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The Evolution of Marketing and Sales in the Oil and Gas Industry
Yes, there is a big difference between “Then” and “Now” marketing and sales in the oil and gas industry. In the past, marketing and sales efforts were primarily focused on traditional methods such as print advertising, direct mail, and cold calling. Salespeople would often spend a lot of time traveling to meet with potential customers in person and build relationships through face-to-face interactions. However, with the rise of technology and the internet, marketing and sales efforts have shifted to digital channels. Online marketing methods such as search engine optimization, social media advertising, and content marketing have become increasingly popular. These methods allow companies to reach a wider audience and engage with potential customers on digital platforms. Similarly, online sales efforts such as websites and industrial marketplace platform have also become more prevalent in the industry. These websites and online platform allow buyers to research online, which can save time and increase efficiency for both the buyer and the company. The reason for this change is because customer habits have evolved. The amount of information available online continues to increase exponentially which has changed the behaviour of B2B customers. In the past, printed brochures or handbooks would enable the potential customers to; 1 - Become aware, 2 - Raise their interest, and 3 - Consider their options. Now, this increased information allows potential customers to proceed further in the sales funnel and move into; 4 – Intent to buy, and 5 – Evaluate alternatives. This is both an opportunity and issue in the oil and gas industry as account managers now have to ensure potential customers are well informed about their products and have not been mis-informed by others (or competitors) through misleading internet content.
The most effective way to ensure customers in the oil and gas industry make fair, informed decisions is to spread product information as wide as possible, across multiple channels, and continue to build relationships of trust with customers. Although the pace of business and amount of (mis)information has increased, the tried and tested method of establishing productive business relationships has not changed – people still value someone they can trust to do business with.
89% of B2B buyers use the internet during the B2B research process
In conclusion, the rise of technology and the internet has significantly changed the way marketing and sales are done in the oil and gas industry. While traditional methods still have an meaningful place, digital channels and data analysis have become increasingly important for companies to succeed in today's competitive market.
