It is a hallmark of top-performing oilfield suppliers to use times of pause to invest in the people, technologies and processes that lead to better performance. It’s also been shown that focusing on customer satisfaction is one of the most effective ways companies can take control of their futures.
EnergyPoint is the leading source for independent customer satisfaction intelligence in the oil and gas industry. Moreover, the acceptance of our Detailed Reports and Online Portal research products only continues to grow. In the process, our data and tools are changing the way industry suppliers are measured and viewed by their customers, peers and investors.
Should your organization be interested in learning more about EnergyPoint’s customer satisfaction Continue reading Invest in the Future with EnergyPoint Research’s Market Data
If the truth be known, the tendency of many suppliers in the oil and gas industry is to live only for the up cycle. When challenging times hit, their enthusiasm wanes. They go through the motions, but their hearts aren’t in it. They bide their time until the next upturn arrives. Some go as far as to shut their doors, hoping to reopen when times improve.
But it does not have to be this way. As the industry awaits this especially grueling downturn to run its course, forward-looking suppliers have an opportunity to the lay the groundwork for better times. For some, this new customer-centered foundation will be evolutionary. For others, it will prove revolutionary.
Below are some suggestions for industry suppliers that want to increase their customer-centricity and move toward prosperity, Continue reading Laying the Groundwork for Better Times
In the 1980s and 1990s, the oilfield equipment sector, for all intents and purposes, neglected the customer. Since then, a select group of companies have successfully kept the focus of their efforts on satisfying customers with dependable products. They have coupled this with responsive service.
The results are impressive. In fact, they’ve played critical roles in advancing the industry’s capabilities. Horizontal wells are now drilled as adroitly as vertical wells. Offshore operations are carried out at previously unimaginable water depths. High temperatures and pressures are routinely brought to heel. Better bit designs save Continue reading Oilfield Equipment: Gaps Should Guide Investments
Consisting mostly of publicly traded master limited partnerships (MLPs), oil and gas midstream suppliers, for better or worse, are beholden to a breed of investor as interested in the return of capital (i.e., distribution yield) as in the return on capital (i.e., unit-price appreciation and/or distribution growth).
With oil and gas prices currently weak, the attractiveness of MLPs as income and growth investments is waning. Midstream customers, made up mostly of upstream entities, are hunkered down. Drilling and development budgets have been slashed, and suppliers of all stripes are being asked to lower costs till it hurts.
As expected, the midstream sector has done what it can to adjust. It has cut overhead and reduced operating expenses, while also keeping a close watch on Continue reading Opportunity Looms in the Midstream
Engendering higher levels of customer satisfaction takes vigilant alignment of an organization’s many moving parts. The only way to influence the kind of company-wide change that breeds customer loyalty and higher returns is to entrench the entire corporate culture in a relentless drive to satisfy customers.
Mindful leaders know setting customer satisfaction as a primary corporate goal can be met with resistance. The payoff, while potentially transformative, is rarely immediate. Success requires the will to influence, coupled with an eye for the horizon. Once best practices are in place, though, prioritizing Continue reading Shaping a Customer Satisfaction Culture