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Building Reputation in the Oilfield

Building Reputation in the Oilfield

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Published by GelbConsulting
Review of Gulf Research studies that includes prescriptions on how to build a strong reputation in B2B.
Review of Gulf Research studies that includes prescriptions on how to build a strong reputation in B2B.

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Published by: GelbConsulting on Jan 15, 2010
Copyright:Attribution Non-commercial

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09/20/2010

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Customer Loyalty in the Oilfield:Reputation
 
Gelb Consulting Group, Inc.
1011 Highway 6 South P + 281.759.3600Suite 120 F + 281.759.3607Houston, Texas 77077 www.gelbconsulting.com
 
Customer Loyalty in the Oilfield:Reputation
 
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Overview
In order to build and maintain customer loyalty, it is necessary to also build a strongreputation. A strong reputation is valuable because it provides you with market differentiationand a competitive advantage. This paper discusses the importance of company reputation inthe oilfield industry and how you can utilize reputation ratings to build and maintain yourbrand equity.
Why Reputation Matters
Reputation can be explained as the distinctive place your
company occupies in consumers’
minds, and it is how brands are distinguished. Building company reputation is necessary forattracting and retaining employees and customers. Reputation is also important in generatingbrand trust and driving price structure. A favorable reputation enables you to charge a pricepremium while maintaining high sales.Many oilfield companies have public relations departments that work to manage theirreputation. When a company is perceived to have done something wrong, it often hurts theirreputation and requires careful management over a long period of time to regain theirreputation. Managing your reputation becomes especially important during critical turningpoints, such as a company merger or developing a new product line.
Building Brand Equity
At Gelb, we measure brand equity using customer trust, familiarity, customer value, consistent experience, and competitive difference (see model below).
 
Familiarity
is defined as the awareness and knowledge targeted buyers have with yourbrand; it is based on experience with your brand
 
Customer value
is how options are evaluated and decisions are made; it drives yourpricing structures
 
Competitive difference
is how brands are distinguished; it drives your
reputation
 
 
Consistent experience
is how well your brand delivers on its promises; it drives yourcustomer satisfaction
 
Customer Loyalty in the Oilfield:Reputation
 
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17%20%28%30%36%33%43%43%42%41%41%46%41%45%38%41%59%61%69%75%77%78%82%84%Company HCompany GCompany FCompany ECompany DCompany CCompany BCompany A
In our Gulf Research oilfield brand equity studies, we have consistently found that brands withthe highest brand equity scores, calculated according to our proprietary brand trust model, arehighly correlated with customer loyalty.In this example, the Net Promoter Score is the result of subtracting those who will recommendyou to others from those who chose not to (detractors). This chart highlights a positiverelationship between customer trust and brand equity scores. Those organizations with thehighest brand equity scores also have the largest numbers of customer advocates.
Measuring Reputation
Reputation is not what a company’s leaders perceive it to be, but what other key stakeholders
(employees, customers, investors, competitors) perceive it to be. A negative reputation rarelychanges without strategic management of internal and external communications. For thisreason, it is necessary to measure and track reputation ratings.In our Gulf Research oilfield brand equity studies, we measure company reputation asperceived by decision makers in the industry (see table below).

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