In case you haven’t noticed the global pandemic made the term “pivot” a trend once again in the business world. The term frequently used in the past to describe how companies are changing their operations is once again in the vanguard. We understand you might be thinking about the famous “Pivot” scene in the TV Show Friends. Unfortunately we are still talking about business here. The uncertain times ahead of us are creating a vast demand for companies to reshape and rethink their business models. New environment means new needs and vice versa. Therefore the new environment will force businesses to pivot in order to adjust to the new needs of the market.
We are here to help you with ideas to pivot your business today. So lets talk more about these ideas further down.
Let’s Get Digital
The Digital Era is here to stay so maybe it is about time your business jumps on that train. From automating procedures, to creating unique customer experiences, to boosting your marketing efforts all businesses have now access to these tools. There are limitless opportunities and limitless directions in which a company can pivot to. Make sure you hire the right people that can help you with this important leap and don’t look back. Once your business starts embracing the digital transformation you will notice a massive change in every part of the job. The results will be rewarding and your company will be up to date and aligned with the rest of the world.
Take Advantage of Existing Resources
A great way to pivot your business fast and with almost zero cost is by taking advantage of your resources. Everything that belongs to your company can be considered a part of your resources. In some cases you will have to take advantage of your people while in others of your assets. Either way the easiest and most convenient way to undergo such a transition is by playing with what you have. Keep in mind that that you will have to test and fail many times before reaching a good result. Therefore you will have to be persistent and remind yourself that all this has a greater meaning.
Build Customer Loyalty
What most business owners seem to neglect is that companies grow faster when customers are loyal. Building customer loyalty is very important for a business to develop and expand. The ideal business planning consists of being able to calculate the amount of times a customer will buy again. Therefore although the main objective for companies is to attract new customers, they must also invest in customer retention. Once we understand the benefits of returning customers we seek to enhance it as much as possible. Just keep in mind that there is no better marketing that a satisfied customer.
The new massive trend that seems to be working today is of course collaborations. We see companies from different industries collaborating and building strong partnerships together in the pursuit of mutual benefits and it works. Collaborations are a great way of expanding your business to other audiences that would previously be unaware of it. Therefore it is a great idea if you are looking to pivot your business. Say for instance that you have a construction company but you are looking to create a revenue stream by selling merchandise. In that case collaborating with a well known brand can bring you more customers by adding value to your product.
Copy The Best
The first lesson you learn in business is that the safest way to success is to copy. Don’t be afraid to copy the techniques and the tricks that other successful businesses used but instead go for it. When you copy the best you automatically set your self on the way to become the best. So keep copying until you succeed.
The hardest part of pivoting your business is sticking to the plan. The difficulties a company might face can easily distract the business owner misleading him to quit his effort. The road to success is bumpy and it is never easy while there are going to be many obstacles on your path. No matter what problems you face, if you have made the decision to pivot you will have to stick to it. Be consistent and stay loyal to your choices, that is the only way you will succeed and sooner or later the results will come.