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Oil and Gas b2b market research: What is it all about?

The basics of Oil and Gas b2b market research explained

GrapeData
Oct 22, 2022
B2B market research
Industrials

What is Oil and Gas B2B market research?

B2B market research is the process of gathering information about a specific target audience. It is used to help companies better serve their customers and understand what they want. B2B market research can also be known as business intelligence, insights, or data. Therefore, Oil and Gas b2b market research is the process of gathering insights about this industry. 

The Oil and Gas B2B sphere

There was a time when oil and gas companies were facing a lot of challenges in a turbulent business environment. The global economy had been on a downward trend for the last few years and there was no sign of an improvement in sight. This had led to some painful decisions being taken at various levels within these companies. A number of them had to lay off employees and close down unprofitable units. Additionally, they had to undertake several other measures which negatively impact their operations as well as profitability. While these steps may have been necessary for survival, they also meant that it became even more imperative for these businesses to develop sound market research strategies. These helped them increase revenues while cutting costs at the same time.

Today, the global Oil and Gas industry is valued at $4.5 trillion. Certain challenges faced by the industry include access to reserves, cost control, compliance, talent, and safety standards. For an industry outlook, check out Deloitte's post here

What are the key benefits of undertaking b2b market research in the oil and gas sector

Some of the key ways that b2b market research helps in the oil and gas industry are listed below:-

  • Increase your revenue figures 
  • Increase your market share
  • Know your competitors and customers better
  • Know your product/service better.

How is B2B market research performed in the oil and gas sector

B2B market research is performed in a variety of ways, including surveys, interviews, and focus groups. These methods are selected based on the audience and topic to be researched. The type of research method you choose will depend on your goals as well as your budget.

For example, if you're looking for answers to specific questions about consumers' attitudes toward a new product or service offering, then a survey might be the best choice. However, this is viable only if you're willing and able to spend the money necessary to get this kind of information from a large number of people.

However, if your goal is more qualitative in nature—for instance, understanding how potential oil workers feel about working offshore or requires fewer people than would be required for a survey or focus group (say 50 rather than 500), then an interview may be more appropriate for your needs. This is because it allows for greater depth during questioning sessions with smaller numbers than those needed for larger groups like focus groups.

In addition to the type of research method you choose, there are other factors that can affect the quality of your data. One of these include an appropriate number of people (or other entities) in your sample size. This is particularly important when it comes to surveys and focus groups because you're looking for answers from large groups instead of one person. 

Who should use B2B market research in the oil and gas industry

The oil and gas industry is a very diverse sector, with many different types of businesses operating in it. Some deal directly with the extraction of oil, such as companies that provide equipment for oil rigs or drilling rigs. Others sell services to their clients, such as those who offer offshore rig repair services or who supply personnel to operate on drilling rigs.

The b2b market research for the oil and gas industry consists of two distinct parts:

  • those who need information on how to run their business better (such as management teams); 
  • and those who are looking for new customers (such as sales managers).

Companies in the oil and gas industry are looking for new ways to improve their operations. They need information about how to make their business more efficient. Additionally, they want better-quality products and services that will help them reach their goals. These include things like alternative energy sources, safety equipment, new drilling technologies, and so on.

What to look for in a B2B market research company for the oil and gas industry

  • You should look for a company that understands the industry.
  • You should also look for a company that understands the market and customers.
  • And finally, you need a company that can understand your competition and data.

Of course, you will also want someone who understands technology and trends in your industry, as well as its culture. At GrapeData, we've been conducting b2b market research for over 5 years. You can even conduct follow-up research with key individuals in your study. Our platform (consisting of 300k contributors) and processes comply with all relevant data-regulation standards. If you'd like to learn more drop us a line at sales@grape-data.com.  

Where to find a good B2B market research firm for the oil and gas industry

To get started, you should look for a company that has experience in the oil and gas industry. This is important because it will allow them to understand your needs and challenges as an operator, better than a company that doesn't have this background. This means they can propose solutions that align with your goals.

You should also consider a firm's track record of delivering results. A good b2b market research firm will provide you with insight into their previous projects. These insights will help you see how they performed on similar projects (and thus gauge their expertise). It’s also beneficial if they have clients who are willing to share their experiences working with the firm (in case you want to talk directly with them).

Finally, transparency around pricing structure is key—you want a company whose pricing includes all aspects of production: from initial data collection through analysis and reporting; this way both parties know what’s included in each phase of work. 

Good b2b market research firms should always be open about how much time each step takes so there aren't any surprises later down the road.

What are some common mistakes made by firms that conduct b2b market research?

  • Not asking the right questions
  • Failing to consider the context of their findings (i.e., how will these results be used?)
  • Being overly reliant on quantitative data (i.e., statistics) when qualitative data is needed

Oil and Gas B2B Market Research is about gathering business intelligence, insights, data, and information on a specific target audience to help companies better serve their customers

The oil and gas industry is a highly competitive and volatile market. Companies need accurate and timely business intelligence to make strategic decisions that will help them stay ahead of the competition. Oil and gas b2b market research is not just about collecting data but rather using that data to provide insights into opportunities for growth.

Conclusion

In conclusion, Oil and Gas b2b Market Research is an important tool for companies in the sector. It allows them to gain insights into the minds of their customers and competitors which can help them improve their business performance. For further reading, check out our blog post about 'Oil and Gas Insights'.