589: Kim and Todd Saxton- How Businesses Can Avoid The Titanic Effect

Regardless of what stage of business you are in, it is important to understand how you are positioned if something unplanned were to happen. A crisis- such as pandemic- forces business to roll out their contingency plans, pivot their trajectories, and make some really hard decisions. Times like this can make any business, big or small, feel like a startup navigating a vast ocean. The Titanic was “The Unsinkable Ship.” And like the Titanic, many startups are driven by their ego, rushing to market and set sail before they are ready. But you don’t have to be a startup to fail. And you certainly don’t have to fail just because we’re in a global crisis. Startup or not, it’s all about preparation. To unpack the lessons we Warriors can learn from the Titanic, I’ve brought on two award-winning business school professors and the authors of The The Titanic Effect: Successfully Navigating the Uncertainties that Sink Most Startups Dr. Kim Saxton has over thirty years of marketing and market-research experience, working with large corporations, startups, and medium-sized businesses. Currently, she is a clinical professor of marketing at Indiana University’s Kelley School of Business. Kim’s research on market segmentation, branding, promotional strategies, venture success, and venture ecosystems has been published in numerous international academic journals.  Dr. Todd Saxton is an associate professor and Indiana Venture Faculty Fellow at the IU Kelley School of Business and an award-winning professor of strategy and entrepreneurship. Todd has advised, helped launch, and invested in hundreds of startups spanning life sciences, software, sports, consumer products, and services. He has published numerous book chapters and articles on corporate and startup strategies for success.  To learn how to be prepare your business so that it doesn’t sink, download this episode now. THE FUN-WINNING WARRIOR “Navigating uncertainty is the essential task of the entrepreneur.” - Kim and Todd Saxton  Highlights - Many startups are ego-driven and rush to market, thinking that they can’t go wrong.  Startups often don’t have a contingency plan. It’s not a single problem that sank the Titanic. It was a combination of many mistakes.  Having a unique product is great, but it is much better to be in a well-known category and be uniquely positioned. We are all startups.  Use this time to find your tribe. “Navigating uncertainty is the essential task of the entrepreneur.”  Environment, ecosystems, and culture affect how startups succeed. Guest Contact - Kim and Todd's Website Kim and Todd's Twitter Kim and Todd's Book: The Titanic Effect Contact Jeffrey - Website Coaching support My book, LINGO: Discover Your Ideal Customer's Secret Language and Make Your Business Irresistible is now available! Watch my TEDx LincolnSquare video and please share! Resources - Have Your Website Brand Message Reviewed! Is your website and are all your marketing materials speaking the right LINGO of your ideal customers? Often it's not which is why you're not converting traffic and leads to clients and attracting your most profitable customers. Fill out the simple LINGO Review application and I'll take a look at your website. If I have suggestions for you to improve your brand message (I almost always do), we'll set up a complimentary 30-minute call to discuss. A select number of websites are also chosen for my LINGO Review Video Series. Fill out the application today and let's get your business speaking the right LINGO! Music by Jawn