Contents
- Introduction to Space Industry Marketing in 2024
- Video Marketing: An Innovative Medium for an Innovative Industry
- Search Engine Optimisation: A Long-Term Strategy with Exceptional Potential
- Case Studies: Leverage Past Successes to Build Trust
- Space Technology Events and Trade Shows
- Networking Events: The Ideal Strategy for Start-Ups
- Conclusion
Introduction to Space Industry Marketing in 2024
The space technology market is growing fast. According to Precedence Research, over the next 10 years, it is expected to grow at a compound annual growth rate (CAGR) of 7.54%, rising from USD 443.20 billion in 2023 to USD 916.85 billion in 2033.
As reported by Deloitte, “advances in technology, increased private sector investment, and rising demand for space data are reshaping the space sector.” Additionally, between 2013 and 2022, “the global space sector had attracted private equity investments of about USD 272 billion into 1,791 unique companies.”
So, whether you’re an established space technology company or a start-up, there is plenty to be optimistic about.
However, it is rarely the most innovative companies that make it to the top, but rather the ones that are able to dominate the spotlight, which is why marketing is so important. As a walking talking marketing campaign, Elon Musk proves that the spotlight sells.
After all, according to Bryce Tech’s 2023 Start-Up Space Investment report, SpaceX received around 26.82% of all space industry private equity investments in 2022.
So, whether you’re looking for investment, sales or brand awareness, here are five strategies for ensuring the spotlight finds you in 2024.
Video Marketing: An Innovative Medium for an Innovative Industry
The most practical benefit of video marketing in the space technology industry is that it enables you to present highly complex, technical information in a way that is significantly more understandable.
This is why platforms such as YouTube and TikTok have been so successful, and television and movies have replaced books. They all capture the audience's attention quickly and deliver information in a way that is easily digestible.
So, when tackling technically complex topics like space tech, video is a no-brainer.
Furthermore, video marketing is not one-dimensional. Whatever your business goals are, video marketing can help. Do you need brand awareness? Produce a brand promotional video. Are you looking to sell a product? Produce a product video. Seeking private equity investment? Create a pitch video.
Ultimately, these videos help build trust in your brand and products, so no matter what you want to achieve in 2024, video marketing can help.
Finally, just because things are hidden from sight or in the vastness of space, it doesn’t mean they can’t be captured on video. CGI and animation are fantastic for bringing your vision and innovation to life.
Want to show potential investors, shareholders, employees or leads what your product will actually look like in space? Turn to CGI and animation, and turn to video marketing.
Search Engine Optimisations: A Long-Term Strategy with Exceptional Potential
Search engine optimisation (SEO) is a marathon, not a sprint, which is why it is one of the most powerful and yet overlooked marketing strategies. Everyone that has a website should be doing SEO, and everyone that doesn’t have a website should be getting one so that they can.
Why?
It generates organic traffic for free (making it ideal for start-ups as well as established organisations), develops brand authority and thought leadership through education and, therefore, builds trust.
The only downside to SEO is that it is time-consuming and requires enormous amounts of patience to work properly. Researching, writing, and uploading an article can take an entire day, but trust me, it’s worth it long term.
So, where do you start?
Well, there are three types of SEO and all of them are important if you want to do this properly.
Technical SEO involves optimising your website's infrastructure to help search engines crawl and index it more effectively.
On-site SEO involves creating high-quality, educational content for your website and optimising it using relevant keywords and correct headers.
Off-site SEO involves using activities like PR, social media marketing, and online directories to provide backlinks to your website and, therefore, improve its domain authority and SERP (search engine ranking page) ranking.
Regardless of who you are, SEO is a must-have for all space tech companies.
Case Studies: Leverage Past Successes to Build Trust
In marketing and sales, the two most important variables are risk and trust. As one goes up, the other goes down. So, managing these two variables is essential for success in business, let alone space tech.
In fact, reducing risk and building trust are the two main drivers behind all the strategies in this article, and none of them work as effectively as case studies.
So, it’s no surprise that a 2018 study by Demand Gen revealed that 79% of B2B buyers consider case studies and social proof crucial factors in their decision-making process.
For companies with active or past clients, the process is simple. Introduce the problem, show off your innovative solution, and report the results. Then throw in a few testimonials for good measure, and you’ve got a risk-reducing, trust-building case study.
For start-ups that are pre-revenue or have only a handful of clients, create hypothetical case studies based on potential scenarios. While they are unlikely to be as impactful as real-life case studies, creating realistic, detailed, and thorough research-based scenarios will still help build trust.
To take this strategy to the next level, combine it with your video marketing strategy and create video case studies. This approach enables you to reap the rewards of both strategies simultaneously.
Space Technology Events and Trade Shows
Space tech events like Space-Comm in the UK and the Space Tech Expo in the USA are invaluable for networking, brand visibility, competitor analysis, and keeping up with industry trends.
These events become melting pots for space innovation, offering unparalleled opportunities for forming strategic partnerships and collaborations.
By exhibiting at trade shows, space companies can directly engage with potential customers, investors, and industry influencers, fostering relationships that can lead to future business opportunities.
Plus, the insights gained from presentations, workshops, and competitor analysis at these events can inform strategic decisions and drive innovation, making trade shows a crucial component of a successful marketing strategy.
While they can be expensive, when done right, the return on investment can be remarkable.
Networking Events: The Ideal Strategy for Start-Ups
The final strategy we’re going to cover is taking the time to attend space tech networking events.
Networking events are highly valuable for space companies as they allow for direct interaction with industry peers, potential clients, and thought leaders in a more personal and informal setting.
These events facilitate the exchange of ideas and experiences, enabling companies to gain insights into market needs and emerging trends. These insights can help you with product development, marketing and sales strategy, and investment drives.
Building relationships through networking can lead to strategic partnerships, collaborations, and new business opportunities that might not arise through formal channels.
Additionally, networking events offer a platform to showcase a company's expertise and vision, boosting brand recognition and trust within the industry.
The connections made, and the knowledge gained from these interactions can significantly enhance a company's strategic positioning and growth potential.
So, if you’re a space tech start-up looking for affordable marketing strategies, networking events are perfect for you.
Conclusion
So, there you have it—five of the best marketing strategies for your space tech company in 2024. Any company that successfully deploys all of these strategies will undoubtedly be flying come 2025. If you can’t do them all, that’s fine as well, as long as you do the ones you can to the best of your ability.
If you need help implementing any of these strategies, especially video marketing (we make great videos—just check out our video case studies), book a call now.
