fuel confidence in your brand
Reinvent workforce priorities.
As the oil price downturn persists, the pressures that first afflicted upstream companies have trickled down to the supporting energy service industries and downstream operations. Company leadership must now face a workforce that has declining confidence in management due, in large part, to widespread industry layoffs. HR and Operations managers may need to flip their priorities, shifting focus away from substantial recruitment efforts to scaling efficiently for the future and ensuring ongoing knowledge transfer.
Invest in a strong recovery.
As other companies cut oil and gas marketing spend and visibility efforts, you have the opportunity to step forward and grab marketshare in a significantly less-crowded environment. While your budget may be restrictive, the small investments you make now in your company’s visibility can promote a more efficient recovery and help accelerate future growth.
Now is the perfect time to focus in on your corporate vision, sharpen your message, research your customers’ preferences, define brand attributes and create a purposeful direction for the future. Audit and evaluate your current oil and gas marketing channels to discover and capitalize on the avenues that yield the highest ROI. As the industry adapts to changing conditions, make a plan to emerge with a stronger, more agile and competitive brand.
Recognize growth opportunities in a down market.
Companies that weather the downturn can look forward to growth opportunities to acquire talent or assets from distressed companies. While larger companies may be tempted to wait for less stable companies to go bankrupt before making a purchase, keep in mind that brand equity is often lost once a company enters the bankruptcy process. If you are interested in acquiring a brand, and not just its assets, consider picking it up before it reaches that point of extreme distress, and prudently infuse some capital to preserve its strength.
With the right strategy, a downturn may also be the perfect time to innovate and introduce new products or services. While the energy industry is often resistant to change, a down market encourages receptivity to new solutions that will make you clients' work less expensive and more efficient.