Is it Time for Your Business to Pivot?
Sometimes Survival Means
Our industry has been in decline for several years.
We're losing ground 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.
Death by 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 brand.
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 really evolved and adapted.
Refresh of Online Presence
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.
IF NOTHING CHANGES, NOTHING CHANGES
The only constant in the universe is change. The question is, are we initiating the shift or just letting it happen? It’s time to take control of the changes in your industry and your business. A high-level examination of your market and your place in it is a good start. Reach out to us. We’re ready to help you make a change for the better.
Related Blog Posts
Most people think marketing is easy. In many cases, that’s what makes it so hard. Only 50% of companies survive more than 5 years in business. Only 30% of companies make it past year 10. And even then, most of these businesses could be doing better. Whether they...
Nothing beats word of mouth. Except, of course, online word of mouth. Brand messages reach 561% more people when shared by employees’ personal profiles. These posts see 8 times more engagement and leads generated directly by employees convert 7 times more often. When...
While few would debate his intent, It is hard to say if Franklin D Roosevelt truly understood the lasting effect he would have with one of his most oft-quoted remarks: "The only thing we have to fear is fear itself—nameless, unreasoning, unjustified terror which...