There isn’t any doubt that building a business is bloody hard! Almost 90% ultimately fail. However any entrepreneur will tell you that establishing a viable business is just one of the first of many challenges an owner will face.
What makes the difference between the 90% that fail and the 10% that succeed? Knowing when to pivot and how to do it right. Pivots matter in every case!
Here are four best practices for pivoting:
1. Beef up your executive team
New players constantly enter the game and your business cant afford to get lazy! What might of worked back in the day most likely won’t work in today’s environment. It’s extremely important to look
2. Listen to the customer
One of the many reasons companies fail is they offer a product or a service that no one wants. Take into consideration what your customers tell you, listen to feedback. When you’re considering rolling out a new feature/service/product beta test it and listen to the reviews. Reverse engineer your approach and pretend to be the customer. You need to Pivot to the needs of your customers. Look before you leap!
3. Marketing / Branding
You can invest all the money in marketing but if you’re bringing a product or service to the market that isn’t up to par no amount of marketing can fix it. Make sure you fully vet everything before it goes to market and once you’ve done that do it again.
Another point is when you’re rebranding do it right! Conduct an anlysis before you pivot and think about what didn’t work in the initial strategy. What did work? what lessons were learned? once you come up with the answers to these the next few steps will come in much easier.
Think about the message your brand is trying to get out there. Figure out what the message is your trying to get across. Engage with a PR firm and try develop the message further.
To properly develop your brand talk to a company like Pearlfisher. Heres an example of some of the work they do – Reeves Art.
4. Bring your current customers on board first
This has several benefits! if you bring your customers on board from the very beginning just giving them that opportunity can develop your relationship further. If they get the chance to weigh in and provide you with beneficial views on your brand/product/service you’re ensuring you’ve got a good chance of some sales before the product even goes live. Your also validating your idea that bit further!
Pivoting the business or introducing a new offering time consuming, intense and a big big move that you don’t want to mess up! Seriously take your time and look into every avenue.
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