ChicExecs Co-Founder and Co-President Nikki Carlson shares how companies are learning to pivot in the current business environment on Forbes blog. Enjoy this excerpt from the article.
The current pandemic is forcing more businesses every day to pivot their models and strategies in ways that they never would have imagined months ago. What does pivoting mean? For some companies, it means converting regular product inventory into face masks for the public.
Another strategy I’m seeing during this crisis involves pivoting services rather than goods. As many brick-and-mortar stores find themselves temporarily closed, beauty consultants, for example, are trading their behind-the-counter skills for those in a digital age. Customers looking for advice before they buy a makeup or skincare product benefit from these online-only services.
If you know your business already has the materials and service strategies ready to implement, that’s the easy part. Crossing that threshold into selling a good or service your brand isn’t known for, on the other hand, is scary. In this time of business uncertainty, heed the advice of author and entrepreneur Eric Ries: “A pivot is a change in strategy without a change in vision.”
One great takeaway from this quote is that pivoting your business doesn’t have to happen on a large scale. You might not need to start from scratch with your business model or convert your entire manufacturing space to sell a different product lineup, especially if your company doesn’t have the means or resources to do that in the first place.
1. Start small, and move to remote operations.
The rollout of a new business strategy is only as successful as the team behind it. When switching gears cannot take place at the office, it’s time to ensure your employees have everything they need to work remotely. It’s an easier transition for some companies than others. Get your IT department involved in finding solutions. How can technology better serve your workers and your customers? If you’re a client-based organization, Zoom and other video call platforms are one simple alternative to in-person meetings.
2. Shift to an online marketplace.
As a small business owner, you might be saying to yourself, “I know my product is relevant. I just need a way to reach an at-home audience with it.” Restaurants are already doing this in a way as they offer online ordering and prepare food for delivery or takeout. Some have even added to their services by offering grocery items customers can order and save themselves a trip grocery shopping.
3. Invest in your social media and messaging.
Perhaps your company found paid ads highly successful in the past. It’s time to transfer those resources over to social media engagement if you haven’t already. Are your customers aware of how your goods or services benefit them while at home? Connect with them through specialized content, and show them how.
Read Nikki’s entire blog here.
