Exploring Adoption Potential for Oil and Gas Market Intelligence Solutions

Objective

The objectives of the survey were twofold:

Jasper Colin Approach

To achieve the research objectives, Jasper Colin’s Enterprise Market & Product Insights solution was employed. This approach combined quantitative surveys, behavioral data analysis, and segmentation methodologies to assess market needs, decision-making factors, and purchasing behaviors. By utilizing these methodologies, we aimed to provide actionable insights into how oil and gas companies select data and analytics solutions.

Jasper Colin's segmentation framework helped segment respondents into corporate and institutional investor groups, ensuring targeted insights into both current users and non-users of market intelligence solutions. Our competitive benchmarking process allowed us to assess client’s standing relative to other vendors in the market, while identifying areas of growth potential and areas for improvement.

Methodology

The survey targeted decision-makers in oil and gas market intelligence, data, and analytics within North American companies. Respondents were primarily CIOs, CTOs, VPs/Directors of Operations, and Project Managers. A total of 200 respondents were included in the survey, with quotas for corporate and institutional sectors, ensuring that both groups were represented in the sample.

Survey Structure:

1. Qualifying Questions:
   • Respondents were first screened for relevance based on their involvement in decision-making for market intelligence, data, or analytics solutions. Only those who had used third-party market intelligence solutions were qualified for the full survey.
2. Current Tool Usage:
   • Respondents were asked to identify which third-party solutions they currently use, including solutions such as RS Energy Group (RSEG), IHS Markit, Wood Mackenzie, and DrillingInfo.
   • We also assessed market awareness and current vendor usage to identify gaps in the market and areas where client might have growth potential.

3.    Purchase Criteria & Satisfaction:

• The survey asked about the importance of various purchase criteria, including factors such as price, reliability of data, and vendor reputation.
• Respondents rated their satisfaction with their current solutions, including the likelihood of recommending their vendors to peers (via NPS).

4.  Adoption & Interest in Growth Areas:

• Respondents indicated their likelihood of adopting new solutions such as predictive analytics, machine learning, and global data over the next 3 years.
• The survey also measured interest in adjacent solutions, such as midstream data and predictive analytics, to gauge potential for market expansion.

5.  Non-User Insights:

• Non-users were asked about barriers to adoption, including cost, complexity, and lack of awareness. We also explored the likelihood of future adoption and the factors that would drive them to consider a third-party market intelligence solution.

6.  Spending Trends:

• Respondents were asked about historical spending on third-party solutions over the past 3 years and future spending projections for the next 3 years.
• We identified key drivers of spending increases or decreases, such as business growth, operational efficiencies, and the need for more advanced analytics.

Results

Impact

• Informed Product Development: The survey’s findings highlighted areas where client could improve its offerings, particularly in the pricing and integration of advanced analytics tools.
• Market Expansion: The interest in global data and predictive analytics presented an opportunity for client to expand its product portfolio and cater to institutional investors looking for more comprehensive solutions.
• Competitive Positioning: The survey helped our client understand its competitive standing, particularly how it compares to other providers like IHS Markit and Wood Mackenzie. This insight is valuable for refining its marketing strategy and customer engagement.

Conclusion

By employing Jasper Colin’s Enterprise Market & Product Insights solution, this survey provided critical insights into the oil and gas data and analytics market. The findings informed client’s product strategy, highlighted opportunities for growth, and helped position the company to meet the evolving needs of both current customers and prospective adopters. Through careful analysis of spending trends, adoption potential, and competitive positioning, client is now better equipped to make strategic decisions that will enhance its market presence and customer satisfaction in the long term.