The new buzzword is “Pivot.” That’s what Groupon did when its more humanitarian aim —The Point — wasn’t working for them. Pivoting is nothing to be ashamed of, and it doesn’t mean failure. Rather, it’s a Thomas-Edison-styled realization that what you are currently doing isn’t working well, so you learn your lessons, make some changes and try again. When you pivot, you will also need to consider the necessary depth of a rebrand.
When to Pivot and Rebrand
Sales are sour, you aren’t happy with the way things are going, and the initial dream isn’t proving to be all you had hoped. It may be time to step back and reimagine your business. Would a change in positioning, product or audience open up a greater potential? Write out your idea in a sentence or two. Then test it. Pivoting is not wildly chasing one desperate tactic after another. Pivoting is a considered and intentional exploration of a strategic plan. Rebranding is bringing your company’s customer-facing features in line with the new direction.
Strategy vs. Tactics
Sales guru, Chet Holmes, often stressed that a strategist will crush the tactician every time … yet 99.9 percent of all business owners or executives are tacticians.
If you want to start an argument, just begin defining strategic terms at a business meeting. There is a big difference between strategy and tactics. Strategy encompasses the overall plan. Tactics address how that plan will be carried out. To learn more about the difference between strategy and tactics, click this article featured on Lifehack.org.
Five Steps to Pivot and Rebrand
Know what you intend to accomplish before you begin. Those who rush the planning stage are often on the way to a rapid failure. You don’t need to over-analyze the situation, but you certainly want to look closely at where you are, where you want to go and how to get there.
- Consider your present situation. Are you in the right business, but missing on your approach? Or does your focus need a major shift?
- Armed with the appropriate data, site analytics, sales records, customer feedback, surveys and projections look for gaps in the marketplace that match your strengths or potentials. How can you do better at fulfilling needs and desires or solving problems?
- Gather with your team or mentors to brainstorm ideas. Choose the top three possibilities based on market potential and tightness of the fit to your abilities.
- Run projections on the three ideas. Test the ideas. For each, list the biggest success you can imagine them reaching and the biggest failure. How much is there to gain, and how much is there to risk?
- Choose your re-focused or newly focused idea and build the platform. Remember to optimize or change your logo, notify all official channels, set up inner-team communications, make necessary changes to your website and advertising and notify everyone concerned. Much of this will depend upon the magnitude of your change. Just be sure to maintain a consistent brand image at all levels.
The more you address the needs and wants of your customers or clients, the better you will do. Pivoting and rebranding can surely reflect your personal desires, but those preferences must be in line with marketplace demand in order to succeed. The quick road to success is to find a need and fill it.
