Starting a business is a challenge even in favorable market conditions, and during an economic downturn it requires extra work. Businesses tend to cut their budgets in trying times, and with it, the likelihood of establishing new partnerships with business-to-business (B2B) software or service providers. That said, some of the most successful B2B companies were launched during crises including Slack, Zoom, and Square.
Unlike business-to-consumer (B2C) customers, who won’t buy anything that isn’t tangible, B2B ventures can pitch products and services that don’t necessarily exist yet, and make good headway with clients. Research from McKinsey shows that, rather than waiting for an economic recovery, B2B companies that act swiftly to capture markets in a crisis are more likely to thrive.
The ability to persuade customers on their future potential is what gives B2B startups more agility to gain momentum despite harsh conditions. Drawing