Pivot – it is a word we hear often in business, especially when talking about startup companies. It is not uncommon for new businesses to move to Plan B when founders realize that Plan A is just not the right direction for the company. But pivoting is not just for new businesses – it is a vital tool for businesses of any age and size and for the people who work in them. Being able to reimagine a business, or even just some part of it, is vital to ongoing progress.
What exactly does it mean to pivot? It all comes down to keeping one foot grounded while looking for the next opportunity. Even if your company is not looking to change directions as a whole, there are many smaller avenues where pivoting can help make a difference.
Whether your business is just getting started or is well-established, finding new ways to re-imagine parts of your business is a key element to long-term success.
Here are a few ways that you can consider pivoting in your own work today:
1. Partnerships: Stand back and take a look at all the partnerships in your business. Evaluate your relationships not just with vendors and end-users, but also with any third party who is part of your company. This is something we often do in marketing. The pace of technology means that new solutions for digital marketing, marketing automation and other marketing technologies are coming out all the time.
It is worth taking a moment to evaluate those partnerships and ensure you have the right ones in place for your business today. If not, should be time to transition to the right fit.
2. Purple Cow: In his book, Purple Cow: Transform Your Business by Being Remarkable, Seth Godin says that being distinct and finding a way to stand out from the herd is key to success. The goal is to still be recognized as a cow, but be distinct to stand out from others around you.
Being a purple cow is not a “one-and-done” thing. Sometimes, the herd catches up to you and suddenly what made you distinct from the other cows is the status quo. Perhaps it means changing the way you provide customer service to your clients or it is a new product rollout – but pivoting some aspect of your business could mean the difference between remaining a purple cow and just falling in line with the herd.
3. Passions: One of the biggest conversations happening in marketing right now is about “cause marketing.” The basic concept behind cause marketing is when a for-profit company and a non-profit cause combine efforts for mutual success. A contemporary example is Warby Parker, an online eyeglass retailer that donates a pair of glasses to one of its non-profit partners for every pair of glasses they sell.
Companies today are aligning their business and profit goals with the goals of another organization that has a shared passion. Pivoting your business to align with a cause is perhaps one of the best examples of pivoting in an existing business. Keeping one foot grounded in your core business and day-to-day work while exploring a new cause that is aligned with your passions is one of the best ways to pivot.
In the end, staying grounded and “true to your roots” while looking for ways to improve your partnerships, maintain your distinction in the market, or align your business with a cause are pivot points that could help you win more business down the road.
Kim Garcia is Director of Marketing for PSA Security Network. To request more info about PSA, please visit www.securityinfowatch.com/10214742.
