7 Ways to Pivot Your Business to Kickstart Growth
Have you reached a plateau in your business growth? Or perhaps you’ve just looked at the calendar and realised that you aren’t anywhere near where you had hoped to be by this time of year?
If your answer is yes to either of those questions, then it’s time to kickstart your growth strategy. Pull out that original business model and start rethinking a few aspects of your business.
One of the main reasons that start-up businesses fail is due to poor planning. Many start-ups ignore the vital step of developing a business model and therefore, don’t have a realistic grasp on what it will take to make the business succeed.
Other reasons for a failing business or halt in growth include a lack of innovation and differentiation. This is where entrepreneurs need to admit that they may need to pivot their direction.
It’s completely normal, and almost always reality, for start-ups to pivot from their original plan. Considering changing your business direction is like pressing the restart button on your computer – it’s a way to refresh and kickstart the growth of something that wasn’t going so well. It’s breathing new life into a dying business by jump-starting it!
So, how can you pivot your business and breathe a fresh breath of air into your growth strategy?
Firstly, you need to do a close analysis of what’s working and what’s not. Then, consider making drastic changes. Below are a few ways to help turn around a failing business and get it back on track before it’s too late!
1. Less is more
When a business tries to do too many things, it can cause the business to stretch itself too thin. When your target customer is ‘anyone and everyone’, you will have a really hard time trying to reach them as you can’t niche down in your marketing.
Less is more when selling products. It allows you to focus on specific products and build a strong and specific offering catering to a niche market. This not only allows you to focus on your marketing but also gives you get a better grip on the business. After getting that initial traction and making it work, there will be plenty of time to slowly start adding more features or products to your business.
Take it slow, keep things simple until you get back on your feet.
2. Adapt to the trends
Trends are constantly changing, and new customer needs are continuously arising. If you started with a very ‘on trend’ product, then perhaps you’ve fallen behind as the latest trend has taken over? If your business strategy calls for keeping up with trendy products, then you need to keep up!
This is not just about your product offering, keeping up with the trends needs to filter through to your marketing and business processes through to your packaging and delivery methods.
3. Switch to a more attractive business model
For some, pivoting their business means switching to a more attractive business model. Or perhaps, actually making one if you failed to do so in the beginning stages of your business.
Many entrepreneurs start off with a direct-to-customer business model, but then learn that perhaps only working with distributors or wholesale is a better option. Be open to change and flexible with trying different business models.
Within your business model, you may also need to relook at your pricing structure. Many high-margin, low-volume start-ups are forced to consider the price-volume trade-off. A change in price will, of course, also put the business into a realm of new competitors.
4. Redefine your target customer demographics
Don’t be afraid to admit that you got your target customer demographics completely wrong.
Maybe you thought that you should be targeting young adults in their early twenties when in actual fact, your product is more aligned to an older target market. As your business grows, you will likely also find that your target market will change. You need to recognise cultural shifts within your market and shift your business strategies.
5. Consider alternative technology platforms
There are continuous advancements in technology, and it’s important to keep up with the latest developments that are relative to your field.
Sometimes you may need to pivot to a new technology to stay competitive or improve margins. If you’ve got an online product business, perhaps this is trying new logistics solutions or a new analytics tool.
6. Explore new marketing routes
Has your Facebook page become a bit stale or your Instagram page a bit disjointed from what you are trying to sell? Perhaps you need a social media overhaul and new strategy.
If you’ve been doing it all yourself, it could be time to think about hiring a professional to jump in? Social media is an amazing marketing tool that if leveraged correctly, could be a game changer for your online business.
Then there’s your website. Is it optimised and appearing in online searches? Perhaps you need to allocate some of your budget to ad spend?
A new marketing strategy can reinvigorate your business by giving you a blank slate to work with. If your previous marketing strategies weren’t reaching your audience, then a fresh marketing strategy may be just what you need to kickstart your growth strategy.
And if you’ve had to change your target market, then you definitely need to refresh your marketing strategy to make sure that the two are aligned. Don’t forget to do adequate market research to understand where to find your target market and how to speak to them directly.
This isn’t usually the first thing that business owners think about when growth starts to plummet. However, if a product or business isn’t positioned properly, a rebrand will be necessary to solve the problem.
A successful rebrand is more than just changing a logo. It’s relooking the brand’s entire approach to how it positions itself in the market. In many instances, a start-up will change drastically from its initial approach within the first one to two years of business. Many forget to update their branding to align with their new approach – this can be extremely confusing for new customers who may relate to the product but not the branding.
An example is an online snack company. When starting out they were selling a range of snacks, both healthy and unhealthy. As they’ve grown, they’ve changed their business strategy to focus solely on healthy, organic snacks. This is where their branding needs to be updated to reflect their new outlook across the board – from their logo through to their imaging, tone of voice and marketing copy.
A brand refresh is a great way to inject a new lease of life into a business!
As an entrepreneur, you need to understand that your business model will change. You will need to adapt your business strategy and pivot towards a new direction at some point. Don’t be afraid to admit it when the time comes! Failure is the unwillingness to learn and change based on better information.
Don’t fall behind! Rethink, restrategise and realign your business to kickstart your growth! You won’t get anywhere by standing still.
If you need help planning a new marketing strategy for your business, contact the team at BuzzBrand and one of our trained professionals will help you kickstart your business’ growth.
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