Pivoting to new heights during COVID-19
Introduction
Since Covid-19 hit, we’ve all realized there is a dent in our economic climate. Small businesses have reflected and now is the time for pivoting!
Now, world pandemic or not, pivoting a business model is the key to any successful company. And it’s these small (or large) strategic changes that will transport small businesses to a safer place.
At the same time, client needs are changing. Purses are closing. Making the shift to the online space is more necessary than ever. Fail to pivot and your business could fail all together.
So, let’s look at some strategies to use in pivoting your business.
Pivoting strategies to consider
Pivoting your product / service
Evaluating the value of your product or service is the first step in making a strategic change. Whether your business provides a product or a service, can you provide the alternative? Could your product change into a service? Or vice versa?
Re-purposing your business could help address a changing customer need. And so, you remain relevant to your market. As you go through the process of changing products and services, you may feel fresh waves of creativity! Start thinking outside the box. This is a good time to identify unprofitable areas of your business. Be harsh! Prune. Increase profits. Repeat.
Find inspiration from other businesses that have pivoted successfully here.
While you’re pivoting, bear in mind that your new products and services may unlock a new target market. Be mindful of this and change your communication strategy accordingly. Which brings us to the next point…
Reaching a new target market
You will need both internal and external support to reach, and adjust to your new target market.
Externally, use this time to collaborate with local businesses. Expand your network to find new mentors and friends. Someone you can call any time, and ask the right questions.
Internally, urge your team to get fresh feedback from your customers. During Covid-19, the online space has become extremely active. Capitalise on this by meeting your clients where they are most present. Give them the chance to share their fears and frustrations. By giving them a voice during lockdown, you are better able to understand what they want and need from you.
Changing your delivery and marketing methods
“Old” delivery methods may have brought success in the past. But virtual meetings and events have replaced our face-to-face interactions.
It’s not all bad though. The shift online also brings different marketing opportunities. Finally you have the incentive to maximise on social media and digital marketing. If you’re not online yet, there is no time like the present! Expand your social media following and engage with your followers often.
If you’re unsure how to pivot your business into the online space at the moment, get in touch with us.
Altering your communication channels
During tough times, it’s important to change the way you communicate. Make sure you communicate with understanding, empathy and flexibility. This also means that selecting the right communication channel is crucial. It allows customers to feel understood and intrigued by your product or service.
Consider how you can use virtual communication such as:
- nurturing your email list
- arranging Zoom or Google Meet video calls
- picking up the phone!
There is a lot of need out there and therefore many opportunities to help others. Choose communication channels which offers your help straight to them. And, in your messaging, talk to the core of your customer’s needs. Address exactly how your product or service is a complete solution for them in the current climate.
Gift Vouchers
More businesses are realising the value of offering gift vouchers. Not only does it stimulate cash flow, it provides a way for customers to show loyalty and interest in your business. This could be in the form of discounted offers, or cash vouchers for use after lockdown. Find a few local voucher sites where your offer can be listed here.
For more ideas for pivoting strategies, read this great article by Business.com.
Pivoting is tough – no need to do it alone!
We know it’s tough to pivot your business. Especially within the chaos of Covid-19. But don’t despair, we are here to help!
Many questions, ideas and decisions arise as you pivot. Let us help you streamline these into a strategy for positive change. We can be your sounding board as you identify with your new market. So, if you’re battling with the online space, we’ve got you covered!
We would love to join your exciting journey of pivoting your business to greater heights. If you want to access our specific strategic coaching offering, check out this page. First 30 minutes free!