In the business world, a pivot is when you fundamentally change the direction of your business. You make this pivot because you have realized your current services or products are not meeting the needs of the market.
The main goal in a pivot is to help your business improve the ways you create revenue or improve your chances of survival in the markets. How you pivot is what will determine your success.
How to Pivot in Business
When you pivot in your business methods, your goal is to breathe new life into your failing company. You are going to have to start from scratch and throw away all the investments you’ve previously put into your business. To restart or start up a business, your user database has to be established, and you have to determine how to devise it.
How to Know When to Pivot
Pivoting in your business is not a magic trick that will solve all your problems. You should consider this type of move only when absolutely necessary. It might be the right move for your business if:
- There is too much competition with the business you are in
- Your company’s progress has plateaued
- There is traction in only one of your company’s services or features
- You are not getting the response you expected from customers from your services or products
- How you feel about the industry has changed
If one or more of these reasons is why you are considering a pivot, know the key to being successful in this move is in one of your product or service features. If you attempt to introduce too many features, you will dilute your marketing impact and confuse your customers. Implement a ‘less is more’ approach when pivoting.
Identify the Problem and Understand Your Audience
When you realize your product or services are not selling, and you cannot find any real problems with them, then the problem could be your targeted audience. Pivoting your business to a different audience might be the solution to improve your traction and sales. In this scenario, you would only need to pivot your marketing strategy rather than your product or service.
Speak the Right Language to Your Targeted Audience
When a business decides to pivot, it is often thought of as a complete change in a service or product. This scenario is not always the case. You have to speak the right language to your audience or it is not going to stick with them.
Check your marketing strategy and consider highlighting an overlooked feature of your business. New branding might resonate much better with your targeted audience rather than focusing just on your main features.
Check Your Competitor’s Offers
Before you jump into pivoting your business, check what your direct competitor’s marketing strategy is and determine if you can offer better or at least the same. If you are both offering the same product or services at the same or close to the same price, you may be able to gain significant results in your revenue.
You will also want to check the bigger competition and determine if you will be able to compete against their offers. Often the larger competition can offer more for less because they have other areas of their business that will compensate for the difference. This difference may not be realistic for your business to compete against.
How to Learn More About Pivoting in Business
Pivot Solutions is a construction consulting firm. We offer professional support services and are here to help you if you feel a shift or pivot is needed with your company. Our expert, experienced staff is ready to help you with a business strategy change and bring you peace of mind knowing your business is structured to increase profits.
