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5 min

How do oil and gas survey companies work?

A post explaining the way that oil and gas survey companies work

Dec 20, 2022

Introduction to oil and gas survey companies

The oil and gas industry is a vast and lucrative one, with plenty of room for growth. In fact, December 2022 was a pivotal point for the oil and gas industry, as a European embargo and G7 price cap on Russian crude came into place. After facing several months of supply chain disruptions, FT editors say that demand fears now outweigh these concerns. Additionally, the oil market faces a bearish sentiment as many banks issue a wary economic outlook for 2023. Find out here about what's happening in oil and gas here.

The industry is also increasingly competitive, with many businesses seeking out new ways of tapping into the market. This can be a daunting prospect for new companies trying to make headway in a crowded field. To stand out from the crowd, you need to understand your audience and adapt accordingly. That's where oil and gas survey companies come in.

What do oil and gas survey companies do?

Oil and gas survey companies conduct research for the industry. These survey companies use a variety of methods to gather data, including online surveys, face-to-face interviews, and telephone interviews. The choice comes down to the type of information they are trying to collect. For example, if they want sales figures then telephone interviews would be ideal since they are faster than sending out postcards.

They are also better than emailing people with the same question over again with each response. This process could take months depending on how many responses you get back! But if you want feedback on your website then an online survey may be better since there's no need for someone else's expertise. Instead, you can send the survey straight through their inbox like any other email message! Oil and gas survey companies usually need to get quick results, so they will opt for a telephone interview.

Having talked about oil and gas survey firms, let's explore the market coverage of the oil and gas industry. The industry can be divided into two different types of categories: upstream and downstream.

1. Oil and Gas Upstream Activities

The oil and gas upstream segment comprises sales of crude oil and natural gas by organisations that conduct pre-refining activities of crude oil and natural gas production. This segment consists of oil and natural gas pre-refining activities, oil and gas well services, and oil and gas support services.

2. Oil and Gas Downstream Activities

The oil downstream segment consists of sales of the post-extraction process of oil and natural gas by entities that provide post-extraction services. These include refined petroleum products manufacturing, lubricating oil, and grease manufacturing.

What are oil and gas insights?

Oil and gas insights are data-driven, which means that they're the result of data analysis. They can be used to inform decision-making, and they help you understand what your customers want.

Insights allow you to know more about your customers and their needs. For example, if you have an oil and gas company that wants to learn about the most popular companies in Alaska, then oil and gas survey companies will provide this information in a way that makes sense for your business. They'll also show you how much people spend on oil and gas products on average each year. This is so that it's easy for you to decide which ones are worth selling or promoting more often than others (i.e., those whose sales are going down).

Insights are also a way to measure customer satisfaction. You can ask your customers questions about their experience with your product or service. Afterward, you can use the answers to create insights that will help you improve them. In this way, insights can be used as a foundation for developing new products or services that meet customer needs better than what's currently available.

Essentially, oil and gas insights help companies navigate strategic challenges in the industry. Deloitte reports that the industry earned record profits in the year 2022, providing enough cash flows for the next year. Moving into 2023, oil and gas companies will be required to ensure short-term supply and transition to clean energy. But how will companies achieve this? Deloitte offers 5 trends in the sector that can shape the way forward

What is the oil and gas market research process?

The first step in the oil and gas market research process is planning. Before you can even begin conducting your field studies, you have to have a clear idea of what you want to know. Additionally, you should know how you are going to find it out. This is why you should start by writing a detailed questionnaire or interview guide. It helps you focus their attention on the key issues at hand, which makes for more effective results later on.

Once this planning stage has been completed, the next step is to collect data from our surveys (or interviews). The survey process itself varies from one project to another depending on its purpose; however, there are still some general rules that apply across all surveys:

  • All surveys should be conducted online if possible. Phone interviews are acceptable if an alternative cannot be found but Internet/mail-based surveys are a good way to quickly gather oil and gas insights. However, one disadvantage might be the fact that they produce less reliable information when compared with face-to-face methods.
  • Phone interviews require permission from participants before they are undertaken (as well as following up afterward). On the other hand, other methods such as emailing questionnaires don't need this consent beforehand. The reason behind this is that there's no direct contact between the researcher and the participant during those processes.
  • Each method has its own advantages and disadvantages so make sure you choose wisely before deciding which one works best for your circumstances!

The type of survey you decide to use is also important to oil and gas survey companies. When conducting face-to-face surveys, it's best to have a set list of questions that you ask every participant (e.g., "Do you currently work in this industry?") rather than leaving things open-ended. This is so that responses can be compared between different groups/individuals easily. This is known as closed-ended questioning and will help identify any trends or patterns within data more easily. Open-ended questions are useful for getting participants' opinions on certain topics. However, they can sometimes lead to inaccurate results if not used correctly.

If you want to become a survey respondent, you can sign up to become one with us!

Oil and gas insights can help you better understand your target audience

Oil and gas insights are the results of market research. The research process can be quite complex, but basically, it involves collecting data on a particular topic in order to better understand the needs of your customers or clients. This information can help you make better business decisions in several ways:

  • By providing you with more information about your target audience, oil and gas insights can help you tailor products and services so they meet the needs of those who will use them.
  • Oil and gas insights may also be used by companies looking for new sources or opportunities for growth or expansion into new markets with similar demographics as their current ones (i.e., using marketing tactics like social media advertising).
  • In this industry, market research gives insight into what industries need most right now. This could include things like new technologies being developed by competitors (which need researching so that companies don’t fall behind). In addition, this could also include what kind of training employees need before starting their jobs at new mines & wells.

If you’re looking to expand your business or find new opportunities, oil & gas research may be key to helping you do so. By understanding what people want and need, you can create products that meet those needs and increase sales.

Final thoughts on oil and gas survey companies

The oil and gas industry is a complex one that requires specialists with expertise in their field. The world depends extremely on these organic sources of energy, which means that companies must constantly assess the micro and macro trends in this space. By working with an oil and gas survey company, you can reap the benefits of their knowledge and expertise to better understand the market around you.

The oil & gas industry is constantly evolving be it in the processes of exploration, extraction, refining, transporting, or in marketing oil and gas products. Wondering how we can help you? Our team has worked with many leading companies in this sector, thus ensuring they remain up to date with its complex and dynamic requirements. Drop us a line at sales@grape-data.com to see how we can help you. Alternatively, if you're looking for more resources on the topic, we have got you covered. Check out our guide on 'How to create a survey project to gather oil and gas insights in 6 simple steps'.

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