Any smart business will tell you the importance of the word, "Pivot." It means the center point of any rotational system and to put it in a business perspective, pivot is used to describe smart startups that are able to adapt and change direction quickly, which is essential in running a successful business. Even though original visions may change over time, change is only for the better to adapt to changing business models and current economic levels. Read on to find out the 8 ways you can truly implement a successful business vision.
Without changing the original business vision and mission statement there are a number of ways, you can apply these methods of adaptation.
First, Use the same product to solve a different problem. To put this in simpler terminology, it means that you are essentially reusing an old method, or the same product but to solve a different scenario or problem for the same customer. This was even explored by Starbucks when they went from selling coffee beans and espresso makers to actually brewing them in-house. As you can see, the same coffee beans are used, just given to the customer in a different way and by using the same initial product but delivering a new way. We all know the success Starbucks has had using this method.
Secondly, market the segment you are pivoting towards. This means taking an existing product and marketing it towards a totally different set of customers or demographic. When you find that your sales are lagging, it's time to try a different selling pattern. This is often more of a marketing change than a product change.
Third, pay careful attention to what customers are doing, rather than your own predictions or projections. This means you need to change your marketing patterns to cater to their interests. You can add more products or focus all your efforts towards selling one feature product for a more holistic approach.
Fourth, if you start with more complex new products rather than slowly building up a brand, you're destined to not be met with much success. Instead, channel your efforts towards building a reputable brand and customer loyalty will surely follow.
Lastly, another way you can implement your business vision is to aggressively attack major competitors who threaten the wellbeing of your business. For one, you can focus on how you can be different and better. If they offer a product, why not challenge the price or availability? Figure out what they cannot offer and make yourself stand out.
Keep in mind that these ways of engaging your visions does not follow a linear progression, but rather depends on a variety of factors. Having a comprehensive business insurance plan also increases the longevity of a company or startup. You want to make sure you have enough coverage and also liability coverage. Your business is the most important investment you'll make in your lifetime so you want to protect it as much as you can. This can be done by comparison shopping for business insurance and finding the cheapest business insurance rates available without sacrificing quality.
Ms. Ateeya Manzoor is the management strategist and partner at Mayfair Management Group.
Ateeya has worked with a large range of clients in various industries and sizes, ranging from large publicly traded financial institutions and technology firms, large resorts to midsized oil and gas companies, to small non-profits requiring a fresh perspective. She held executive positions throughout her career on Bay St., including partner of a risk management firm, National Practice Leader, Vice President of a publicly traded brokerage house.
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