PIVOT…You Keep Using That Word…
We’re months deep in the joy of Covid now, and business owners keep talking about it…Pivot. You’ve read it. You’ve said it. You’ve probably used it as a hashtag somewhere. I’m right there with you. But what does “Pivot” really mean to you and to your business?
Pivoting your business does not necessarily mean changing WHAT you do. It’s more likely that you’ll change HOW you do your thing. And how you market your thing.
New Message, Same Customers
Some pivots are simple. I recently saw a great example regarding jewelry…your marketing could shift focus to earrings and necklaces. Pivot your message away from how it draws attention while someone walks into a crowded ballroom to how it makes them stand out on Zoom.
New Customers, Same Products
This is a more complex pivot, because it generally takes longer and costs more to find new customers. I work with a local snack company that makes chips, chocolate and cookies using local ingredients. Pre-Covid, their primary customer base relied on tourism. They had deep penetration into hotels and tour companies. If you were in a van on your way to see something cool, you were probably enjoying their treats on the way. When tourism dried up, those bulk sales did too. They had dabbled in online retail sales, but have now obviously had to pivot almost exclusively to these customers. New digital ad campaigns, new email marketing and new social media focus - all with the goal of selling those same great products to new audiences.
New Customers, New Process, Same Purpose
Some pivots are much more complex. Food banks have seen a massive increase in need. At the same time, restaurants have seen a massive decrease in business. Some communities have connected these dots and started using restaurant kitchens to prepare meals for the food banks. Using the funding provided by state or local entities, along with donations of food and money from the public, the food banks are buying their meals from the restaurants. The restaurant can now rehire some staff to help prepare things in bulk that can be frozen and delivered by the food bank. Bonus points if the restaurants source ingredients from local farmers. It’s a win, win, win, win because the dollars are used to keep jobs, support local farmers, AND help those in need, all while using the distribution systems the food banks already have in place.
The bottom line - If you know your purpose, and have long term goals in place, these pivots are much easier to accomplish. You aren’t starting from scratch. You aren’t creating a new ”thing” to sell or do. You are simply pivoting HOW you do the thing that you’re already committed to and passionate about doing.
PECO Arts helps small business do business by providing management, marketing and bookkeeping support. Let us know how we can help you succeed.