As major industries in the energy market the world’s primary fuel sources - the oil and natural gas industry play an influential role in the economy. The market is highly complex, capital-intensive, and requires technology. Customized or limited edition products do not simply make the cut for customer satisfaction any longer. The dynamic industry is in need of a change that builds trust with the customer besides the vehicle. Brands in the industry are currently including customer experience for retention as a focus point apart from operational excellence which they have been able to achieve in the recent past.
Fuel oil is the only petroleum product whose demand is expected to fall in the future. At a time like this, brands are looking forward to improving their customer experience by indulging in omnichannel payments, loyalty programs, virtual reality and chatbots across various systems. The downstream industry (dealers, retailers, distributors and retail stations) is currently reworking, diversifying and restructuring to create a demand in non-traditional marketing and retention channels to steer clear of the downfall which may hit the oil and gas industry in the near future.
Among other issues, post covid, on-the-ground fuel retail sectors and consumers have been facing challenges with cost-effectivity and behavioral changes, respectively. With health and safety being a vital concern for individuals across the world, consumers wanting to access contactless service and payments, the industry must find a way to address the pain points of their customers to meet the company's goals.
This is the reason why brands are now trying to improve customer experience by finding the right customer experience strategy through customer experience consulting companies that can lead to an all-round customer experience transformation through surveys, metrics, analytics and auditing.
Large-scale organizations like Sonata GBW assist brands to achieve their goals through customer experience optimization via measurement solutions by including digital and physical methods. The goal of such organizations is to provide end-to-end analytics and insights to the client to drive a change in their system.
For years, the industry has been using creative marketing strategies to build relationships with customers directly. Retailers have offered added services in the form of car-washes, dinnerware, maps and more. In the recent past we saw advertisements on the radio, television, billboards, etc. which have swiftly moved into new age digital marketing - social media. Brands are now able to speak directly to their customers, eradicate negative views and promote energy based initiatives. However, modern day customer experience is an aspect that must be tackled differently since it directly brings in an increase in competitive advantage through customer retention, customer satisfaction and reduces customer churn through an omnichannel customer experience management.
Omnichannel customer experience management (CXM) is necessary to provide insights into customer interactions and their varied behavior across their life cycle. It has been noted that the strongest omnichannel customer strategies usually retain 89% of customers; which brings us to our next question.
The two keywords to this desperate change is Simplicity and Consistency.
A brand must be able to provide simplicity in the form of convenience and adaptability. As the industry is approached by younger individuals there is a need to accommodate their needs as consumers. A brand must be able to stay relevant with the times to build a true connection and create a sense of exclusivity with its customer. Customers today, in the oil and gas industry, are looking forward to convenient modes of transaction. Each individual is digitally enhanced and must be provided with multiple modes of transactions to suit their interests. A brand is also required to be consistent. To be able to retain customers an omnichannel approach must be developed by brands. Simply marketing and branding does not do the trick, reaching each customer individually is guaranteed to leave a mark. The brands must also be able to stay as familiar as possible with its customers to create a sense of similarity.
The industry 4.0 revolution has hit the oil and gas industry which was essentially a rather traditional market. One which draws hydrocarbons, processes them and sells them. Now there is a massive requirement to level up and move ahead of the operational aspect which has been mastered. The oil and gas industry must meet their match and competition with technology and apt customer experience to work on effective retention.
Sonata GBW is a global technology company specialising in customer experience CX measurement, platform-based digital transformation, supporting businesses to become connected, open, intelligent and scalable. A global coverage of 105+ markets with over 27 years of experience as a market leader through extensive measurement capabilities, powerful and intuitive reporting and analytics platforms gives us the leverage to improve customer experience. It has presence across USA, Canada, EMEA and APAC regions. If you would like to know more on how we can help you, please fill out the business enquiry form below.