‘Pivot’ – the term could well be one of the top contenders for Word of the Year in 2020, perhaps together with ‘Coronavirus’, ‘Pandemic’ and ‘Social distancing’. In business parlance, pivoting is the process of changing strategy in the face of external pressures or unprecedented circumstances. We have seen a wave of pivots this year as organisations worldwide adapt to COVID-19. Since the outbreak of the pandemic, many non-healthcare companies have taken to manufacturing medical gear to support health workers and working professionals as they return to work. Others are leveraging technology to ease social distancing in public.
If you are diversifying, here are a few pointers to help you:
Identify your customers and listen to them
Building new solutions can involve acquiring new clients. Once you have identified your new target audience, pay attention to what they want. Follow the news and social channels to monitor public sentiment and customer pain points within and outside your own industry. Initiate customer and audience surveys to determine their needs. Then tailor your products or services accordingly.
Adapt your current offerings to meet new demands
Identify current products or services relevant to new demands. Then, consider how you can adapt your business to meet these demands. For example, CREA Worldwide, a manufacturer popular for its bags and backpacks, now manufactures personal protective equipment (PPE) kits specifically designed for Indian conditions. Saral Designs, an Indian startup that manufactures machines to produce low-cost sanitary pads pivoted to the pandemic by using the machines to make disposable face masks. Think outside the conventional parameters of your business.
Be sensitive to your customers and employees
Your customers and employees are navigating the same crisis as you are. While marketing your new offerings to customers, ensure that your messaging does not aggravate their fears or cause offence. Try to make your products or services cost-effective. If possible, see how you can make them accessible to customers remotely. In the workplace, deploy the best safety practices to protect your employees. Be open with them about potential layoffs or pay cuts. The current crisis is an opportunity to ensure that your employees and customers stay loyal to your brand.
Update your website
Once you have begun to pivot, your website should reflect your change in strategy. Display your new offerings on your homepage to get noticed quicker. Ensure that the information on your website is up to date and accurate. Consider an app for your business if you don’t already have one.
Monitor your pivot strategy
Customer habits will continue to change as the world adapts to the new normal. Based on how the situation unfolds, you may even have to re-pivot your business after the initial pivot. So, monitor your company’s performance and strategy closely. Pay attention to your revenue flow and payroll costs every week. You could even consider partnering with organisations that can help you on your mission.
If your business is struggling during the pandemic, it is a perfect time to explore new opportunities and strengthen your model. While you expand your products and services, it would also help to add new skill sets and capabilities to your existing team. You may find yourself in a very different business. And when you think about it, that may not be so bad.
References:
https://www.forbes.com/sites/anuraghunathan/2020/05/28/these-startups-are-combating-covid-19-with-grants-from-an-indian-billionaire/#6626314a23d3
https://blog.concannonmiller.com/4thought/8-successful-post-covid-19-pivot-tips-for-businesses
https://about.crunchbase.com/blog/5-tips-for-pivoting/
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