"Our industry has been in decline for several years."
"We're losing grounds to our competitors."
"Changes in society and/or technology have been hurting our business."
The first, and sometimes hardest question is WHY is a company in need of a pivot? Where have those customer dollars gone? What has changed in the world around us?
How can we adapt to new trends that are affecting us? What new products or services do we need? Will our brand need to adapt to win or win back customers?
Launch the new products and/or brand energetically and aggressively. Let the world know that you are back with a vengeance.
a Thousand Cuts
In a rapidly changing world, even the most stable companies (and industries) are subject to some market volatility. The evolution of society and the increasing adoption of technology in all aspects of life can bring down even the largest companies. Many businesses find themselves faced with a choice: die the death of a thousand cuts or pivot. If you want to prevent your business from a slow decline, it may be necessary to make a big change. The following are typically needed to maintain or accelerate a company’s growth:
Deep Market Analysis / Competitive Analysis
In a world where most economies are in a continual state of growth, the dollars lost went somewhere. Can you enter that market?
Penetration of New Markets
Entering new markets typically requires new products or services, if not also a message that establishes credibility and presence as a new bran
Most markets suffer from the “shiny object factor,” in which customers follow the newest thing. Sometimes that new thing is a simple update. Other times, it may be necessary to prove a company has evolved and adapted.
If nobody is paying attention to your message, either get a new message or find new people to target with your old one. Either way, the perception of your company will change.
In the modern world, people trust experts, even if those experts are self-professed. Whoever publishes the most credible content that supports your customers’ needs is the winner.