Before March 2020 if someone said the word ‘pivot’, many of us would have an image of the popular TV show ‘Friends’ where Ross, Chandler and Rachel try to get a sofa up a narrow l-shaped block of stairs.

So what does pivoting your business look like? What are some of the ways we can start to re-imagine our businesses and can any business pivot to an online alternative?

Since the Coronavirus outbreak the images we have when we hear the word ‘pivot’ are quite different - if nothing else, just draws a blank.

Many businesses have made big cuts or have even been forced to close. Others are trying to keep the lights on until ‘The After’ where we will likely see a new normal in life and business.

So what are 7 practical ways to pivot your business.

1. The ‘Simplify’ Pivot

Have you ever heard the saying “If you try to be everything to everyone, you’ll end up being nothing to no-one”?

Trying to be everything to everybody is confusing to your customers, it dilutes your marketing messages and becomes expensive to advertise.

The simplify pivot is all about simplifying who you are, what problem you solve and how much to charge for it. So try looking at any one of these to simplify your core offering.

You can always re-introduce the other things you do once you have regained some momentum, but this makes sure you are really clear in your messaging and saves you a lot of time and money trying to figure out your next move.

2. The ‘Godfather’ Pivot

It’s a really good time to show your current customers or clients that you care and that you are their to help for the long-haul.

Many businesses are coming up with online alternatives to try and grow their client base. Give your new offer to your current customers at no extra charge. This offer that they literally can’t refuse will have them not only stick with you, but tell their friends and colleagues too.

3. The ‘Business Model’ Pivot

Probably the most exciting way to pivot is to re-imagine your business in a completely different way.

Brainstorm what business models have been used outside your industry that could work for you. You could explore subscription models for recurring revenue or the freemium model, where you give a core offer for free and make a clear profit from advertising/sponsorship.

4. The ‘Premium’ Pivot

Have you ever wondered why the same product, from the same manufacturer can have two different labels - one charge £29.99 and the other demand a £300 price tag?

Brand.

Look at how your brand is repositioned and consider an overhaul. Research high-end competitors, speak to someone about your brand and have a designer give your business the premium touch.

5. The ‘Efficiency’ Pivot

If what you do is highly repetitive, people ask the same questions over and over or you have a time-bound service like freelancing finding ways to make your workflow more efficient with help you run your business like clockwork.

To do this you may want to consider having a resource centre where people can find out everything they need to know before doing business with you.

All you need then is a way for them to submit a job through a form and pay you so you can stay focussed on doing the tasks efficiently.

6. The ‘Crystal Ball’ Pivot

Ok so, we can’t predict the future but what is usually apparent to us during a crisis usually becomes a trend.

If it doesn’t, there is significant upside to being the ‘original’ or ‘first’ in any industry even if what it becomes is not what it started out to be.

A fruit and veg wholesaler for example; being the first mobile grocery shop that drives around their local area selling boxes of fresh and local produce is a big selling point. Even if you only do it for a period of time.

7. The ‘Segment’ Pivot

Whereby the Simplify Pivot looks at simplifying your offering, the Segment Pivot focuses on a single segment of your customer base.

Do you have a favourite client? A person or company that you wish you could clone over and over?

Use them as the model for a dream client. Get to know them on a deep and emotion lever as well as a practical level and then tailor your messago and marketing toward them and them only.

Which pivot is for you?

Pivoting your business is not always about creating a course, online program or shifting all of your appointments onto a video conferencing software. A practical and sustainable pivot in your business could be a number of things.

These 7 practical ways to pivot your business right now is a way to assess which one would work for your business. 

Find excitement and opportunity in these ever uncertain times as one thing is for sure, it won’t be the last time you find the need to pivot your business.

As Vivian Greene once said “Life is not about waiting for the storm to pass, but learning to dance in the rain”.

Author: Danny Matthews
https://dannyand.co 
@theactualdanny