Businesses need to adapt in order to grow and change with the market. It’s important to stay relevant and keep up with the latest trends to give customers and clients what they need. The COVID-19 pandemic has exemplified the importance of modifying your business model as necessary.
While your business may have been doing very well running it a certain way, there will inevitably be a time when you have to strategically “pivot” in order to grow. Strategic pivoting is when you make a fundamental change to your business after determining that your current strategy isn’t the best course of action for your intended market.
As your target market changes or grows, your company needs to do a strategic pivot with it or you will lose potential clients and customers. Making these strategic pivots will help you increase your leads and, eventually, increase your profits.
How Do I Know If It’s Time To Strategically Pivot?
If your current business model is working great for you, then don’t force yourself to make changes. It isn’t always necessary to strategically pivot in order to grow. You don’t want to make a rash decision for your company that puts it at risk when you don’t need to.
However, if you find your business is falling behind or hasn’t seen much growth lately, it may be time to consider a strategic pivot.
You may need to strategically pivot if:
- You want to take your company to new levels
- The needs of the market are changing
- Your target audience is shifting
- Your profits are declining
- Your business isn’t growing
- Your customers and employees keep leaving
- Your products or services are no longer relevant
If any of these points sound familiar to you, then you may need to consider strategically pivoting for growth. If you decide to make a strategic change, make sure it is one that will help you win and expand your business. Strategic pivots need to be well-timed and well-planned.
How To Strategically Pivot For Growth
Now that you think you may need to make a strategic pivot, you’re probably wondering where to begin. In order to pivot for growth, you need to take time to plan and strategize what these changes will be for your business. Or you could have a strategy session to evaluate your options, what you need and how to make it happen.
Don’t just get into a new space because there is opportunity to. Not all strategic pivots will be the right choice for your particular company. You need to be calculated and deliberate in order to avoid failing and wasting resources on a new product or service that doesn’t fit your brand. There are certain steps you can take that will help you pivot to win.
3 Steps For Strategic Pivoting
1. You shouldn’t try to make a drastic change if it doesn’t line up with your abilities or speciality. Pivot to something that lines up with your area of expertise.
For example, Marena, which is a U.S. manufacturer of medical grade compression ware, shifted the majority of their production to masks in response to the COVID-19 pandemic. The reusable, washable face masks they began producing are created from the same fabric their typical garments are made of.
Typically, their products are compression garments targeted to patients recovering from elective surgical procedures. They strategically pivoted their production when they saw there was a need in the market for masks. After the brunt of COVID hit, they practically changed their product line overnight.
The product was easily in their wheelhouse of medical attire. Because they are reputable and have experience servicing hospitals with compression garments, they are a trusted supplier for other companies looking for high-quality masks with antibacterial properties.
They are producing tens of thousands of masks each week, and it’s likely the demand will continue for a while. This strategic pivot is a great model to follow for your business.
2. Advertise it! Put it on press releases, emails, websites, and social media.
Make sure your potential customers and clients are aware of this new strategic pivot. Advertise it wherever you can.
As soon as the FDA approved Marena’s masks, they sent out a press release, posted on social media, and updated their website to reflect the changes. This all made it easier for new customers to find their product.
While existing surgeons bought their masks, the most demand was from everyday people looking for masks to protect themselves and their loved ones from COVID-19. By updating their online presence, these people are able to find and purchase their masks easily.
3. Compliment it with a sales strategy.
You need to let people know you are ready to sell your products and services, especially after a strategic pivot. Without a sales strategy, your new business change won’t be nearly as successful. When Marena shifted their production, they complimented their strategic pivot with a sales strategy.
A private equity firm sold leads. Marena bought leads and put them in Salesforce. They reached out to necessary businesses using independent contractors. They also hired people in the field to sell their products.
All of their efforts with this pivot paid off and their business grew. They ended up producing masks for big names like General Mills, UPS, Blue Diamond Almonds. They will likely continue to produce masks as the pandemic continues on.
Are You Ready To Make A Change?
If you are ready to make a change and do a strategic pivot in order to expand your business, make sure you employ the three steps listed above. Pick something in your area of expertise, advertise your change, and compliment it with a sales strategy. If you do all of that correctly, your company will thrive.
Are you still unsure? We know it can be intimidating to modify your current plan and overwhelming to figure out where to start. Change always feels risky, but when done right, that risk pays off. A strategic pivot doesn’t have to be scary.
ULTIM Marketing has experience implementing effective marketing strategies that help businesses grow. We have attracted millions of clients for companies throughout the United States. Our team is ready and willing to help you do a strategic pivot of your business in a right way that will help you expand and take on new clients or customers with confidence.
Are you ready to make a move that will benefit your business? Contact us today for your free consultation.