within your industry, you can better understand how to develop and implement a successful business strategy.
Market research refers to any information gathered from sources outside of your company that relates directly or indirectly to your product or service. Once you've identified what type of information would be most helpful for your research needs, it's important for you to consider how much time is available for collecting data as well as what resources will be needed for gathering said data.
Before you start with a Texas oil and gas market research project, it’s important to set your research parameters. What do you want to achieve? How much time do you have? Also, consider who are your audiences and what are their interests. By thinking about these questions, you can choose the right data sources and tools for your project.
One tip to get started with a Texas oil and gas market research project is to define your goals. What is the purpose of this research project and what do you hope it will result in? Don’t forget that there might be multiple goals—for example, one goal could be to understand the industry at a granular level, and the other could be to understand the pain points of employees in the industry. Another goal could be identifying potential investors who could help fund future projects. If there are multiple objectives then prioritise which ones are most important based on your business goals. This is so that all resources can be directed toward accomplishing them successfully first. The next stage is understanding the industry landscape.
Understanding the competitive landscape of your industry involves knowing who your competitors are and what they're doing. SWOT analysis is one way to know your competitors' strengths, weaknesses, opportunities, and threats. This analysis also helps you get a good idea of the market share of each competitor. Through SWOT analysis, you can also understand the driving factors behind each success. For more information on what the industry looks like, check out this article by the U.S. Energy Information Administration.
You will want to define who is your target audience and focus on where they live. For example, if you are selling a product that appeals to people who live in the suburbs, then it would be beneficial to know where all of these people are located within your state. If you are trying to reach professionals that work in downtown Houston or San Antonio for example, then it may be worthwhile for you to focus more on those areas as opposed to just targeting everyone within a certain radius.
Therefore, knowing exactly what type of respondent you want to target can help improve the success rate of any survey project.
When determining what research tools are right for your survey, you should consider the following:
While conducting Texas oil and gas market research, be sure to make a list of all these factors so that you can develop a strategy that suits you best.
To understand the key drivers of your industry, it’s important to know what you can influence and what you cannot. There are two types of drivers in the oil and gas industry:
After you've analysed these factors for your industry landscape, you can begin with the process of market research.
As a business owner, you're probably not surprised to hear that market research can be an important part of helping you make decisions and grow your company. But what exactly is market research? And how does it work? Well, it all starts with the basic idea of asking questions. When you have something that's likely to appeal to a large number of people, like a new product or service, it's helpful to know what they want so that they'll be able to enjoy your product as much as possible. This is where market research comes in handy. It helps you figure out what customers want before spending time and money on marketing materials or pursuing other promotional strategies.
Market research will tell you which products or services are most likely to succeed in the marketplace, while also providing guidance on how best to approach marketing them effectively so they reach as many potential consumers as possible quickly and easily. This eventually translates into increased sales down the line. For more information, check out our recent blog post on B2B market research.
If you have any questions about the Texas oil and gas market research process or would like assistance with your project, please feel free to contact us. We are always happy to help!