Someone once said that humanity is at its best when faced with great adversity, or something to that effect. This statement is as right now, as the day when coined. With a recession slated for 2020 or 2021, we have to look to entrepreneurship to drive economic growth.
Today, around 66% of economists are expecting a recession to hit before 2021. Slowdowns, however, can also be seen as opportunities, for companies rich in resources (cash), a recession can mean healthy investment into product innovation. And when those same products launch as the economy is coming out of recession, it means pole market position. After all, this is what Apple did with the iPhone.
Once you hit product-market fit, one of the most important things to set up is a solid marketing foundation for your startup or small business. In my time as a consultant, I’ve worked with startups where it was a complete breeze – the company provided me with fundamental product and marketing, we would have a comprehensive chat – everyone was on the same base, and we would easily get to work.
Yet other times, we would run into companies who as I like to call it, have a misunderstanding of self, or an identity crisis, if you will.
They don’t know what their mission is, what their long term vision is, they lack their base marketing fundamentals.
Hopefully, this post will help remedy that. Reasons being two-fold.