The Current Buzzword “Pivot”and What it Means for your Business
It keeps coming up a million times a day. I almost feel like it’s losing its meaning because people are using it over and over.
I want to walk back on that for a moment and just think about how the word pivot can really help your business to sustain these times and even grow from them here.
So, first of all, what does pivot mean?
Pivot (pertaining to business): to slightly change your business.
In terms of COVID, it means to slightly change your business to be able to align with what’s going on in the world so that you can allow your business to connect better with your ideal clients in this moment.
It is NOT saying that we need to stop selling. It IS saying that we need to sell in a way that is better aligned with what is going on with the world so that you can connect better with your ideal client.
I want to take a minute to mention a couple of businesses that I’ve seen knocking it out of the park here such as Ikea. I love their messaging, they’ve actually created new content that's based on this new campaign they’re calling “stay indoors”. It’s all about creativity! They focus on word puzzles and to be honest, I don’t even remember everything about the campaign, but it was a bunch of stuff for kids too. I loved it! You could print it out and color, and honestly they created a really nice resource.
The other brand that has captured my attention right now is Peloton. I LOVE what Peleton’s been doing. They’ve moved to a family-centric exercise idea, so they’ve created new exercise classes that are shorter and not as challenging so that your kids could be included because they are probably home with you, right? I thought that was BRILLIANT, and would also gain interest from a lot of people to download the app if they haven’t already. Therefore allowing their business to GROW.
I’ve seen a lot of businesses do an awesome job with this too, I just wanted to point out a few specifics. Pivoting doesn’t just mean changing the way you’re speaking on social media. It also means adjusting your prices to align better with what’s going on. It also means creating completely new content, new freebies that make sense, and creating a new offer. This could be a new service or a completely new product, whatever is right with your business but would allow you to align with what’s going on, and your target audience a bit better.
The biggest takeaway from all of this that I want you to understand, is that pivoting is all about allowing you to continue to sell, it is not about turning your business off right now.
I think it was tasteful for a moment to do that, but it’s not the way your business is going to last through all of this because none of us really know how long that is going to be. Keep that in mind, and remember that pivoting is kind of an art, so you can still be tasteful through your selling, and when you pivot, yes, change your words on social media, yes, change some of the words on your website, but also keep in mind you can adjust your pricing and you can create content, and you can also create new offerings.
How are you pivoting in your business right now?