The buyer’s journey is the process by a customer prior to making a buying decision of discovery, evaluation, validation and purchase that occurs every time a buyer needs a solution to a business problem. Regardless of the industry, B2B customers do not make a buying decision without executing a buying process and the Oil & Gas industry is no exception.
If you want to be successful selling to any business it is important that you understand the Buyers Journey. Below is a high level view of the energy producers Buyer Journey, each one of the buying milestones can have a smaller Buyers Journey that needs to be understood if you are to have sales success.
Project Prospects – Oil & Gas companies have a list of perspective prospects that they can spend money on to increase production. Prospects include net new exploration opportunities or improving existing production.
Pre-Qualify Projects – Different business units within the company will prepare preliminary projects plans on the required capital and the potential return on investment (ROI).
Select Projects – Business units compete for available capital and projects that provide the greatest ROI are selected.
Regulatory Execution – Prior to the start of the project companies must execute the regulatory requirements prior to starting a project.
Project Execution – After a project gets regulatory approval it enters the design, construction and completion phase.
Operation – When construction is completed the production is on-boarded and requires day to day operation.
If you want to be successful selling to energy producers you must have a solid understanding of the buyer’s journey.