In the highly competitive oil and gas sector, discovering new opportunities quickly is essential.
Here is how to you go about being first in the energy market.
1• Focus on the highest potential business prospects:
To be the first means to filter all the noise and focusing on business prospects that are likely to need your services or products. This means targeting the potential opportunities that best suit your business. Also, you have to know more about the need of the business prospect and figure out the role your business can play.
2• Don’t rely on referral marketing:
I agree that relationships are essential in the energy industry. People in this industry prefer to do business with people they like and trust.
So, referral marketing can be an amazing source of new business, because recommendations from an industry colleague has credibility and trust.
But in today’s energy market; scouting, relationship, and word of mouth are not enough. Oil and gas industry buyers need facts to justify purchasing to their company.
Demonstrating that you know customer’s business and uncover customer’s needs and how your product or service can help resolve their issue can help build trust and make you the first mover.
You also need to be transparent on how you comply with trade regulation and local content requirements.
The biggest draw back of relationship marketing is that you can’t hope to get enough refereed business to sustain your business growth.
3• Do more with less:
To be the first means you need to be more efficient , proactive and productive in your approach. So get more information and research on key and active energy players in the market. Monitor activities and trends in the region.
Additionally, find out what projects are underway and which business prospects are likely to have projects. This helps you to set your strategies with confidence and participate in the available and upcoming jobs.
• Partnership is key to eliminating wasted time and resources:
You know how frustrating it is to do this type of research. To monitor activity industry trends and identify the potential business prospects to target you can subscribe to many publications or spend hours traveling the web or begging industry influencers.
The options above are daunting and time-consuming.
To save time, and resources you need to partner with information vendor who will help you finding decision making information that enables you to identify new oil and gas opportunities before that have not even been market yet.