To pivot is to make a significant business change intended to help recover from or survive a tough period and factors which make the old business model unsustainable.
Since SARS-CoV-2 hit the world early this year, businesses have had to rethink and get creative with how they operate. How they pivot will impact on their survival and recovery from continuous lockdowns, as well as resulting shifts in consumer behaviour.
Online shopping grew 95% on average in April 2020, across Australia compared to the year before. Victoria experienced a whopping 111% YOY growth.
If your business has not got an online strategy, it's not too late to get up to speed. It seems that ongoing restrictions and lockdowns worldwide are the only certainty for now. Even as economies start to open up intermittently, people have got comfortable with online shopping and will continue to do so if it means they feel safe.
But is moving your products and services online enough to survive? Every success has a great strategy behind it. Do your homework. Research and analyse governing laws that may affect delivery of products and supply chains. Look to your customers and assess their changing behaviours and motivations.
Acknowledge how changing customer behaviour affects your product and service offerings and closely review their journey experience with your business.
Not all products and services will work well online. It's imperative to do a comprehensive review of how your customers habits, emotional and economic wants and needs have changed, along with restrictions.
C.A.R.E. to Pivot:
Work out how you can connect with your community to solve their needs. Reach out and communicate. If you don't ask, you won't know.
Are you able to service their needs in an economically viable way for your business? Get creative and look for ways to diversify your products and services so they are relevant. This may mean pulling back and refocusing on your core offering. Have strategies in place to remain flexible as circumstances change.
Review your customer journey and processes. Communicate at every step. Take feedback seriously. This is key to anticipating your customer's needs and remaining adaptable. Being in tune with your customers go a very long way.
Ensure that the changes you've planned are consistent with your branding, values and business goals.
Roll out the changes you've planned and continue to be flexible and straightforward. Sometimes, it's about pulling back, cutting down and refocusing to survive.
Most of us are doing it tough so it's an important time to work together and support local businesses wherever we can.
Over the last year, we've seen some small businesses getting so inventive with pivoting to survive, but we want to find out more. Look out for our next blog post: Spotlight on Son in law, a Melbourne Thai eatery who are the geniuses behind their Cartoon Bao.