PIVOTING in an EVER-CHANGING WORLD
It’s crucial for a business, large or small, to pivot at various times and for specific reasons, good or bad. We need to constantly look at ever-changing forecasts, our growth patterns, active market changes and at times like right now, our survival.
1. Today, everything changes rapidly and the business world is no exception.
Just a few years ago, social media as we know it today, Facebook, Twitter or Instagram were virtually unknowns, and now they’re industry icons. If entire industries providing apps for mobile devices are constantly evolving, it would be foolhardy to think any business could stand still and be successful. Keeping up with an ever-changing world is crucial to the success of a business. This means keeping an eye on industry trends, on an ongoing basis, then learning to pivot accordingly. We are in those times right now.
2. Pivoting creates opportunities to continue and expand revenue.
Whether it’s exploring new markets, services or products, adjusting your business plan now can create new opportunities and potentially expand revenue. Analyzing these through research is key to the pivot.
Test out what’s working and what’s not and use that information to plan new strategies, especially your short-term plan for the seemingly hard months ahead. Hone-in on what is working and pivot in that direction. It can offer a way to build on the foundation a business already has, expanding both revenue and profits.
3. Stay relevant, it’s easier to pivot.
An example for our real estate business norms could be pivoting away from print media or banner ads and putting more effort towards online marketing through social media. We have to be sure not to jump on every bandwagon and new trends which appear, but follow the trends and adjust your strategy to stay relevant.
4. Testing is like brainstorming, some of the best ideas are developed.
Successful business models are all about trying new things, moving forward, studying data points and analyzing results. The process involves the realization of what did and didn’t work. Often this requires business owners to pivot quickly when they least expect to due to circumstances, similar to what we are going through right now. Changes aren’t always easy, change rarely is, but they could get us through these times and could very well ensure our survival.
5. How to reinvigorate your business.
Finding a new way to target an audience can kick-start a business that might otherwise be fading. It can also keep that business afloat in trying times like we saw in the 2008 market and what we are seeing today. Examples of what we are doing, right now, include:
· Meeting with our prospective buying customers virtually, through video calling to walk through, for property showings
· Video calling with an owner to meet and discuss our marketing plan to list their property
· Conducting virtual open houses for more exposure of the properties we are currently marketing
· Increasing our social media presence
· Meeting with our associates and colleagues virtually to promote and grow our business.