Don’t Be Paralyzed – Pivot
You’ve heard about the Fight or Flight response to stress: the temptation to either run away, or to rage and resist.
There’s a third F in this scenario…and it’s one that we’re seeing a lot of small business owners adopt.
What’s the third F? It’s Freeze.
With so much uncertainty all around, many people are tempted to hunker down, stay put, sit still and wait things out. To become paralyzed and keep from doing anything for fear of doing the wrong thing.
Now is not the time to fight, flee or freeze.
Instead, it’s time to PIVOT.
It’s a term you’ve probably heard a lot in the past couple of weeks…and for good reason. Being able to pivot is what will keep your business alive and vital while others are frozen in fear.
To pivot is to turn slightly around a central point. Our client Melissa is a great example.
Melissa runs a tutoring and educational support business. Her bread and butter is one-to-one tutoring and support in the school environment.
But now, school is out, maybe for the rest of the semester. Students Melissa and her team served at school are now at home with their families. All of them are facing a big change with classes now being delivered online instead of in the classroom
Here’s Melissa’s pivot – she is now offering online tutoring and support to her existing clients AND to homeschool families.
Her students get to see the familiar faces of their tutors, even if they can’t be in the same room. And families that have no idea how to help their kids with schoolwork get an extra boost.
What’s more, Melissa’s staff members keep their jobs and her business is still bringing in money.
Everybody wins because Melissa was able to PIVOT quickly.
Here are some quick tips for making a successful pivot:
- Solve a problem –figure out what unique challenges are facing your customers right now and offer a creative solution…compile information and resources; offer a new way to connect; suggest a new way to do something.
- Stick to your center – Make sure you keep to the core of your mission and values as you design your pivot. Remember that you are known, liked, and trusted for certain things and that’s what people will be looking for in this uncertain time.
- Select a market segment –Not everyone in your target market will be the right consumer for your pivot. Get clear and specific about who will benefit most from your new product or perspective and focus your marketing to that group.
- Serve, serve, serve – Of course, it’s a good mantra all the time, but it’s especially important in making a successful pivot. If you focus on serving your customer better through your pivot, they’ll appreciate you know and stick with you later.
Think creatively and do what Melissa did…pivot. It can lead to profit.
Go forth and do great things.
Martha & Chris
P.S. If you want to learn more about how to pivot in the current climate, join us for our new webinar series that lays it all out for you. It’s only $76 for 4 webinars. We start tomorrow.