Things are about to get more interesting for the oil and gas industry – not that the last few years have been dull, of course. With the election of a new U.S. president and greater industry innovation, turbulent, yet exciting times are ahead. Already, oil prices are on the rise again, new developments in technology and data present opportunities to make operations more efficient, and the U.S. president-elect promises to pare back regulations and put industry-friendly policies in place.
Yet, the industry still faces challenges. Climate change and environmental activists are likely to intensify their activities and global competitiveness will remain high. Industry executives and their PR teams must stay on top of this rapidly changing environment to develop effective business and communications strategies.
The breadth and depth of the industry makes it challenging for your teams to monitor every government and competitive action. For this reason, broadcast media monitoring is an indispensable tool, enabling you to capture mentions of not only your brand, but relevant issues as well – from public opinion on climate change measures to regional protests.
By tracking industry developments worldwide, you can develop more effective corporate narratives, better prepare executives for important media interviews, and create more impactful strategies. Let’s look at five ways broadcast media monitoring can change the dynamics for oil and gas companies.
Cultivate Trust Among the Public
The energy industry is operating at a trust deficit, according to the 2016 Edelman Trust Barometer™. The industry’s CEOs are trusted least among all industries, at 46 percent, and the general population in 23 of 28 countries don’t trust energy CEOs to do what is right. The PR firm believes industry executives need to do a better job of promoting positive benefits. But to do so, you first need to analyze how your brand is presented on broadcast media. This enables you to craft a more positive – and effective – narrative.
Cultivate Local Communities
In 2017, the best way for the industry to deliver value is through increased activity, including investment in new projects, says Bain & Co. analyst Peter Parry. Yet, long before any ground-breaking ceremony, your public affairs team must begin building relations in local communities where new operations will be established. Broadcast media will be a key part of your strategy to build support. Your challenge is to prevent powerful activist images such as the Dakota pipeline protests from hitting the airwaves, which makes access to comprehensive coverage of regional and local broadcast news reports a necessity.
Shape Public Policy
Rapid change is all but certain in the coming months, as the president-elect takes office. On the campaign trail, Trump was critical of Obama’s Iran deal and the Saudi government. He also promised to open federal lands for oil and gas production, and free up offshore areas to energy development. Broadcast media monitoring can help oil and gas executives track public opinion of the president-elect’s proposals and legislation on a local level. Staying on top of these developments is vital for oil and gas leaders hoping to shape public policy in their favor.
Prepare Executives for Media Interviews
As oil and gas companies rewrite their narrative, their executives will need training to deliver these messages in on-air interviews. Broadcast media monitoring is a highly effective tool for media training. Executives can be better prepared by reviewing clips of a journalist’s prior interviews as well as detailed analyses of the questions they’re likely to ask.
Unlocking the Big Data Promise
One of the most promising areas for industry innovation lies in data analysis, says McKinsey. With a broadcast media monitoring API, broadcast data can be integrated into your analytics platform, adding additional context and perspective into your models.
With significant changes ahead, it will be a challenge for industry players to stay on top of it all. But a broadcast media monitoring tool can take the pressure off and give your executives and communications teams workable data and insight to influence better outcomes.
Learn more about using broadcast media monitoring by requesting a free demo of TVEyes.