Go Beyond Supply and Demand
With drilling activity at all-time peaks and service companies strained to capacity, the prescribed response is to raise prices to maximize revenue. But not every oilfield product and service company has the same opportunity to increase prices without losing business. Our Gulf Research studies, conducted over the course of the past several years, have shown that the ability to command higher prices relates to customers’ trust in the organization.
The trust decision makers place in an oilfield brand can be measured. This is commonly referred to as brand equity measurement. At Gelb, we measure brand equity using multiple determinants including familiarity, customer value, consistent experience, and competitive difference.
Read Customer Loyalty in the Oilfield: Price Premiums and Brand Management.
