5 Tips on Pivoting Your Business Strategy
Due to the impact of the pandemic, businesses are facing the need to pivot their business strategy. However, once you’ve decided to do so, there are a variety of approaches you must consider to be successful. Pivoting can give your business new life, but it doesn’t come without risk. Here are a few tips if you are considering pivoting your business strategy:
1. Pay attention to what is working.
Pivoting your business strategy doesn’t require you to change everything about how your business runs. Before making any big decisions, take note of what is working to utilize existing resources. You don’t want to remove what you’ve built that has been successful, so use what is working and go from there.
2. Make sure your pivot includes growth.
Pivoting can be useful, but unless you have a clear direction for growth, you will end up where you started. So, take into consideration growth opportunities and ways to expand. As you consider a new approach, make sure you still have a broad customer base. Also, notice how much competition you have; it may not be worth the change if you have too much.
3. Focus on an emerging need.
As this year shifts to an entirely new way of living for many of us, many unique needs emerge. Businesses will be motivated to meet these needs, so as you consider your business shift, focus on the newly emerging needs. Positioning yourself as adding value to different needs or wants will give you an advantage over your competitors.
4. Analyze your competitors.
If you are uncertain about your business strategy, pay attention to what your competitors are doing. Notice how they are shifting during these uncertain times and if they are doing it successfully. Ask yourself: what are they doing that isn’t working right now? From there, develop a strategy where you are doing it better.
5. Get feedback from your customers.
To successfully identify areas for change, it’s essential to ask your customers for their feedback. Negative responses can be expected from customers, but if you notice an underlying theme with these critiques, it’s worth noting. Are your customers saying your products or services are too expensive? Or is there a need you aren’t meeting with what you have to offer? The answer to these questions can provide insights into how you should pivot your business strategy. It’s common for a business to pivot more than once, so don’t give up if you have to change course a few times. However, remember that the more you plan, the less you’ll need to change your strategy. So, take the time to prepare. Contact us at Davis Thorpe & Associates for our business coaching services and receive a free consultation.