Written by: Vickie Sullivan | September 24, 2020
Before You Pivot Your Business, Consider This
In uncertain times, pivoting becomes a popular path forward. A recent Inc. article about an event planner finding new business highlights a unique take on this tactic. The company is producing cardboard cutouts of college sports fans that sit in the stands.
While this idea hasn’t yet been proven in the marketplace, the idea raises an interesting – and bigger – question: Can a pivot go beyond what we have to give? This example shows that it can.
Two things to check out and possibly apply:
• Daring but not dangerous: The bold move here was to ditch live events altogether instead of trying to find a virtual option. But because signage is part of event production, we can safely assume the business owner had contacts she could partner with. So, she wasn’t coming into the space without reinforcements. A plan without partners is a very risky move in the midst of a pandemic.
• Dodged new competitors: The business owner’s research showed big players were already providing “cardboard fans” to pro sports. Instead of setting up a David/Goliath showdown with an established player, she focused on college athletics.
Listen: Two Things to Prepare for Before Choosing a Customer-based Pivot
Many of us use what we offer as a base for the pivot. We ask, “Who else needs what we have?” Instead, look at your clients and community ask, “What do they need right now?” Then explore your relationships and figure out where new partnerships can begin.
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