Pivoting your business: how to do it and win
In an ever-changing economic landscape the need for businesses to be responsive and adaptive to market movements is essential.
A survey conducted by global PR firm Burson-Marsteller revealed that almost two-thirds of company CEOs re-asses their business goals on a quarterly basis or at more frequent intervals throughout the year, in order to gauge whether their firm’s objectives and future plans reflect the current needs of the market.
Pivoting, as the name suggests, uses the feedback from these review sessions to turn a business’s operations to move with the direction of market.
The success of this strategy in helping businesses to thrive has been demonstrated by leading multinationals such as Samsung, where constant pivoting since the company’s launch in 1938 has transformed it from a grocery business to a world-renowned technology giant.
Here are just a few ways that businesses can implement pivoting techniques to help transform the fortunes of their business.
Establish your niche
Focusing on a particular niche is great way to focus your business operations, and could help your business make a name for itself in the marketplace.
You can pivot your products or services to the high-end of the market, following in the example of brands such as Louis Vuitton, or at the lower-end of the market, taking the lead from brands such as Primark.
Form a strategic alliance
Making alliances with firms that are not direct competitors, but provide complementary services, could also help to increase the standing your business has within your field, and related fields.
Extend your brand
Extending your product or services beyond the initial range offered by your business, could also help business corner a larger share of the market.
These additions can be reactive depending on demand at any given time. Firms such as Virgin have done this to great effect, offering flights, financial products, broadband services and more.
Change sales channels
Reviewing and ultimately changing your sales channels, could ultimately act to drive up sales. This could include selling through franchisees, distributors and partners, as well as selling your products and services via online channels.
If your business is struggling in the current market you may want to seek professional advice on your restructuring options.
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