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Pivot, Pivot! Is It Time For A Change In Your Business?

By News Creatives Authors , in Small Business , at October 13, 2021

Maybe you’ve read articles that say pivoting in business is only for companies that are on the brink of failure. While that may be true, it’s not the only time you might want to steer your business in a new direction. 

Why do you think businesses—particularly startups—are always refreshing their business plans? 

Times change. Your vision grows. A global pandemic hits. And so on and so forth. If you want your enterprise to stay ahead of the game, you may need to pivot some aspects of your business. 

6 Ways You Can Pivot Your Business 

A pivot isn’t always a 180-degree turn that completely shakes your business to its core. Sometimes, a pivot is a new idea to tweak something in your business (say, a 10-degree turn) to promote resilience and growth. 

You may decide to pivot your company if you’re:

  • First starting out your business
  • Working to grow your venture
  • Trying to adapt to changes in the economy
  • Looking to streamline current operations
  • Trying to keep up with the competition
  • Losing your target audience’s interest
  • Selling to the wrong target audience 

Depending on the reason for the change, there are a number of ways you can pivot your business. 

1. Using A New Pricing Model

Lowest of the low prices not working out for you? Oppositely, are your prices so high that you’re barely making transactions? Whether you’re dealing with lackluster sales or are caught in a price war, you might pivot to a new pricing model. 

Your business’s pricing strategy is one of the most important decisions you make. The prices you set influence your target appeal, profit margin, and even your competitive edge. 

But, that doesn’t mean the pricing model you choose at the beginning of your entrepreneurial journey is going to be the only one you ever use. 

Here are some pricing strategies popular in business:

  • Bundled (bundling multiple goods/services together at a lower price)
  • Competitive (basing your prices on what your competitors charge)
  • Discount (regularly marking down prices through limited-time discounts)
  • Economy (setting low prices for generic products)
  • Market penetration (setting a low initial price, then increasing)
  • Price skimming (setting a high initial price, then decreasing)

Let’s say you start off using the economy pricing strategy but realize you can’t compete with large businesses that get bulk items at a steal. You decide to raise your prices and offer discounts instead. 

Pivoting to a new pricing strategy may be worth your while if you effectively communicate changes to your customers, explain the value you’re adding (if you’re raising prices), and keep things fair. The last thing you want is to go from charging $10 to $100 for a product without changing a thing about it. 

2. Tweaking Products And/Or Services

Is it time to up your offerings? Tweaking your products, services, or both is another way you can pivot your business. 

You might decide to:

  • Add a new feature to your top product
  • Add a new product or service to your current offerings
  • Remove an unnecessary feature from your top product
  • Remove a low-revenue producing product or service

So, how do you know it’s time to change up what you offer? There could be a number of signs alerting you it’s time. To start, there may no longer be a need for something you offer. Or, there could be a surge in demand for something you could offer (e.g., a clothing store adding masks). 

If you’re considering changing up what you offer, talk with your existing customers. See whether they would be interested in a new product or service. Or, find out if anyone would miss a discontinued product or service. 

Distribute surveys, conduct usability tests, or have over-the-phone conversations to better understand your customers’ needs before pivoting. 

3. Changing Up Your Target Audience

When you start a business, you do a market analysis to find who you want to sell to. This is a key part of creating your business plan. But over time, you might better hash out target audience information…

…And find out you’ve been targeting the wrong consumers for your product or service (whoops!). Or, you may learn that your product or service better resonates with one group of your target market and decide to focus on them. 

Whatever the case may be, changing up your target audience can wind up being quite a bit of a pivot from your current business model. 

Targeting a new audience may require shaking up your:

  • Business website
  • Marketing platforms 
  • Business writing tone
  • Packaging

Not to mention, you might need to redo your market analysis to learn more about your new target audience. Gathering information (e.g., age, income, location, etc.) about your target customers can be time-consuming, so plan accordingly, friends. 

4. Streamlining Processes

It’s not the 1900s anymore. It’s time to upgrade your manual processes and go the automation route. 

That’s right. I’m talking about streamlining the way you manage your:

  • Accounting (invoicing, bank imports, and daily transactions)
  • Payroll
  • Email marketing
  • Customer relationships
  • Interoffice communication

If you’re relying on spreadsheets and good old-fashioned pen and paper, you could be missing out on valuable time to grow your business (or even just keep up with your competitors). Why? Because tools like accounting software, payroll software, and email marketing systems can help you crank out your responsibilities faster than ever before. 

And to me, that’s a business pivot worth taking. It’s a quick win for your business and an easy way to tweak current operations to put a little more time back in your day. 

5. Taking Sales Online

Pivoting your business to an online model is a bit more extensive than signing up for new software systems. But for many companies, it’s a chance worth taking. 

Online shopping is an ever-growing trend. E-commerce sales are predicted to be around $4.5 trillion in 2021. And thanks to the coronavirus pandemic, avoiding crowds is still on the minds of many, many consumers.

If you’re currently running a retail business, you might consider adding an online store or taking things entirely online, depending on your situation. 

When pivoting your business to take sales either partially or exclusively online, here are a few tips to keep in mind:

  • Security is of the utmost importance
  • Customers won’t stick around if they have a frustrating shopping experience
  • You’ll need to change up your budget and business plan
  • Don’t forget to add in your shipping costs 

Taking sales online is quite the undertaking, especially if you don’t have a business website that’s up and running (and if you don’t, start there!). But if your target audience is flocking to online retailers, you might have to meet them where they are. 

6. Going Remote 

My business, along with many businesses, had to pivot to going exclusively remote when the pandemic first hit. And according to the data, this might be the new norm for many of these companies. 

Pivoting your business by going (or staying) remote can be scary. But, there are a number of benefits, such as:

  • Lowered overhead
  • Decreased absenteeism
  • Higher engagement

If you decide to change up your business to adopt a remote working model, consider the pros and cons; long-term impact on your company; and whether it’s something your employees, customers, and investors are OK with.


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