Do YOU Need To Pivot Or Create A New Opportunity?
Has the current economic environment provided you with a forced business opportunity for change in your business? To most, the current economic environment is not ideal. To others that think ‘outside the box’, it can be an opportunity to innovate or create something amazing. Businesses like AirBNB and Uber came out of the last major economic downturn.But I get it, you’re not AirBNB. The thing we all need to remember is that before it was the company we recognize today, it was an idea to solve the pain point of finding a room in an expensive city during convention season.
For existing business owners, the economic downturn has brought the opportunity to look at their business with a fresh set of eyes. Your existing business pain points have shifted. They are different today and they may even be different again tomorrow. If your pain points have changed, do you think your customers’ pain points have also changed? That’s a ‘definite’.
Pivot By Listening To Customers
I have clients whose existing business came to a screeching halt when the world shut down on March 15. They were comfortable in their industry and with that comfort comes complacency. It’s called ‘this is the way we’ve always done it’. A death knell for many businesses. They had stopped ‘hearing’ their customer. With the shutdown came louder cries from customers…’help us’ navigate this.
The need was always there, but the business pre-pandemic didn’t ‘need’ to see it. The pandemic forced them to see the glaring light of the oncoming locomotive. They are now addressing their customers current pain point and shifted the business model to reflect it. As their core business slowly returns, they have the added benefit of an additional line of revenue.