Pivot by Definition is to make a change in Position, Policy or Strategy
This subject has been on my mind for a while now. When I started to write this post, I had no idea that most business owners would be forced to pivot in order to stay in business, not just grow which was the original premise.
Pivoting is a way to diversify and gain market shares without completely revamping your business. It is also a great way to test new ideas in a safe environment. Now with the downtime and the necessity to survive, it’s your time to be creative.
- Business is flat or stagnant and not growing at the pace that you would like
- You’ve been working in a direction or concept that doesn’t feel right
- Your industry is changing
Opening a store in a mall when malls are dying, and consumers rely on e-commerce and the ease of delivery. Amazon is the obvious pivotor and disruptor. They started out as an online retailer and now they have everything from physical retail spaces to health care to entertainment platforms.
How to Pivot?
- Focus on what problem you are trying to solve for your customers.
If you are in a product classification, it can be a new iteration of what you are offering.
An example is how Apple consistently produces new editions of the Mac, Macbooks, iPhones along with releasing new technology that includes updates to make them function easier for consumers day to day activities.
For a service business, look at how people are interacting and their habits whilst at home. Find a way to make their lives easier or more entertaining.
If you are an artist, consider different ways to expand or spread your art.
Think about creating a product line, small items like coloring books, notebooks and mugs or on a larger scale textiles and wallpaper. Check out Lori Weitzner and Heidi Holzer as they are two good examples.
- Consider a Spinoff
Look at a new target audience for marketing your services.
Interior Designers can focus on a particular segment of their business opportunities, such as making art advising or property management a turnkey program for clients.
Review your offerings
Stacey Bewkes founded Quintessence Blog in 2010 and then started doing a series of At Home videos that reside on Youtube and now she and her partner having written books.
PR/Marketing firms can look at using their expertise in one area and sell it to another industry.
You may be in lifestyle and corp company can use your expertise, mailing lists, connections, etc. You can also have an ancillary services like social media, media buying, etc.
Your store is closed temporarily, consider virtual shopping tours or offering new services remotely. Curbside pick-ups or local delivery.
Eleish Van Breems Home is enhancing their digital presence i.e. e-commerce channels and shopping virtually. They are also providing entertainment through their channels with videos of their travels, artisans creating the products they sell, the history of the products and maintaining the products. The next phase is hosting virtual events.
Review your mission statement and your value proposition
- Are you missing something? Can you offer other services to clients or help them to things easier, cheaper, faster?
- Take Baby Steps
- Make changes piece by piece. See what feels right. Test ideas. Get feedback. Tweak them. Then roll out.
- Focus on your key features.
- Less is more. Weed out things that aren’t working.
- Evaluate your pricing model.
- Can you offer a higher level of service to set you apart from the competition?
- To get traction and new customers perhaps having a subscription model which creates recurring revenue.
Look at Harry’s razors. This is a product you need on an ongoing basis and you don’t want to ever run out. Peet’s Coffee another good example.
- Search out emerging customer needs. What are the pain points? Fear. Large Spaces.
- Home is safe and people will continue to spend more time there for foreseeable future.
- So, what can you offer to comfort them? Creating experiences that make them trust you.
Pivoting is like pressing RESTART.
Let us know how we can help you. We are offering 30-minute consultations as well as blocks of hours.
Think of us as your outside eyes and ears.
For more information, contact Beth@imagesanddetails.com.