What does pivoting mean in business? Is it essential? Could it actually help your business grow and succeed? If yes, then how should your business pivot? What are the things that I can experiment with? What are some small pivots that I can make to see if I get better results?
While pivoting in the business industry involves switching to a new strategy or direction, numerous entrepreneurs feel like it means completely starting from scratch and redesigning your whole company. However, this is not always the case. Business pivots come in all shapes and sizes. And oftentimes, brands just need a micro pivot using one of these crucial elements which are packaging, pricing, positioning, or planning, or a combination of those to increase results and profitability. Making a well-executed pivot is a strategic move and you need to evaluate which elements you necessarily need to change. So, when you are looking at why something is not selling, why something is not converting, or why something is just simply not landing in the way that you expect it to, then it is more likely that your business model is not viable, and you need to have a pivot strategy.
In this episode, you’ll discover:
- Optimizing your business by pivoting
- Evolve and uplevel your brand with change
- Why you shouldn’t compromise your values
- Success and growth mindset needed for your business
The Power of the Pivot
How Strategic Changes Can Take Your Business to the Next Level
Running a successful business is not a static process. It involves continuous planning, adaptation, and evolution to keep up with market and customer demands and stay ahead of competitors.
Pivoting is a crucial part of the process - it's the ability to change direction when something isn't working or capitalize on a new opportunity. But what does a pivot actually entail, and how can it benefit your business?
Pivoting: Minor Shifts Can Lead to Major Results
When we think of pivoting, we often associate it with radical changes. However, more often than not, it's the smaller shifts that make a significant impact. Evolutionary changes, rather than revolutionary ones, can lead to better outcomes. Instead of completely discarding what's working, consider making a five to fifteen-degree adjustment. For example, by reimagining your existing offers and repackaging them, you can refine your offerings without starting from scratch.
Making pivots from a strategic standpoint is crucial. Avoid reactionary decision-making driven by frustration or disappointment. Step back and take an objective look at the situation. If necessary, seek guidance from a business coach, mentor, or trusted advisor. Assess whether your offer aligns with your long-term vision, provides value to your clients, and is profitable for your business. If the answer is yes, focus on making micro changes that enhance the packaging, pricing, positioning, or planning of your offers.
Repackaging and Repricing
When adjusting pricing, be cautious not to devalue your offers. Rather than drastically reducing prices, consider tailoring your offer to meet the price point where your target market is comfortable. Determine which core components are most valuable and create a reduced product that still delivers significant results. This approach allows you to address pricing objections without compromising the perceived value of your offer.
Positioning and Messaging
Sometimes, the problem lies in positioning and messaging. In order to resonate with your target market, it is critical to adapt your communication style to reflect their evolving needs and perspectives. Reevaluate your offer's messaging and address the top-of-mind concerns or challenges your clients are currently facing. By refining your positioning, you can ensure that your offer is effectively reaching and engaging your audience.
Planning and Execution
Insufficient planning and execution often lead to underwhelming results. Sometimes, it's not the offer itself but the approach that needs adjustment. Evaluate your launch strategy, release timeline, and overall plan to identify any areas for improvement. By investing time and effort into thorough planning, you can increase the likelihood of success for your offers.
Expanding the Pivot: Business Model Adjustments
Pivoting doesn't always involve individual offers. It can extend to your entire business model. Consider reimagining your business model to better suit your current goals and market conditions. This might involve emphasizing done-for-you services, transitioning from an agency to a group model, or offering more one-on-one services. Review your business objectives and identify which adjustments will bring you closer to your desired outcomes.
Maintaining Strategic Intent
While challenging circumstances might lead to decisions you wouldn't make in ideal circumstances, it's essential to remain aligned with your values. Never compromise your values for short-term gains. Let your core principles guide your decision-making, even when opportunities seem scarce.
Navigating business changes requires a strategic approach. Rather than making reactive decisions, take a step back, and objectively evaluate your business. Determine the size and scope of the necessary pivots, considering factors such as repackaging, repricing, positioning, and planning.
Remember that even minor shifts can lead to significant results. Stay true to your values and maintain strategic intent. If you need guidance in implementing these strategies, schedule a 1-1 call with Crista to discuss how she can help you navigate your business changes successfully.
Adaptability is the key! Embrace the power of the pivot and leverage it to drive growth and success.
by Crista Grasso
Crista Grasso is the go-to strategic planning expert for leading global businesses and online entrepreneurs when they want to scale. Known as the "Business Optimizer", Crista has the ability to quickly cut through noise and focus on optimizing the core things that will make the biggest impact to scale a business simply and sustainably. She specializes in helping businesses gain clarity on the most important things that will drive maximum value for their clients and maximum profits for their business. She is the creator of the Lean Out Method, 90 Day Lean Out Planner, and host of the Lean Out Your Business Podcast.