Pandemic Pivot: The Businesses That Got It Right
What is pivoting?
- Making a feature of a product or service a stand-alone product or service.
- Making a product a feature of another product
- Targeting a different set of customers and positioning the company in a new market
- Changing platform i.e. from an app to software
So, when is the right time to pivot?
Pivoting isn’t a decision that should be taken lightly. It should only be considered when you have exhausted all other options.
- Your business is constantly trying and failing to overrule your competitors
- There is only one part of your business/product getting attention
- There has been a limited response from your marketplace
- Your business objectives and expectations have changed
How do you pivot effectively?
There are a few factors to consider once you’ve made the decision to pivot. To increase the chances of success you must:
- Choose a new goal inline with your vision
- Identify opportunities for growth
- Redirect resources towards the new goal
- Listen to what your customers are saying
Businesses that got the pandemic pivot right
Virascreen – from exhibition stands to protective screens
Airbnb – from in-person holidays to virtual experiences
Playmobil – from children’s toys to reusable masks and PPE
Kwizzbit – from pub quizzes to employee engagement
Restaurants – from dine-in to delivery
Hairdressers – from in-person experiences to curbside pickups and eCommerce
Launching and running a business is filled with risks but these situations present the perfect opportunity to try something new, so why not try it? If you do decide to take your company in a new direction, take the time to prepare. The more you plan and prepare, the more likely your business pivot will be successful.
- There is too much competition
- You’ve hit a plateau
- You’ve had very limited response from the marketplace
- You’re perspective about the industry has changed
- Sales have completely stopped