5 Signs that it’s Time for a Business Pivot
5 Signs that it’s Time for a Business Pivot
Your results don’t lie. Things aren’t going as expected.
You’ve tried hard but you’re just not getting the traction you need to sustain growth.
It might be time for a change. But how do you know when it’s time to pivot in your business?
There are several key indicators that it might be time to adjust your direction. If any of the following five signs sound familiar, rethink your strategy and pivot your approach.
Your product doesn’t solve a real or existing problem
You’re offering a product or service and no one is biting… well, it might be because you’re not solving an existing problem.
When you are constantly getting feedback that your product or service doesn’t help or hit the mark, it’s time to rethink your strategy.
Invisible signs tell you important things too. Often prospects don’t tell you directly: “Oh, it’s just that I don’t have this problem.” Instead, they go in circles and end up not buying what you have to sell.
It can be tough to hear this type of feedback, but by being curious, listening and diving deep into your target audience, you’ll often find some existing disconnections between their struggles and your product.
With the awareness of the challenges your target market faces, you’ll have an easier time rethinking your core offering and aligning it with their challenges… and getting customers finally knocking at your door!
Your message doesn’t resonate with your target audience
Your message is how you communicate what your product or service does and why someone should care.
When you’re not getting enough traction in your business, it’s time to look closely at your message and find what might be ‘off’.
Why doesn’t it resonate with your target audience?
Maybe you’re using too much jargon, or not enough, maybe you’re not being clear enough, or your message is too general.
And it shows up in lots of ways: high unsubscribe rates, low open rates on your emails, low engagement on your social media posts, fewer leads, etc.
So, if you’re seeing any of these trends in your metrics, it may be a sign that your message needs to be tweaked for people to “get it.”
After all, aligning with what your target audience wants and needs to hear is essential… or else, they’ll just tune you out.
You don’t have a unique positioning
To stand out in a crowded marketplace, you need to have unique positioning.
Not necessarily entirely different from everyone else. But distinct in its own way.
Your positioning must be clear, and it must be communicated in everything you do — from your website to your social media posts to the way you answer the phone.
This will set you apart from all the other options and communicate to your target audience why you’ll help them overcome their challenges, like nobody else. And that’s what having a thriving business feels like.
Without a clear idea of who you are and what you’re about, it will be difficult to attract attention and stand out from the crowd.
Think about it: If you’re unsure what your unique positioning is, your customers won’t either. Without clarity on your marketing position, you risk blending in with the noise.
Your product line doesn’t fit what the market is looking for
It can be tough to let go of products or services that you’ve poured your heart and soul into, but if they’re no longer what the market is looking for then it’s just not worth it to keep them around.
The market is always changing, and what was popular last year might not be popular this year. And that’s okay! When your core offering is no longer relevant, there is no reason to insist.
When you’re ahead of the curve and understand what trends are happening in your industry, you can strategically adapt your product line.
If you’re not sure where to start, look at your competition and see what they’re offering. This will give you a good idea of what’s out there and what people are paying attention to.
And don’t forget to ask your existing customers — they are full of ideas and insights to share with you!
You don’t have an effective marketing strategy
Testing and tweaking your marketing strategy is an ongoing process, but when you’re not seeing any results after a reasonable amount of time, you might need to pivot things entirely.
However, there is a proper way to do it. And it’s not randomly and reactively switching your existing activity to some bright idea you had overnight.
But when you have a clear understanding of your piece of the puzzle — your target audience and what they want, you can start developing a marketing strategy that meets them where they are.
Change will happen, regardless of us getting ready for it.
Pivoting can be a tough decision to make, but it’s often critical to keep your business floating… and thriving!
And if you’re not sure where to start, my marketing coaching service can help you find what needs to be changed in your business — empowering you to go through successful business pivots, with the right strategy.
Curious? Simply book a call with me, here.