Should You Pivot in Your Business?
A pivot is usually intended to help a business recover from a tough period, or survive after experiencing new competition or other factors that make the original business model unsustainable.
The problem with pivoting is that you are going to want to change course FAR sooner than you should. You need to make sure that ALL the evidence is in before you pivot. Remember that good things take time. There's an allure in a fresh idea or new project, but it's harder than it seems to start from scratch.
Here’s a sneak peek:
What is a pivot in your business? [2:22]
The problem with pivoting [4:31]
What to think about when you want to pivot: [8:47]
How to handle drastic landscape changes [20:51]
What to do if you give it your all for 6 months and get no traction [24.54]
When you really should pivot [27:26]
What to think about when you want to pivot:
Commit for 6 months
Go all-in on your idea for 6 months. Make sure, before you pivot, that you were 100% committed.
Be ready to ask, "What else?"
Ask this question of yourself at least 10 times. If your Instagram posts aren't working, think of 10 more things you can try. Keep going until you've exhausted the possibilities.
Stay curious and keep asking
Be ready to be vulnerable with your audience, while standing in your expertise. It's great to go to individuals directly and ask them what they want more of, or what's really going on with them.
Look for the traction
Study the things that have worked with curiosity and playfulness. When something works, imagine yourself picking it up and asking, "I wonder what makes this tick?" Have some fun getting into your customer's head!
How to handle drastic landscape changes
If the whole landscape of your niche changed, you may need to pivot. One of my students had a business completely set up around creating swag for live events. With the Covid-19 pandemic, that niche has suddenly been wiped out. If something drastic like this happens to you, then you will need to pivot very quickly.
What to do if you still get no traction?
If you give it your all for 6 months, and you still don't get significant traction, then it might be time for micro-adjustments and mini-pivots. What HAS been working? Follow those breadcrumbs. Focus on making tiny shifts over those 6 months instead of a complete 180.
If you still don't get anything after 6 months, and trying everything you can think of, then it might be time for a big pivot.
When should you pivot?
You should pivot if you've tried out another idea that got significantly more traction in that same time period. Traction should always lead the way when you pivot. No guessing. If you're pivoting, know why you are pivoting, what you are pivoting to, and WHY you are going to that new thing. Follow the evidence!
Links & Resources
My 15 Minute Planner Method — free download here!
Free Crickets to Customers workshop — sign up on demand here!