Pivot

Pivot, Don't Pause

BY: ELLESE & CO

How your business can survive this crisis and any other shift that comes your way.

I won’t belabor the seriousness of what has happened to so many lives and businesses because of COVID-19. Many experts say that our economy has never seen anything like this. Experts have predictions on how things will begin to reshape themselves, but no one really knows precisely when, or if, things will return to business as usual. What does this mean for you? It means it’s time for you to flex your strategic muscles; it means that it is time to show the world what your business is made of; it means that it may be time to pivot, not pause.

Now, remember, this is the time to flex your strategic muscles. While you may have to consider the obvious, your pricing, now is not the time to start arbitrarily slashing your prices. It’s time to think about the true value of what you sell and how you position your offers. You can start by ensuring you solve a relevant problem for consumers, segmenting your market, and diversifying how you deliver value.

SOLVE A RELEVANT PROBLEM.

Customers’ needs may have changed. However, you don’t necessarily have to change your product or service, but you must position your offer to solve a different, more pressing problem.

Check-in with your customers, learn more about how they use your product. Is there anything missing? What features do they want NOW? Your customers could be using your product in ways that you never imagined. This intel is invaluable and could be key for a successful pivot. .

SEGMENT YOUR MARKET.

IIf your sales are dropping, it might be because you’re trying to sell to the wrong people. For instance, your offer may not be right for individuals, but the perfect solution for businesses that need to invest in solutions right now. If you are finding the opposite to be true, then simply flip it. It may be easier for you to get the attention of individuals right now, so position an offer that will appeal to them.

There is nothing new about this strategy. The founder of Kraft Foods, James L. Kraft, sold cheese wholesale to local stores and door to door before scaling and turning Kraft into what we know today.

ADD A SERVICE TO YOUR PRODUCT (OR VICE VERSA)

Consumers may not clearly understand how to get the best value from your product. Consider adding support services, educational offerings, or consulting to accompany the product. For instance, you are a new author, and you’ve written a self-help book. Rather than just selling your book, offer group coaching calls and accountability check-ins to assist readers with implementing the strategies that you shared in your book. Readers find this valuable and will even be willing to pay a premium for such access.

If you have a service, you can add products that make it easier for customers to implement, be consistent with, or even scale. Many personal trainers offer supplements and exercise equipment; coaches and consultants provide physical workbooks and manuals; and chefs create take-home meals and cookbooks.

Now is not the time to put your business on pause. It is time to get laser-focused and execute with precision. Now more than ever, you want to be strategic. Keep your eyes on the numbers and make adjustments as necessary.

We would love to support you as you pivot. Join the Black Women Mean Business Facebook Group by visiting: www.elleseandco.com/joingroup