Client description: Oil analysis provider

Practice area: Market Research and Analysis

Geographic scope: US, Canada

Industries involved: Oil & Gas

Services applied: Market opportunity, Voice of Customer, Competitive Intelligence, Brand Perception & Awareness, New Concept Testing

Business challenge: Oil analysis provider was struggling onboarding U.S. customers and wanted to evaluate what was blocking the sale of basic oil analysis services. Client needed insights on buyer needs and preferences, demand drivers, competitor offerings and perceptions of new service concept to adjust value proposition and gain market share.

Methodologies: 100 qualitative in-depth interviews (IDIs) via phone with vendors, thought leaders and end-users of oil analysis. This was supplemented with online surveys with oil analysis customers and prospects.

The result: Delivery of a comprehensive report with valuable insights on barriers to penetration, competitive landscape, decision makers in the US, brand awareness, hidden motivators, decision drivers and information sources. Report included a series of graphs and analytics covering What Customers Want (WCW), Value Drivers, Awareness & Perception models.

A reasonably good reaction to value concept was discovered but findings showed that the viable segment was small, already competitive and potentially contracting services elsewhere. Strategic recommendations were made to market aggressively, focus on specific segments, exploit weakness in customer service, evaluate oil sample price points and invest in training and education to convert the undecided audience.