In order to be successful at managing a business in the oil and gas industry, it is necessary to market the business and its services to the right target audience and with enough impact and coverage. This is why the oil and gas industry can segment the market.
It is very important to understand customers; if you are selling directly to a consumer, you must know as much as possible about your customer's geographic, demographic, psychographic and behavioral profiles. From the geographic point of view, it helps to know where the majority of the consumers are located for example, in rural or urban areas, to see where to put gas stations. Another important aspect is demographics. By knowing the age, you know about how many people from the population are in need of production from the oil and gas industry. Income, under the demographics category, also shows how about how much money is able to be used for oil and gas products. For example, a high income leaves money to be used for other resources such a gas. In the psychographic segmentation, the consumption of gas can depend on whether people like to have their calls full of gas (personality traits) or not. If a gas company for example, offers special services such as discount coupons or a has a person who pour the gasoline into the customer’s car without making the customer come out of the car, most probably the customer will have preference for this gas station and therefore will develop brand loyalty. This would also apply for the demographic segment because old people prefer to have the gas poured by an employee rather than come out of their car. Thus, behavioral segmentation also applies to the oil and gas industry.
By having segmentation, there is a better way of targeting the market. The four segmentations, geographic, demographic, and behavioral, can be used in the oil and gas industry in different ways.
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