In times of turmoil, we hear the inevitable cry to pivot your business into a new set of products or services. Exactly how is that done? What are the steps?
Do we need a crisis to pivot our business?
Shouldn’t we always be looking to pivot our business?
And, if pivoting is so easy, why doesn’t everyone do it?
These questions were explored at the Executive Forums Silicon Valley Top Executive Forum this month through a presentation and discussion led by Beatrice Stonebanks (Stonebanks Sales Management Teams).
The discussion explored both the impact of the current COVID 19 environment as well as general long-term industry and buyer trends. After all, no one wanted to be like BlockBuster Video who missed the trend and technology of HOW consumers wanted to procure and engage, even though they knew all along about consumer demand for video content. Same goes with many taxi companies who did not innovate and pivot towards new ways of meeting customers’ needs for transportation and missed the trend and technology of HOW consumers wanted to procure and engage.
Ms. Stonebanks walked the members through some specifics on how to use industry reports to answer the following types of questions, as a roadmap to focus on:
- What are the trends in your market?
- Exactly why are your best customers buying from you?
- What technology will be used to buy your products and services?
- Where are the growth sectors that value similar characteristics?
- What happens in your target markets if a Black Swan event happens?
- How must you embrace technology to stay relevant to your customers?
This is a concise and straightforward method using just a few key questions to determine why your best customers value your product, service or company and what additional value you can provide.
The members were led through the “Stonebanks Sales Management 10 Step Process” that acts as a roadmap to help companies work through this process. A summary of the ten steps of this process are:
- Access 2020 Tech Trends Report
- Research Your Sector (or the sector you might pivot into)
- Keyword Search a Term or a Specific Niche
- Conduct an Ideal Client Summary
- Create a Decision Matrix for Your Company
- Choose your Preferred Target Niche(s)
- Review the Top Ten Fastest Growing Sectors – Match with Your Niche
- Analyze Optimistic and Pessimistic Trends in Selected Sectors
- Adjust Your Products or Services Accordingly
- Create Your Business Development Game Plan
Each specific member company was presented with a quick summary of the results of this process. For example, for one member who runs a full-service printing company, the following trends were identified. Although these types of trends are just the tip of the iceberg, consider how valuable this type of data-derived information can be in developing business growth plans. These trends were identified for the printing company:
- print on packaging is a growth area – flexography, gravure
- professional services to other printers
- geographic collaboration (FTD model) are applicable
- sector growing by 12% through 2024
This short article cannot do justice to the richness of the discussion around this process, and how it is relevant at all times, beyond COVID 19.
So pivoting is not that easy, however, there is a process that can be used. If you are looking to skate your company to where the puck will be (or how to use the puck in a completely new game), I recommend that you contact Beatrice Stonebanks (510 338-0896 www.stonebanks.net).
At Executive Forums Silicon Valley, selected business owners and leaders work together to gain clarity, insight and accountability to ignite their leadership engines, grow their businesses and improve their lives. If you are interested in learning more about Business Owner Advisory Boards, Entrepreneurial Operating System (EOS) or The Seven Stages of Growth, contact firstname.lastname@example.org or call 408-901-0321. For more information visit http://www.execforumssv.com/.