As a B2B marketing agency in Houston, Fifth Ring knows first hand the positive effects of marketing over the oil and gas landscape: from sales brochures and tradeshow booth designs, to high-impact websites and online social media marketing campaigns.
Like all Houston PR firms, we also know that marketing budgets suffered greatly when the oil crisis hit this year. Since June 2014, the price of oil per barrel has dropped by more than half. Many oil and gas companies throughout Houston held firm or cut marketing budgets and even laid off entire departments globally.
Some organizations communicated changes internally and externally better than others. Regardless of the message execution, the long-term ramifications of budget cuts and layoffs can take its toll after the crisis passes as evidenced in talent recruitment and retention concerns.
Fifth Ring believes a crisis offers the perfect opportunity to gain market share.
We’ve experienced first-hand a number of visionary organizations seizing the chance to stand out now, be bold and take calculated risks on owned, paid and earned media channels.
Some clients even opted for a bit of navel-gazing by putting their leadership stakeholders through rebranding and strategic positioning efforts – no small tasks, no small investments. But odds are those organizations will see quicker financial recoveries and happier, more stable workforces once the storm passes.
Here’s some of the ways marketing is the answer to the Houston oil crisis:
Some of these goals might be feasible today with strategic reallocations to make resources work harder for more meaningful and measurable outcomes. Other goals might require some investigation around what makes the best sense in terms of planning, execution and evaluation on the effectiveness.
For our marketing professional friends, take heart and prepare for oil prices to eventually recover.
Tips for marketers to prepare for the oil price recovery: