In 2004, EnergyPoint Research first set out to discern which oil and gas equipment suppliers and service providers work best for their customers and to quantify their experiences. A decade of collecting and analyzing the relevant data has established EnergyPoint as the resolute voice of the oilfield consumer and the only curator of independent customer satisfaction ratings in the industry.
EnergyPoint started its surveys with the assumptions that customer focus drives best practices and satisfied customers feed growth. Those facts held steady. And as we culled more industry wisdom from end users, we shared with our readers and subscribers a clearer picture of the critical variables companies can focus upon to create satisfied repeat customers. We also offered insights into how customers can influence the performance of their suppliers. Continue reading The Customer Has Spoken: A Decade of Appraisals
In Parts 1 and 2 of this article series, we examined the role customer dissatisfaction can play in the failure of M&A transactions, as well as the impacts various types of mergers can have on customers. In combination, we’ve presented what we hope is a cogent argument to reconsider — for the sake of both customers and shareholders — corporate combinations as some industry participants’ seemingly go-to means for achieving growth.
That said, we are not so naive as to assume our two posts will forever slayed the forces that make M&A such a popular strategic option in the industry. More combinations are inevitable. With this in mind, below are some tips for oilfield suppliers on the acquisition trail that want to maintain a customer satisfaction focus and, at the same time, an awareness of potential customer-based risks. Continue reading M&A: Customer Friend or Foe? – Part 3
In Part 1 of this series, we discussed how customer defections and dissatisfaction can play very real roles in the under performance (or outright failure) of even the most highly touted corporate combinations. In this Part 2, we’ll look at the different types of M&A transactions and the impacts on customers that tend to arise from each.
When it comes to M&A, understanding the legacy attitudes towards customers and customer satisfaction that exist at an acquiring company — relative to those at a company being purchased — can go a long way in predicting a deal’s eventual impact on customers. Below is a discussion of four different types of M&A combinations and the risk (and opportunity) they can pose for customers: Continue reading M&A: Customer Friend or Foe? – Part 2
A lot of life is about expectations. When expectations are not met, we tend to react negatively. Business is the same way. While it might feel good to make lofty claims concerning the reliability, value or benefit of our products or services, if doing so leads to unrealistically high customer expectations, we’re doing ourselves and our customers a disfavor.
One of the questions EnergyPoint gets most often concerning its survey results is why certain oilfield suppliers perceived as having strong technology fare so modestly, or even poorly, in our annual customer satisfaction rankings of oilfield suppliers. The answer has to do with who’s setting the customers’ expectations around the technology — the company or the market place? Continue reading A Matter Of Expectations
In Part 1 of this article, I explained how some restaurants’ practice of constantly refilling my iced tea glass without first asking actually leads to a diminished customer experience for some. I also hinted that I thought customers of oilfield suppliers could relate to this iced tea lesson. I want to use the second part of this article to explain how.
When an organization, for whatever reason, decides it wants to address customer satisfaction, the process by which it does so can have a big impact on whether its efforts succeed. In cases where management does not think through or get actively involved in the process, opting instead for vague directives to “better serve our customers” or “create greater customer intimacy”, the results can prove at best ineffectual and at worst counterproductive. Continue reading Thanks, But It Misses the Point – Part 2