While most business owners are used to adapting to different trends and new strategies within their industries, the global health crisis has officially changed the way we do business.
Until it’s safe to resume in-person activities, which could be quite a while, most entrepreneurs will need to look for a new way to generate sales while their customers are stuck at home.
The temporary halt of in-person activities and the immediate closings of some businesses such as salons, gyms, and some retail stores, 76% of small businesses have seen a negative impact in sales, and 23% have reported a negative effect in their supply chains.
Due to these unfavorable circumstances, entrepreneurs may need to rethink the core DNA of their business plans.
Some may look at a pivot strategy as an admission of failure, or a lack of confidence in plan A. But creating a second act for your business journey will help you prepare for the inevitable, while creating a stream of income your business desperately needs.
Entrepreneurs must fulfill the needs and emotions of their audience in different ways than before. Business owners need to be sensitive to the current situation in order to provide necessary value and an engaged response from customers.
Here are four suggestions for entrepreneurs to creating a pivot strategy during the current crisis:
1. Create a digital offering that fits consumers’ needs and emotions now
If you are a service-based business or if you work off of retainers from your clients, creating a new service that aligns with the feelings of your clients is something that will set you apart from others who are continuing traditional marketing efforts. Analyzing the current mental state of the client will help you customize your offer to something that will sell and help fulfill the need for what your client wants.
Offering something such as one-on-one strategy calls and new ways for clients to tackle the current situations with their brands will provide more clarity to the entrepreneur as an individual. This clarity can then help them build a more reliable brand.
2. Increase content and create more on digital media platforms
Social media usage has shown a massive spike in numbers when it comes to users utilizing newer and current platforms during this pandemic. The creation of content on platforms is critical for Entrepreneurs because it gives them the opportunity to showcase thought leadership.
In addition to the content on social media, creating content utilizing digital media platforms such as podcasts, YouTube videos, and even Tik Tok can communicate necessary value to new and current consumers. The latest platform, Tik Tok, has over 500 million users worldwide, and creating visually appealing content can help create a funnel for entrepreneurs to gain new customers. Using these platforms as a marketing tool while providing value and staying authentic will attract more eyes to the brand.
3. Create online digital experiences that replicate in-person emotions
While most, if not all, business events have been canceled, the first step of pivoting is rescheduling events and keeping the in-person event ideas alive for when it is safe to have them. However, in the meantime, creating the digital event, roundtable, or conference as if everyone was actually in-person can assist in driving conversations of business development and defining the next steps in an entrepreneur’s journey. Platforms like hopin.to and bluejeans.com create great in-person vibes for events, conferences, and intimate workshops as well that work towards creating an engaging experience.
4. Build new relationships that can foster new monetary partnerships
A brand or business’s relevance through awareness during this time of crisis is significant because maintaining a relationship with your consumers will drive genuine conversations that can turn into partnerships and potentially sponsorships that give more value to your audience.
Direct messages, one-on-one zoom calls, and think tanks are great ways to start conversations. Simply saying “how can I help you?” can lead to a new business partnership.
Ultimately business is an odyssey, so when the current crisis is over, having an exit strategy that moves you forward is essential. Even if it’s just going back to the same business model as before.
Likewise, strengthening new and existing relationships is vital, because on the other side of this, consumers and partners are going to remember who was there for them.