Don’t Panic, Pivot!
With social distancing the new norm, I keep thinking about my small business clients. How can they stay afloat when their business depends on contact with prospects and clients? Yes, of course they can meet by phone, email, or video conferencing. But for some, it’s just not enough or isn’t realistic.
That’s when it’s time to pivot. Let’s create a revenue generating channel for you. If need be, zero in one area of your business. Even it’s not your favorite, it’s money coming in and maybe you keep it when all this is over, maybe not.
The question a lot of people may be getting stuck on, is what that channel would be. So…
- Take a minute and write down all the different aspects of your business.
- Then write down all the various steps you take to fulfill those different aspects.
- Do some research, maybe take a couple online classes so you can specialize even more.
Once you have a couple ideas, the first place to look is what the competition would be. Are you filling a niche, or adding to the noise? Think about how you can differentiate – what can you do that is better and/or different than the competition? That is what you’ll be able to capitalize on.
Next, think about the money. What fees will you charge? Again, look at the competition and see what they charge. You’ll want to be in that neighborhood because they have already established what the market will bear. But there’s opportunity to differentiate here as well.
- Set up a subscription-based service
- Add a maintenance program
- Accept monthly payments
So now you’re on your way to building this out. I know it’s exciting and you want to put it out there ASAP but there are some tools you’ll want to put in place first. If your new idea is too far away from what you’re already known for, you may have difficulty building trust. Here’s how to help overcome that:
- Create a website for it or add a landing page to your existing one. If the new channel is too far removed from what you were doing, you’ll want a new website.
- Start talking about it in social media. Don’t push too hard for the sale, think about educating people first.
I have to say, I know I’ve made this sound easy, but it really isn’t. I’m sure you know a website can’t be built in a day – at least not a decent one. There is a lot of good information out there on best practices for landing pages, advertising on social media, etc. And for the best results you’ll want to follow that – which takes time and the people with the expertise to get it done.
Coming up with the pivot isn’t always easy either. It’s hard to be objective about your own business, and sometimes we just don’t see the other opportunities. Talking to past clients or other business associates can help. If you’re still not getting anywhere, I invite you to contact me for a complimentary strategy session. We’ll brainstorm ideas and see where we get.
It’s a new world out there my friends. We’ve got to stay flexible and open minded to keep our businesses going.