Major Business Disruptions Lead to Better Product Offerings

The initial reaction is a feeling of complete shock. Like you, we had some tough questions to answer like, should we close or pivot our business? What critical steps are needed to move forward? How do we cover expenses when sales opportunities are hamstrung? What can we do now that will have an immediate positive effect? How do we communicate the news to our team, staff and customers, so they don’t leave - making the situation worse? We decided to pivot our business and pursue other solutions.

A pivot mindset does not immediately impact the situation but sets the direction for future changes. It requires clear thinking, creative problem solving and leadership skills to move forward. It’s important to carefully consider the steps needed to keep the cash flowing during a shift from the old to the new. Moving through this initial phase quickly will minimize the impact and start forward momentum.

This is an important step for you and your business and part of the pivoting process. We had to assess our current capabilities and how to use our resources differently to create the same or better product offerings for our clients. 

Questions worth asking are: What upgrades and skills enhancement need to be implemented to start using the product? How long will it the transformation take? Will the change have an immediate impact on cash flow and is it a sustainable solution? These are just a few of the questions that should be asked when looking at pivoting options.

Identify who you are connected to and who uses the same products you do within your industry. What members of your business community share similar ideas, resources, information and provide support for others? Use these connections as an information resource for new ideas and possible solutions.

Review eight to ten options and figure out which option makes the most sense over the long term. 

Following our partner pullout, we connected with non-competing businesses in the same industry who banded together to identify possible solutions. This step enabled us to assess options we wouldn’t have known about or considered which expedited the options phase of our transition. 

Just like buying a new car or house you need to consider each available option without prejudice. See how each one works for your business including its benefits, limitations and how easy it will be to implement into your business processes. A schematic can provide a framework for consistently assessing each option’s benefits, limitations, implementation time and sustainability. 

Since the coronavirus is tapping into many industries, consider pursuing government contracts. These contracts will likely cause you to pivot your business processes, but the payoff is keeping your business alive and possibly growing during uncertain times.

Your chosen option needs to dovetail with your brand, company ethos & culture and the overall goals of the business. It also needs to empower you to provide your customers with the quality and care they’re used to receiving. In our case, there were technical requirements and security issues that also needed to be considered.

After narrowing down your options, based on the core values and beliefs of your company, capabilities and resources, you should also consider the drawbacks and risks of your options. 

How long it will take to implement the chosen option? What are the costs for the transition and how to keep the cash flowing during the transition? Think about how this option will impact your brand, products, and services that your company currently offers and in the future. 

You may need more than one solution for your business pivot. There can be multiple solutions and several options to solve different types of problems. Rather than put all our efforts into a single solution, we made the decision to offer several options to our clients to solve specific problems.

Regular communication with clients and your team is critical to moving forward in the transition process. It will help you preserve your relationship with your customers and keep the trust between you. 

If you settle on multiple products, release them one at a time to better mange the transition and marketing processes. Time-released product rollouts enable your business to stay top of mind through new products announcements in press releases and multimedia ads. Each product rollout can be monitored and adjusted to produce results.

As a marketing agency, we recommend developing a consistent marketing strategy for rolling out each product for brand, message consistency and results. Creating a system for product rollouts will enable you to quickly launch new products, monitor activity and pivot a strategy quickly. The system may include inbound and outbound marketing, advertising, webinars and more.

Being forced to change your company’s products and services will cause you to re-evaluate the direction of your company. 

Whether a global pandemic or a sudden pull-out of a strategic partner, the disruption is always a heavy blow for any company, but it does not have to be the end of your business. 

With commitment and persistence from you and your team, your business can move from survive to thrive. Using strong leadership, you can guide your team through the process and pivot your direction to meet a better future.

 

In the long run, it could be a blessing in disguise that allows your business to reposition itself in the market, offer new products or services and grow in ways you could only dream about.

We love helping businesses in transition pivot their brand, web presence and marketing. If you’d like to talk about your plans for your company’s future (and how we might be able to help you) send us an email to Design@GCMD.Agency or give us a call on 207-464-0016. You can also schedule a 30-minute meeting on our virtual calendar.