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Evaluating & Prioritizing Market Adjacencies in Oil & Gas
THE SITUATION
- A tech solutions provider operating in the oil & gas (O&G) space hired
Stax to support their growth strategy by helping better understand growth opportunities in O&G production operations.
THE ASSIGNMENT
- Conjoint analysis—to identify preferences for feature bundles using trade-off scenarios.
- Van Westendorp price sensitivity meter—to discover price points for a role-based pricing strategy.
- Data collection—web survey which included a sample of firmwide and function specific IT decision makers and influencers across different contractor types and company size verticals, as well as existing customers and prospects.
THE BENEFITS
- We also highlighted the near term opportunity in tech solutions which mitigate the existing challenges faced by O&G producers.
- Based on findings,
Stax prioritized four adjacent markets which provided our Client with a means for expansion as well as an opportunity to mitigate future risk.
THE FINDING
- We identified several challenges faced by O&G firms, which made our Client’s plans for expansion within O&G production operations timely.
- Furthermore, producers recognized and embraced technology-based solutions as a means to help stabilize and improve oil and gas production operations in this challenged market environment.
- Initial findings revealed that Seg B and Seg E were compelling growth markets for our Client where Seg F & G presented sizeable opportunities.
- Further research and the market attractiveness metrics highlighted Seg B and Seg F as most attractive for our Client while synergy metrics highlighted Seg E and Seg B as being best aligned with our Client’s existing footprint and strategic vision.
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