Modern Vikings:Stories of Energy Globalization

Stories of Energy Globalization

Presented by:

Denise Patrick, Managing Director, Energy Markets Access

Objective

Map and document the experience INTSOK partners have gained during the last 5+ years in the U.S. market. Analyze and interpret the data to uncover lessons learned so other partner companies can minimize their risks and improve their likelihood for success. The study will also be used to provide new direction and improve INTSOK advisory services.

Methodology

•Denise and her research team conducted depth interviews with select INTSOK members. These findings were supplemented with a 26-question quantitative survey questionnaire.

•With a 70% response rate the quantitative survey was analyzed to identify overall patterns among survey participants. In an effort to attribute particular discoveries to the level of success a company experienced in the market, survey findings were also cross-referenced during the research process.

•The extensive depth interviews uncovered relevant information regarding the success factors and lessons learned as well as underlying reasons and motivations. With the promise of anonymity, participants felt more at ease and willing to share the knowledge they have gathered throughout their years of experience.

Objectives and Methodology Objectives and Methodology

Making the Decision

• The most important drivers were:

- Revenue growth

- New market opportunities

- Access to international projects

• Most popular customer targets are NOCs, IOCs and independent producers.

Making the Decision

Making the Move

• 75% of companies ranking U.S. efforts highly successful had a local team that was all or mostly American.

• 71.4% had existing U.S. customers

• Of those companies with existing U.S. customers, 80% had 6 or fewer.

• Out of the local Norwegian resources, INTSOK was ranked as the most valuable resource when entering the U.S. market.

Making the Move

Making the Move

Making it Work

• 80% considered U.S. effort both well funded and well-supported operationally

• 42.8% made little or no modifications to U.S. offerings

• Networking was ranked the most effective sales approach; cold calling the least

Making it Work

Making it Work

On The Road in Norway

Making the Decision Market Research

Strategy Development 

Making the MoveAdvisor Team

Staffing / Visas 

Making it WorkModifying the Value Proposition for U.S. Market

Local US Sales Training and Support 

Survey Results

• “Right to Work”• Trusted Advisor Team• Lawyer, Accountant, Banker, Market

Consultant

Differences in Business Culture

How Americans Buy

Customer NeedsCustomer Needs

Benefits of Your Products and

Services

Benefits of Your Products and

Services

Value Proposition

Value Proposition

Moving to a Mindset That Works

•Technology Mindset – Just build a better mousetrap

•Sales Mindset – Shout it to the rooftops! Of course,

this is the right thing to do!

•Target Audience Mindset – Developing your

strategies with the customer’s needs at the core

1. You see your technology as obviously desirable.

2. Your customer’s ignorance and lack of motivation

are seen as barriers to success.

3. A minor role is given to market research.

4. One good marketing strategy is seen to be all you

need.

5. You ignore non-direct competition.

Are You Technology-Centered?

1. You focus on influencing buyer behavior.

2. Rely heavily on market research.

3. You segment your target audiences into appropriate

groups.

4. You take into consideration ALL types of competition.

5. Your marketing strategy addresses all the elements of

the marketing mix.

Are You Target-Customer Centered?

Who Are Your Customers?

Budget HolderBudget Holder

Field InfluencersField Influencers

Technical InfluencersTechnical Influencers

Supply ChainSupply Chain

CustomerCustomer

Who Are Your Customers?

You are asking your customers to:

•Buy something

•Let go of old ideas, values or views of the industry

•Make changes in the “way we have always done it”

•Give you their time and energy

What Action Do You Want to Influence?

What Benefits Can You Offer?

FinancialFinancial

Business Needs

Business Needs

StrategicStrategic

RegulatoryRegulatory

How Customers Buy

Need AwarenessNeed Awareness

Compare and Review - Approved Vendor ListCompare and Review - Approved Vendor List

Preparation and ActionPreparation and Action

Retention and New SalesRetention and New Sales

Navigating The Buying Process

Lessons Learned

• Understand the U.S. oil & gas market is much, much bigger and more complex than the Norwegian market.

• Be prepared for a commitment of time and money.

• Get an EXPERIENCED American on your team.

• Don't expect to transfer your culture to the U.S. and succeed.

• The U.S. oil & gas market is interested in experience - you must be field-proven.

• The value proposition for U.S. customers is not the same as it is for customers in the North Sea.

• Accept that the buying process is different. Learn it.

• Develop professional sales skills. They are highly valued and expected in the U.S.

• Focus on the business objectives of your clients. Show the value of your technology in meeting their needs.

Presented By

Denise Patrick, Managing Director, Energy Markets Access

www.energymarketsaccess.com

dpatrick@energymarketsaccess.com

Thank you!