Pivot for Success

The sudden chaos of COVID has wreaked havoc on businesses – and life – as we know it. It has turned upside down every market, from retail and restaurants, to legal processes and entertainment. In a rapidly changing market place, the way that companies respond to this collapse will mean the life – or death of their company.

In a recent interview with Shark Tank’s Kevin O’Leary, the famous entrepreneur known for his biting remarks discussed the need for businesses to “pivot” in order to adjust to the dramatic market changes brought on by COVID.

Those companies who are most successful in pivoting their efforts to stay relevant will be the ‘winners,’ because they managed to stay in business during one of the most disruptive economies in more than 100 years.

Pivoting sounds like a clear directive, but how to do that and what tools you should use are the details that can mean the difference between success and failure.

If part of your pivot plan means you decide, “Hey, let’s do a video!” – this sounds like a great idea. But what’s next? Marketing require a strategy, creative that appeals to your ideal customer, and a clear knowledge on which tactics to use – in this case, ones that work in a social distanced environment. Jumping forward without a plan – is more like a wish – likely to fall short on expectations.

During his interview, O’Leary said marketing is “half art, half science.” This is so true, because it takes more than a pretty video or Facebook ad to capture your audience’s attention, particularly during COVID. You have to study how your clients’ behave and also understand how their needs may have changed since the pandemic. It takes analysis of what they need, how to say it, and then choosing marketing tactics that will work in this crazy environment.

Pivoting takes some time, and yes, resources. With smart planning, that time and those expenses will reap a ROI that will be stronger and more consistent, once executed.
To learn more about how to turn those distinct first steps into a successful pivot, read more about 5 crucial topics to focus on.