It seems all anyone’s done over the last year is discuss the best ways to reposition yourself in this new market. Everyone’s talking about taking new approaches, looking at your customers in a new way, and offering advice on how to pivot business effectively. The buzzwords can sometimes water down the message but there’s plenty of truth behind the need for it.
But what does it mean to pivot your business? It sounds great on paper but how can you get beyond the buzzwords and change direction effectively? You’re going to waste a lot of energy and time if you develop a plan ahead of time.
Understanding how to pivot business depending on market needs is something every successful business owner must know. Now is the perfect time to consider how best to adjust your approach and strategies as you wrap up the year. It’s good to consider what you want to do as you close out the final quarter so you can start strong when January arrives.
What Does it Mean to Pivot Business?
A business pivot means shifting your focus, direction, or messaging when you recognize a gap in your services. Maybe what you offer right now isn’t meeting the needs of your target market, or maybe you’re targeting a group of people that isn’t right for the product you offer. You know you need to pivot business if your revenue is dropping, your customer base is thinning out, and you’re feeling the squeeze of the market with how you’re currently operating.
Approaching a Business Pivot Effectively
A half-hearted attempt to change direction isn’t going to be successful. If you want to know how to pivot business and be successful, the following tips will give you a straightforward path through the process.
Know the Right Time to Pivot
There’s a time and a place for everything and this is especially true when shifting focus in your business. The most important part of learning how to pivot business is understanding the right time to do it. You won’t be successful if you don’t consider the timing of your direction change. Some good times to pivot are when you aren’t seeing a lot of progress in the company, if customers aren’t responding to your offer, or your perspective on the industry changes.
Conduct Some Customer Research
Every successful business owner knows that a business starts and ends with the customer. It doesn’t matter how great your product or service is if the customer comes as an afterthought. You need to understand who is buying your product and why. If they aren’t buying (which is probably why you’re considering a pivot), you need to know where you’re falling short. Start by conducting some customer research and see what you’re missing out on.
Check Out Your Competitors
Your competitors can give you some good direction when it comes time for a change, too. You already know you should never directly rip off your competition but they can set you straight if you veer off course. Take a look at what other businesses in your industry offer, how they market it, and see whether you can get some inspiration or ideas from what they’re working on.
Get Specific About Your Plan
Once you have an idea of how to pivot business and where you need to go, it’s time to get specific about your plan. What are you going to do internally? Do you need to make staffing changes or move people to different roles? Should responsibilities be spread out or consolidated? What are you going to do externally? Will you spend more on marketing? Are you going to change the channels you advertise on? Get into the nitty-gritty when it comes to planning so there’s no question about direction as you start to implement it.
Set Some Goals and Execute
Every good business pivot needs goals and benchmarks to determine progress. What does a successful pivot look like for your company? How will you know if you missed the mark? Make it clear where you’re starting and where you plan to go. You want to minimize confusion when shifting focus and goals are an important part of that process. Once you have those goals in place, you need to execute without hesitation.
Seek Some Support While You Pivot Your Business
You’re not going to pivot your business when you’re in a good place – the need for a pivot comes from uncertainty and stalled progress. So it’s understandable that the process of making a business pivot doesn’t come without some confusion and fear. It’s a good idea to seek some support as you shift directions in your business.
Reaching out for help is something that every successful business owner does. No one makes it to the top on their own, no matter how deceiving they may try to be on their social media platforms. If you’re looking for support as you learn how to pivot business, seeking direction can make a massive difference.
To learn more about how MindBodyBuild can help you during the process, schedule a free consultation call today!