We can probably all agree that the last month has changed the world forever. So if the world has changed then chances are your market's needs have changed.
The essence of business boils down to solving problems in exchange for money. Whether you're a restaurant or a personal trainer or a software developer or a manufacturer, you all solve problems for your customers.
Over the last month, many new problems have been created and many problems we used to have are no longer important or relevant.
We no longer need something to entertain ourselves with on the morning commute. We no longer need a location to eat with our extended family and friends since we're unable to meet them.
But we still need entertainment and we still need food, which is why podcasters are creating videos and restaurants are now delivering takeaways.
So what does your market need now?
When considering how to pivot your business, go back to your ideal customer and your value proposition.
But everyone is taking their services online - is there room for me?
If you're in an industry like fitness or training where everyone is taking their services online, it'd be easy to think there's no room for another person, but I'd challenge that, especially if you already have a loyal offline customer base.
A lot of people are seeking connection and familiarity right now. There's security in spending time - even virtually - with people they already know and trust.
Think more widely about the problem you solve (in this example, a fitness class also solves opportunities to socialise and make friends locally) and how you can continue to solve it.
It may be that you have a lot of competition but if your customers were loyal before coronavirus then that loyalty won't disappear overnight.
How can you repackage what you do to deliver value to your customers in a way that suits them now? Get creative about how you deliver value to your customers.
Do I need to 'pivot' my business?
Not every business needs to change. It may be that you can continue to deliver exactly what you used to do, just online. It may be that the value you deliver is still relevant, and there are also new opportunities for you to deliver value right now. The businesses that seek out and exploit these opportunities are the ones who will really thrive.
Always go back to your ideal customer and their situation. What new problems can you solve?
It's also possible that your business doesn't need to change that much but your messaging and the way you describe your value right now does. Perhaps what you do now solves lots of new problems that didn't previously exist. Or your offering is now relevant to a different market. For example, there are a lot of home education resources that don't need to change what they deliver, but their messaging does need to be updated to be relevant to the new market of home-schooling parents that has just opened up.
Need more help?
If you’re struggling to work out how to move your business forward in this pandemic, perhaps I can help. Email me or book in a free 30-minute phone consultation. I look forward to hearing from you.
We create a value proposition for your business in the One-Day Marketing Machine online workshop. In this self-guided session, you will create a strategy for your business and a 1-page marketing plan you can start executing straight away. Find out more here.
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