Pivoting means shifting to a new strategy to address a problem. For any given business or brand, pivoting can look vastly different because it depends on the specific issue you’re facing.
Often, pivoting leads to greater success, but how do you know when to ride it out and when it is time to make a change? Let’s chat about the essential reasons and tell-tale signs to consider pivoting your brand or business.
You may feel like you’re putting an immense amount of work into your business or brand, but you’re not seeing much growth. If this is the case, pivoting may be necessary. You could choose to alter your strategy as it pertains to the brand, product, or market depending on what works best for your specific situation.
If your business isn’t developing, then you may be at a plateau. This is dangerous because it often results in an unmotivated version of yourself and an insufficient strategy. At this point, it may be wise to consider a pivot. Take a look at your businesses current identity and where you want to go in the future, then make it happen!
Markets and interests within the market will change over time. Often, offering dozens of products or services that don’t make you that much money will end up costing you long-term. “Cut the fat” as they say and focus on what your customers truly love.
If you suddenly realize that the need you’re trying to meet is currently being met by lots of other folks, then it may be time to pivot and stand out. In order to pivot, you would carve out an open niche inside your industry or find a new place to shift to that makes sense with your current strategy!
If you see a new opportunity that could align well with your current business or brand, then it may be worth incorporating. Make sure you do your research and develop a clear plan, so you can hit the ground running!