A Simple Guide to Marketing Research for Oil and Gas Professionals
- Jan 15
- 2 min read
Today I want to walk marketing and business development professionals in the oil and gas sector through the steps to conduct marketing research.
The 5 Steps of Marketing Research
According to Jaclyn Tenenbaum, there are five steps to follow to conduct marketing research:
The first step is identify a research need and to do so you will need to answer the following foundational questions:
What is your research question? In simple words, what information will help you choose the right decision?
What will you do with this information? Will it help you make the right decision or maybe choose a new path to take? If your answer was no, then there is no marketing research need.
Does the needed information exist already or can be found via third party? This means checking internally inside your company if any team or department could have the information, or externally using the internet.
And the last question is: what is the lead time? When this decision needs to be made? In order to conduct a marketing research you need some time to gather data and analyze insights, so you should make sure that you have enough lead time.
Design your research: This is the tool you will use in your marketing research for example; surveys, focus group, or interviews.
Conduct the study: This is where you are actually doing the research either it’s interviews or sending surveys.
Analyze the results: In this step you will review the collected data.
Share the research insights: In this final step you will share the answer of your marketing research question, which will lead the decision makers to take the right action.
Why Marketing Research Matters in Oil and Gas
The oil and gas sector is very competitive, and a lot of the marketing techniques may not work. This is where the real value of marketing research appears, as it’s one of the most important tools that can help businesses make the right decision based on real-world data.
