Marketing Strategy and SWOT Analysis of SpaceX

1969 was the year that Neil Armstrong set foot on the moon, and ever since then, the world of spacecraft has been entering new levels. After then, humanity has set different missions for itself to reach new heights in our galaxy. Sending humans to Mars is the next significant plan. Astronauts fly to space and take videos there for the whole world to see. All of this is pretty fascinating. However, it would not be possible without the tremendous scientists that work behind the scenes. In this blog, we are going to talk about spacecraft manufacturing company SpaceX.

To begin with, we are going to touch upon the mission and vision statements of SpaceX.

The mission statement of the company is as follows.

“The Company was founded in 2002 to revolutionize space technology, with the ultimate goal of enabling people to live on other planets.”

This statement clearly states the goal of the company, and it is absolutely great to realize that human beings may live somewhere other than Earth someday.

Making a different place of living for people is essential if we consider that the world is overpopulated. The company is continuously searching for the general possibility somewhere out in the universe whenever the need comes about.

Seeking a goal as massive as such means that lots of assets and sacrifices are brought to the picture. That is solely the generalization that we can give regarding the effect of SpaceX on the lives of people.

Regardless of how massive of a work SpaceX does to allow for residence outside of Earth, it also affects people’s lives locally. One example where we can clearly sense that is the company’s sustainable and environmentally friendly approach for people to live better lives.

SpaceX searches for change through technological developments. Behind every new equipment, SpaceX employees spend considerable time developing a strategy for the best designs.

The most exceptional aspect that makes SpaceX stick out is the ability to think outside the standard to dominate other planets.

And lastly, SpaceX constantly wants to come up with revolutionary ideas for space technology. Even though this industry was existent way before the establishment of SpaceX, the latter has had a significant role in its development in it.

It is safe to say that SpaceX is the largest and most subversive company in its sector.

The vision statement of SpaceX is the following.

“To advance the future.”

One thing that we can clearly distinguish because of this vision statement is the leadership approach of SpaceX. The company wants to make a change and confidently works towards them.

Developing progressive and innovative designs is pretty much the central focus of SpaceX. SpaceX is a privately-owned company based on space technology. It is a big competitor for other companies in its sector.

Because of its many accomplishments, SpaceX has gained massive respect from people. For example, SpaceX invented Falcon Heavy. The latter is a unique spaceship that has so many capabilities that it exceeds the expectations of 737 jetliners.

Next up, we are going to reveal the messaging strategy of SpaceX.

This post is advertising Falcon 9, a reusable two-stage rocket. And if you are interested in spacecraft, then you are well aware of the Double Asteroid Redirection Test (DART). The latter is a mission of Nasa.

The goal of that mission is to prevent a certain asteroid from impacting the Earth. And the latter can be possible by altering the activity of the asteroid in space.

The first photo is a beautiful image. It is fascinating to realize that it is reality rather than a movie scene. The second photo is the taking off of the rocket.

Can we guess anything from this post?

First and foremost, science is complex, but lots of scenarios become a possibility once you dive into it. The whole idea of this mission is so mesmerizing, and it is very exciting that human minds are capable of coming up with ideas like such.

Secondly, the idea behind this mission is to make a change and potentially save people from undesirable conditions. Even thinking about changing the motion of an asteroid looks pretty revolutionary for the time being.

And lastly, everybody can dream. But the dream is not of any seriousness until somebody tries to make them come true. Everything about SpaceX that we have discussed so far proves that point.

The archetype that SpaceX belongs to is the Magician.

Desire: knowledge of the basic rules of how the world or universe works

Aim: make dreams come true.

Strategy: develop a vision and experience it.

These are the messaging levels of the archetype.

Level One: suspicions, extrasensory or synchronistic adventures​

Level Two: metaphysical moments and experiences of change​

Level Three: the occasion of flow​

Level Four: blessings, moving from vision to embodiment

The Magician archetype might provide a good identity for brands if:

• the creation or service is transformative​
• its tacit commitment is to change the customer​
• it pleads to New Age customers or cultural enthusiasts​
• it allows to develop or expand consciousness​
• it is a user-friendly technology ​
• it has a spiritual or psychological feature​
• it is a unique and very co-occurring product​
• it is medium to high priced

Next up, we are going to take a look at the SWOT analysis of SpaceX.

Strengths

Partnerships: Without the help of other companies in its industry, SpaceX would not have become as successful. Those companies have made it that SpaceX is now one of the leaders in its sector. Obstacles such as restricted finances, skills, or complex tasks were never an area of concern for SpaceX.

One example where we can clearly see this approach is the company’s partnership with NASA’s Kennedy Space Center. In order to run some of its most important missions, SpaceX has operated NASA’s takeoff facilities, landing zones, and management supervision.

IP & Innovation: SpaceX appreciates advanced technology and educated possessions. It frequently investigates new methods to create high-tech entities that will compete with NASA, China, and Russia. SpaceX has gained its reputation by constantly innovating its products, equipment, and workforce.

Because of the IP security that SpaceX has, competitors must come up with more successful spacecraft. Or they must reach the technological level of SpaceX.

Reusable system: The rocket technology of SpaceX is reusable. This enables the company to save a good amount of money on rocket energy expenses. To add on, SpaceX does all of its product preparations in-house.

Bonding among employees: The employees of SpaceX can always form innovative answers to problems, which in turn guarantees that they will achieve their goals. SpaceX has a fair approach towards everyone and handles any sort of errors incredibly well. That is because every employee is doing the best they can.

Weaknesses

Contractual issues: The budget for the firm comes from Elon Musk and NASA. If any upcoming missions fail, SpaceX will lose the contacts that it currently has. That is where finance losses inevitably come into the picture. The possible profits of this company are uncertain.

Initial stage: SpaceX is still in the beginning points of its development. Thus, some of its productions have not been carried out as anticipated so far. Moreover, quite a few times, the company has had launch holds. The intervals between launches are pretty significant.

Huge capital: In the beginning, the budget of SpaceX was $1 billion, and approximately $300 million of it was from private investors. The remainder of the money was from NASA and a Government subsidiary. There isn’t much money in the domain of space vehicles and launches. Spaceflight and other technology connected to it have high costs. Hence, companies associated with this field have taken it upon themselves to help.

Future capabilities and operations: As the company grows more prominent, it may face other challenges. In the world of today, small businesses could deliver supplies and build value through technological advancements. As SpaceX grows larger, aptitudes and other functions will move higher. That means that hiring employees and developing new plants and branches will become more tricky.

Opportunities

Leading company: The competition that SpaceX faces is not as sophisticated in its field. SpaceX is a leading firm in the sector of rocket technology.

Market growth: As technology keeps evolving, the demand for satellite launches will grow. More businesses will be searching to utilize the orbital space surrounding our globe. They will look to devise communication and internet power in areas that used to be inaccessible.

Space tourism planning: There is now a new directive for space tourism. Thus, SpaceX is already a few steps ahead with prepping a consumer branch. Space tourism should be our reality sometime in the upcoming twenty years. It is easy to guess that SpaceX has the greatest power and ability to enter that new industry.

Contract with NASA: SpaceX has been heavily collaborating with NASA to operate its market value. Of course, an important factor for SpaceX is to focus on fitting NASA’s needs. Pioneering with different governments across the world has driven SpaceX into being a valuable partner.

These large businesses can help SpaceX hold its market position and services for other partners. Employing other companies’ powers and expertise will be an excellent route for SpaceX’s success.

Threats

The emergence of new competitors: If SpaceX keeps on thriving, it will unlock the door for further companies to join this new industry with many possible explorations. For instance, Boeing, which is another company in this sector working on other things, can try investing in reusable spacecraft.

Rise of cost: Raw materials, studies, growth, labor, and other procedures cost a lot of money. This is a potential concern for SpaceX.

Contractual issues: The ongoing contracts with NASA and other big organizations like such are in danger of being discontinued. If SpaceX stops performing as well as it is now, these authorities will stop financially supporting the company.

Last but not least, we are going to discover the segment that SpaceX has chosen to target.

This ad is speaking about Inspiration 4, which was the first all-civilian mission to orbit. It is a simple but pretty meaningful ad. The background is edited in black, and there is a voiceover of a woman.

She is inviting people that are watching to follow the mission. But there are a few points that we can gather from this video, so let us point them out.

The major hint that we receive from this video is the tendency of experiencing adventures. Every aspect that deals with space to an extent screams adventure if you ask us.

The other hint that we can point out is the desire to enjoy oneself. Even taking a look at our globe from somewhere in space can bring so much joy to people.

The segment that SpaceX has chosen to target is Breakouts.

Lifestyle and values:

For this segment, one of the most important values is high status. They must make a good amount of money and gain recognition to feel successful.

Breakouts will do everything of their power to make their dreams come true. Even when it means sacrificing family time, they are willing for it.

This segment usually enjoys being a leader but works just as well with a team.

This segment earns a good amount of money, but they also spend a lot of it. They purchase luxury goods to present their status through their appearance.

Breakouts like being different and standing out. They tend to find different ways to enjoy life. They fill their days with risky situations and adventures.

This segment spends a lot of time overthinking their life and their future. They also have a traditional ‘macho’ attitude, which means that drinking is for getting drunk, for example, and that men do not cry.

Environmental issues are not an area of concern for Breakouts. They leave it for the people surrounding them to be environmentally friendly. Breakouts do not live a physically active life and typically consume enjoyable food regardless of health benefits.

Attitude towards shopping:

Breakouts love making spontaneous purchases as soon as a product comes out. Sometimes they wait for those goods to become slightly more affordable before buying them.

This segment will occasionally buy stuff just for the sake of it. Those items are usually somewhat less expensive.

Breakouts love dressing nicely; thus, they spend considerable money on clothing. They mostly make purchases from mainstream brands.

This segment prefers quality over quantity. But it is not all the time that they can afford luxury brands.

Breakouts are not that brand loyal. They love trying out different brands.

Other interesting facts:

• Prefer to mostly be around family and friends during their free time
• While going out, they can go anywhere that they can drink alcohol, and have fun, so it can be a pub, a club, etc.
• Cultural events and activities are not an area of interest for them​
• Have low participation in sports
• Do not use computers that often because they are not that really that up-to-date on technology.
• When on holiday, they prefer being somewhere near their home
• Media is a source of entertainment and information for them
• Are average press consumers​, and above-average radio listeners

And that is how we wrap the ‘Marketing Strategy and SWOT Analysis of SpaceX’ blog. This company is highly fascinating and has pretty awesome plans for humanity in the future. We regularly come up with new content, so make sure to check out our main website for more captivating blogs.