The first step is to consider what your business is doing well and what it isn’t. You then need to make the decision whether you can make improvements to try and kickstart the failing areas or if you are going to pivot towards the successful ones.
A popular way to pivot is to look at streamlining your business. This could mean removing excess functions and focusing on one feature. Take Instagram, for instance; it started as a check-in app with gaming and photography elements but it stripped the excess and is now solely a photography app. It’s recently been valued at $35bn. A business that tries to do too much invariably creates a poor customer experience.
But, by focusing on a specific area, your business is able to generate and push a unique selling point that will resonate with your customer base. It will also result in a better product/ service if you are able to focus your resources on it.
Look at your customer base
You need to ensure that your pivot better caters for your customers. Avon, one of the biggest names in makeup started out selling books until its founder realised that his female customers were more interested in the accompanying free samples of perfume. Crucially, he employed more female salesmen to better appeal to his customer base. It’s important that your business adapts to its new market as well.
Pivoting can create a different outlook for your business and may lead you down paths outside of your expertise. As with any important business decision, it’s always prudent to seek advice as well as thoroughly conducting your own research. Thankfully, you know your business better than anyone else does and have a stronger view of your customer base, so you can pivot in the direction that will bring a greater service or product to your customers.