General marketing development trends aren’t as straightforward to implement in oil and gas industries, unlike the type of results you can expect from using similar strategies in other smaller markets. In contrast, marketing trends most suitable for these industries are filled to the brim with a variety of strategic tactics, which are not too often used by businesses that operate in other markets. And, this is also the primary reason why you should keep an eye out for these trends, even if your business doesn’t operate in an area that’s relevant to oil and gas markets. That’s because you’re bound to find some unique gems from these trends, many of which are likely to help your brand and offers to stand out from the rest of your competitors.
So, let’s start. Here are the 5 most effective marketing trends this year, which continue to produce significant results for businesses in the oil and gas industry:
Top 5 Marketing Development Trends This Year for Oil & Gas Industries
- Sourcing Out Effective Private Partnership Arrangements – This is where brands that operate in oil and gas industries are creating ways to strategically source out more significant partnerships with other commercial groups, brands and manufacturers. For example, an oil and gas company can partner up with a credible car manufacturer that recently launched new models, which have become wildly popular across the company’s target markets.
With this marketing development trend, an oil and gas company can entice their ideal prospects to partner up with them by offering free products, discount offers and giveaways to the new and existing customers of their target brands. In the example described earlier, these can be discount cards issued to new buyers of particular car models recently launched by their partner brand, which can be used at select local oil and gas stations for the first year or so.
- Closing Significant Public Partnerships – Many governments around the world have public and private partnership initiatives. This is to support small and large businesses by allowing them to not just bid on certain relevant projects, but to also cater to the needs of various government offices and their partners as suppliers of necessary components and products. In turn, oil and gas companies can generate long term business with considerable revenues for them.
These businesses also benefit from this marketing development tactic by increasing their credibility and authority reputation in the eyes of relevant private companies and public organizations. For instance, an oil and gas business can increase the likelihood of getting a positive response from their partnership propositions and pitches to large educational institutions, corporations with thousands of employees, restaurant and convenience store chains among others that can’t just drive significant business their way, but could also help them with top of mind advertising, which leads us to the next item below.
- Top of Mind Advertising – Considered as an effective marketing campaign across various industries and niches, this is where a business promotes their brand across online and offline places that are frequently visited by their target prospects. Most of them don’t advertise in these locations to generate immediate sales. Generally, they also don’t do this to get leads and subscribers. The value that they get from this marketing development tactic is from the top of mind advertising benefits that this generates for their brand.
Imagine hearing and seeing everywhere the same brand name of a type of product that you use frequently. If it’s toothpaste, then whenever you’re at the supermarket to get some groceries and remember that you need some toothpaste, the first thing that generally comes to your mind is the brand name of the toothpaste that you’ve been hearing and seeing all around the place for the past several days. That’s called immediate brand recall and recognition, the positive results of an effective top of mind advertising campaign. And as you can see, this is likely to be quite effective for an oil and gas brand.
- Tactical Customer Retention & Loyalty Programs – Similar to an airline company, many oil and gas businesses have fully welcomed this marketing development trend for their promotional campaigns. It’s generally cheaper to sell the same product to an existing customer than what it costs to convert a prospect into a first time buyer. Some studies indicate it’s 6 to 10 times more expensive to acquire a new customer. And, the same studies claim that a business has 60 to 70% better chances to close a sale with an existing customer, than the likelihood of this happening with a prospect who has never before bought anything from the business.
These customer retention and loyalty programs are often packaged as membership and discount cards. Whenever customers buy from the oil and gas business that issued their cards, they get more reward points or higher loyalty scores. They can then exchange certain numbers of these loyalty scores and reward points with a variety of gift items, discount offers and the like.
Some oil and gas businesses even integrate a sort of affiliate system into their customer retention and loyalty programs. This is where they give a lot more reward points and even higher loyalty scores to customers who successfully refers any of their peers to get the same card. This recent marketing development trend continues to produce significant viral marketing results for these oil and gas companies.
- Supporting Sports Initiatives & Other Charitable Advocacies – Some of the biggest oil and gas corporations continue to use these strategic techniques for successfully promoting their brands and latest products across much bigger segments of their target markets. For example, an oil and gas business can support a globally popular car racing event and usually even sponsors a participant in the race. In exchange, they get global coverage, especially since their banners and ads are visibly displayed all around the race, on the car of their sponsored participant and in the televised footages of the event. Outside these activities, they also hire famous celebrities to wear branded accessories and to mention their company during public appearances and broadcasts.
Another set of events that many oil and gas companies participate in includes charitable advocacies and fund-raising activities for relevant causes. Aside from successfully promoting top of mind recall and recognition for their brand across large segments of their ideal audiences, especially events with media coverage – This marketing development strategy enables them to support the initiatives and advocacies they believe in. Plus, this allows their brand to gain recognition across influential people and their associates, many of whom run commercial establishments and social organizations that are potentially strategic partners for their oil and gas businesses.
These are the top 5 trends this year that many oil and gas businesses continue to use to great success. Some of these tactics can produce significant results for your business, regardless if you operate in an entirely different industry with a unique target market. So, take note of the most interesting things that tend to sound good for your own business. You can tweak those strategies to further customize them for your target niches and ideal prospects. And, you can then run some small tests, monitor your results, improve things that are limiting your potential for generating more beneficial returns, scale up stuff that’s working really well, and drop those that are just wasting your time and money.