January, 21, 2021
The art of analysing the market is a process that requires years of experience in research, data mining, and statistical analysis. Orbofleet’s 15 years of experience in the commercial space and satellite market brings in high-quality business productivity for the customers operating in several verticals of the space industry; with a focus on satellite communications. While the success rate of any commercial space and satellite business depends on a variety of factors like business plans, funding landscape, team diversity, etc. Market Research plays an important role in understanding the customer needs, market supply and demand landscape, as well as to help companies to minimise the amount of losses during the expansion of the business.
To provide a detailed insight on how Orbofleet’s market research services can help commercial space and satellite businesses, here we dissect the five important points that are crucial for any business, including startups and small & medium enterprises (SMEs):
- Understanding the customer needs: Satellite applications are becoming an integral part of industries like agriculture, insurance, maritime, etc. Therefore, understanding the target customers and their particular demands, through a market research process, helps businesses to record a stable and healthy growth during the market entry. With the segmentation of audience niche, market research provides even more in-depth results to help record a long-term business stability.
- Competitors landscape: The New Space era has accelerated the growth of space and satellite-based business, in both developed and developing countries. Along with the opportunities, there are also several challenges, to manage such an influx of New Space players. For example, the rise of satellite internet constellations to connect the world rapidly is a progressive step. But, it is also setting the upstream satellite communications market on an oversupply path. On the other hand, the downstream satellite internet market is yet to unlock its full potential. This clearly states that, upstream market is competitive, while the downstream market remains open to new businesses. Similar market analysis, but with more statistical data, helps companies to innovate and create a whole new sphere of business.
- Strategic planning: A business idea gives rise to a plan, and a well-planned business always stays ahead of the curvature. Space and satellite technology sector require a heavy amount of investment, both in terms of time and money. This makes it mandatory to have a prior strategic planning before rolling out your business idea. Following are some of the points that market research and analysis, helps you understand and implement the strategic planning process:
- Spotting the pros and cons of the business idea
- A detailed insight into investment tools and industry networking
- Analysis the local, regional, and global supply of your respective product
- An action/revival plan, in case of bankruptcy
- Quality decision making process: Even after several downfalls, a company holding a strong team of quality decision makers, can always make a stronger comeback. One of the most important reasons for this quality decision making is the critical understanding of the market forecasts. A forecast always provides a hidden message of what and how the market will look like in a day, month, year or a decade. With the help of a market research report, a company can foresee the future for its product and accordingly prepare an action to take effective decisions for the company.
- Improvising advertising and marketing: The four points mentioned above are crucial to improvise advertising and marketing. Content is the key to attract the audience. But a critical approach towards customer needs, helps create an effective marketing campaign with the potential sales leads.
To receive more detailed insights on our commercial space and satellite services, contact us on: info@orbofleet.com
For more info on Orbofleet, check our company profile on: www.orbofleet.com