Maintaining a Genuine Connection to Your Business: The Power of Pivoting & Innovation
I want to continue on the theme of pivoting in business that we’ve been talking about. With that being said, this post is all about pivoting and doing new things.
I know so many people reevaluate what they’re doing, especially when working in the online business space. But, it can be really hard and intimidating to pivot. But, it’s completely normal to want to make a change in your business. A lot of times, it comes from the craving for a deeper connection with your clients – which is a great thing.
So, let’s talk about the power of the pivot! Below, I’ll dive into the different types of pivoting and how to know when it’s time to pivot.
By the end of this post, it’s my goal for you to know if you’re ready to pivot in a small or big way.
What I’ve Learned About Pivoting
I get asked about pivoting A LOT and I’ve helped a lot of people do it. So, I’ve done a lot of research on the topic. That’s taught me a lot! So I want to share a few things I learned when conducting this market research.
Here are some common themes I’ve heard and noticed time and time again:
- There is more of a need to pivot to serve a niche market. They’re ready to help people with a deeper transformation. This will result in more money and more committed clients.
- People pivot with a new offer for a client based on market research and experience. They’re filling a need that a client has asked for.
- Another pivot people discuss is a platform pivot. Here, people go from one platform – like Instagram – to a different place – like Facebook.
- People change over time, and that creates the demand to pivot. Your business evolves, clients change, and it prompts a change for a change!
- Another popular theme I’ve seen is people pivoting their business to fit their “new normal” life. Especially with COVID-19, people are adjusting to having their kids home more and they have a need to change their business to meet their other responsibilities.
- Burnout from their last business is another huge catalyst that I’ve seen for change in people’s businesses. That means that people have to structure the way they serve.
As I mentioned above, these themes are all things I’ve noticed through my own experiences and market research. It’s interesting to see and share what has caused people to pivot in real-life experiences!
Is Pivoting Right for You?
I want you to ask yourself some questions to understand if pivoting is right for you. Here they are:
- Why are you feeling the urge to pivot?
- Where has the urge to pivot come from?
- Has it been a result of big changes in your personal life?
- Do you feel like you have new information or education that has prompted this change?
- Is this pivot inspired purely by financial potential?
- Is this new industry change something you’re truly passionate about?
Considering these questions will help you decide if you’re truly ready for a pivot. If the answer is yes, keep reading to discover just what type of change is right for you!
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The Different Types of Pivot
Here, I am going to explain the different types of pivots so you have a deep understanding of your options and which may be right for you and your business.
The first and largest pivot is changing industry. You may be going from the makeup industry to the design industry. From fitness to business. Whatever it is, you get the gist.
When you shift your industry, you need to be very sure before you take the plunge. While you can always go back if your pivot doesn’t work out, it’s still a big deal to make the change! This change takes patience, energy, and time. It’s so important in this type of pivot to be consistent in speaking to the audience you’re looking to serve.
The next type of pivot is changing your niche or expertise. For instance, maybe you’re a launch strategy coach and switching to funnel build-out. The pivot is more of a deepening of messaging but it also includes changing your offer. That, in turn, means that your client – or the problem you’re looking to solve – is going to change.
This change sometimes demands a whole new client and sometimes it doesn’t. These little details are part of the intricacies of a pivot! But one thing that for sure will change when you change niche or expertise is your message.
The next type of pivot is changing your client. Many entrepreneurs get to this point in their journey. And many times, we help people at the beginning of their customer journey, but then they graduate from that and they have different needs. From there, you adjust what you provide to continue on that journey with them. And thus, your target client will change to accommodate that new need.
These client shifts are very common – every time your client is changing or who you’re talking to then this will happen. In this case, your offer will change in most cases.
Another pivot example is a platform pivot. Many people go from solely using one platform – like Instagram – to using others – like Facebook or a podcast. This allows business owners to expand their reach.
I classify this as a pivot because it takes time to do it. When you make a platform change or addition, you need to go all in! Do your research, get prepared, come up with ideas, and study the platform to understand how to use it effectively.
The last pivot example is changing the structure of your business. It could include offer pivots, but it’s mostly the format you use. How you run your business, how you interact with clients, and how you launch are all included in this. It’s all about the way you run your business.
These are the main types of pivots to know about and consider in changing things up in your own business.
Pivoting Takes Time, Patience, & Work: The Bottom Line
Whatever type of pivot you go with – it’s going to take time, patience, and work. It’s not going to be easy, nor an overnight success, but it’ll be worth it. As long as the passion is there – you should go for it!
Thanks so much for reading!
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