Marketing 101 in the Oilfield

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An introduction to marketing and the role of marketing department within oilfield sector. Shares the fundamentals of marketing as well as tips, tricks and best practices from an industry expert. This deck was presented during the Marketing in the Oilfield Conference 2013.

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Marketing 101 in the Oilfield

  1. 1. 1.0 What is Marketing? 2.0 Are You Listening? 3.0 What’s in a Brand? 4.0 What’s in a Sale? 5.0 Closing Marketing 101 with An Oilfield Spin 2
  2. 2. 1.0 WHAT IS MARKETING?
  3. 3. “Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.” - Peter Drucker
  4. 4. Marketing’s Role Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. 5
  5. 5. Marketing Scope (Ideal) 6 Source: Kotler/Keller, Marketing Management
  6. 6. 7 *Source: Adapted from Kotler/Keller, Marketing Management Tasks* Developing marketing strategy and plans Capturing market insights Connecting with customers Building strong brands Shaping the market offerings Delivering value Communicating value Creating successful long- term growth Worst Case Based on budget, then figure it out Just rely on the sales force feedback Advertising and trade shows are enough Brands don’t matter This is for the engineers to figure out This is an operational issue Take orders from regions Executives are responsible for this Best Case Plans based on objectives to formulate the strategy/plans Use best tools to develop insights from global respondents Direct customer engagement Strategy to align messages and experiences is defined We engage customers for best fit – price, benefits Customer experience is monitored Globally integrated marketing program Global priorities and challenges are framed by marketing
  7. 7. 7 Deadly Sins 1. Forgetting to understand your customers 2. Taking orders instead of planning 3. Not monitoring marketing effectiveness and competitive response 4. Not seeking out new market opportunities, continually 5. Ineffectively managing relationships with your internal stakeholders 6. Deploying marketing communications not aligned with the brand 7. Developing programs without considering all of your assets – technology, creative, internal expertise 8
  8. 8. Engagement Required 9 Listen Define Promise Deliver Reinforce
  9. 9. 2.0 ARE YOU LISTENING?
  10. 10. “Don’t buy market share…figure out how to earn it.” - Philip Kotler
  11. 11. Listening Overview • Qualitative • Quantitative • Real-time 12
  12. 12. Experience Mapping Awareness Need Execution Retain How do we raise awareness and interest in our brand? How do we help prospective customers identify needs and create a case to choose us? How do we effectively manage projects to scope while exceeding expectations? How do we encourage customers to continually turn to us as a trusted resource? Key Touchpoints Key Touchpoints Key Touchpoints Key Touchpoints Key Touchpoints Evaluation How do we help prospective customers evaluate us?
  13. 13. Brand Equity Modeling Segment Prioritization Brand Equity Scores Customer Value Analysis Perceptual Map
  14. 14. Real-Time Dashboards
  15. 15. Word of Mouth Monitoring Social Media Monitoring and Service Recovery Insights Dashboard
  16. 16. 3.0 WHAT’S IN A BRAND?
  17. 17. “Your premium brand had better be delivering something special, or it’s not going to get the business.” - Warren Buffett
  18. 18. What is a Brand? 19
  19. 19. A Brand IS NOT… 20
  20. 20. Keys A strong brand delivers a superior experience, based a resonant promise that matters to customers 21
  21. 21. Brand Positioning 22
  22. 22. Aligning Brands Monolithic Endorsed Freestanding Naming Identity Visuals Messaging Means of Alignment “Branded House” “House of Brands” Service Delivery
  23. 23. 4.0 WHAT’S IN A SALE? “DON’T BUY MARKET SHARE…FIGURE OUT HOW TO EARN IT.” - PHILIP KOTLER
  24. 24. “All business success rests on something labeled a sale, which at least momentarily weds company and customer.” - Tom Peters
  25. 25. Examining Trade-offs Logit regression estimates the relative importance (“utility”) of each attribute. Analysis2. Utility Scores for Each Attribute Market Simulations Purchase likelihood and share of preference are then characterized across segments. 3. Share of Preference Simulated intentions to visit provide data on convenience, price, performance, location, brand tradeoffs Survey1. Choice Simulation
  26. 26. Brands vs. Products PRODUCT A brand is more than a product, as it can have dimensions that differentiate it in some way from other products designed to satisfy the same need. BRAND Some brands create competitive advantages with product performance; other brands create competitive advantages through non-product-related means.
  27. 27. Strategic Marketing Planning 28
  28. 28. 5.0 CLOSING
  29. 29. Summary 30 Marketing organizations play a key role in understanding and persuading customers. Brand management is critical to differentiate products and services in a competitive market. Product commercialization is one of the key marketing functions that can isolate ROI. 1 2 3
  30. 30. Benchmarking
  31. 31. Aligns the culture Creates a shared vision Builds trust on all levels Models moral behavior Advocates for the customer Motivates the heart It Begins With You Challenges the status quo Develops and enables others to act 32 Transformational leadership is the process whereby a person engages others and creates a connection that raises the level of motivation and morality in both the leader and the follower (Northouse).
  32. 32. Contact John McKeever Executive Vice President jmckeever@endeavormgmt.com 800-846-4051
  33. 33. Endeavor Management is a management consulting firm that leads clients to achieve real value from their strategic transformational initiatives. Endeavor serves as a catalyst by providing the energy to maintain the dual perspective of running the business while changing the business through the application of key leadership principles and business strategy. The firm’s 40 year heritage has produced a substantial portfolio of proven methodologies, enabling Endeavor consultants to deliver top-tier transformational strategies, operational excellence, organizational change management, leadership development and decision support. Endeavor’s deep operational insight and broad industry experience enables our team to quickly understand the dynamics of client companies and markets. Combined with our Gelb Consulting experience (founded in 1965) we also offer clients unique capabilities that focus their marketing initiatives by fully understanding and shaping the customer experience through proven strategic frameworks to guide marketing strategies, build trusted brands, deliver exceptional customer experiences and launch new products.Our experienced consultants and analysts use advanced marketing research techniques to identify customer needs and spot high potential market opportunities. 2700 Post Oak Blvd Galleria Tower 1, Suite 1400 Houston,TX 77056 +1 713.877.8130 www.endeavormgmt.com 34

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