How a Pivot in Your Business can Lead to Success
Entrepreneurs, at some point in your business life cycle you will have to make a shift and change the way you are doing things. Just because one thing is working well today in your business doesn’t mean it will always yield the same results. Keep in mind that nothing is constant in business. You will constantly have to evolve with the changes in media, technology, and customer culture.
Last week we mentioned that Tim and Kim Lewis, the founders of CurlMix, chose to use funding from investors to make a substantial pivot in their business by pitching on ABC’s Shark Tank. If you missed this article, click here to discover how to gauge the best investment deal for your brand and overall company.
Kim and Tim could not make these huge decisions in their business if they didn’t have the knowledge and willpower to take a leap of faith towards growing their business in a nontraditional way.
Today, we’re covering Kim Lewis’ 4 ways to pivot in your business that can lead to major success.
In this article we’ll uncover how to:
Evaluate Your Business
You need to have an understanding of where you are in the market in reference to your competitors. Know your network and your networth! What is your company offering that others aren’t? Why are customers buying your products or services? Is this product a trend or something that can last for years to come? Once you have a clear and precise answer to these questions you can then consider the next steps for your company. Is it time for a product shift or should you rebrand? Ask yourself these questions and more like them to evaluate every aspect of your business.
Know Your Customer’s Purchasing Habits
Where does your customer shop? What products do they typically buy? You should have a full perception of your perfect customer. Once you gather this information you will know how to pivot with your product line or services offered. By being aware of your customer’s needs, desires, and purchasing habits, you can offer more products and services to increase the overall revenue in your business.
Interview Your Customers
Send out a survey to your new and returning customers to discover their likes and dislikes about your products. Make a poll on Facebook or host live Q&A sessions to get on the spot feedback. All this information can be used to create the perfect products for your ideal customer.
Know When to Pivot
So far we have covered the information you need before making a decision to pivot in your business. It’s so important to gather as much information as possible before making any major changes in your business. You don’t want to pivot prematurely because this can cause you to lose funding, go out of business, or diminish your current customer base. Also, be sure to speak with an advisor or someone you value that has previous experience in your industry. This insight can be invaluable to the success of your business now and going forward.
Meet the co-founders of CurlMix and hear them speak live in Atlanta, Georgia this June at TSP Live 2019, an annual marketing conference for small business and entrepreneurs.
Visit tsplivetickets.com to purchase your ticket before they are gone!