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Sorry, I know how much you want to just get into the real advice and tips in this article, but I have to start with a little bit of a story and how I am in the middle of trying to pivot my business without losing credibility. Hopefully it will help you feel better about trying to pivot your business as well. And you can always skip down a bit to get to the actual advice and some of the stuff I have learned during this pivot.
In 2002, I started freelancing. I did a little bit of everything at the time: some book editing, some web development…I even helped one group manage their AOL GROUP. I had no idea what I wanted to do, I had no idea what a niche was… I just knew I was freelancing and I really enjoyed helping people. Within a couple of years, I was focusing more on the web development and content side, and a couple of years after that I focused more on the content writing side and I fell in love.
I really enjoyed writing articles and books, and I was getting really good at ghostwriting books. And the more clients I took on, the more I realized that I wanted to niche down even further. My favorite books to work on were related to business and marketing as well as psychology and mindset (which makes sense, seeing as how my master's degree is in psychotherapy).
Then, a major shift came about in ghostwriting. As social media became more mainstream and changed the relationship people had with their favorite celebrities, there was backlash as people started finding out more and more about ghostwriters. Every time a celebrity came out to thank their ghostwriter for helping them write a book, it sparked a new debate about ghostwriting and whether or not people should publish a book they didn't write themselves.
This sent me even further into content marketing, especially for blog posts, articles, and email marketing. And since I had already niched down into marketing and business, for 9 years the bulk of articles I was writing for clients was in line with this niche.
Then came another major shift: Large Language Models, LLMs, and ChatGPT—generative AI
Now, I have nothing against AI in theory. I don't think it will replace writers any time soon because it lacks the ability to insert authentic experience into its writing.
But, nonetheless, marketers were the first to jump into the AI train and decide they could now do their own writing.
To be completely transparent, this sent me into a bit of an identity crisis. I decided to switch a bit from writing about marketing for marketers teaching businesses to doing marketing for businesses.
I know that sentence doesn't look like it makes sense, but it does.
Anyway, so for the past several months, I have been pivoting away from writing up articles and emails for marketing coaches and agencies over to more done-for-you marketing services for businesses. And the process has come with a lot of ups and downs, self doubts, questions, and insecurities.
As I go through this change in direction, It's important to me that I do so without losing the trust of my audience. After all, there is a fine line between making a pivot in your business and hopping bandwagons. I watched what happened to the reputation and credibility of a lot of businesses and coaches as they bounced from teaching business to teaching cryptocurrency to teaching AI… and now they are all looking for the next trampoline.
I don't want to be one of them.
This article will talk about some of the lessons I've learned while pivoting my business while working to maintain my credibility and trust.
Key Takeaways
- Understand the importance of business pivoting in response to market shifts and evolving customer needs.
- Learn how to communicate your pivot strategy effectively to maintain brand trust and leverage your existing brand equity.
- Discover strategies for rebranding and refining your brand identity and messaging during a pivot.
- Explore tactics for adapting to market changes with agility and retaining customers during a business transformation.
- Gain insights into pivoting with integrity and authenticity, and a step-by-step guide for strategic business pivoting.
Embracing Change: The Importance of Business Pivoting
Being able to pivot is crucial. Business transformation, adapting to market changes, and staying business agile are key to success. Our audiences needs' change and evolve over time. Finding a solution to one problem sometimes means uncovering a new problem.
Stepping over the threshold at one level means discovering what you need at the next level. And emerging technologies can change everything.
By keeping an eye on new trends and customer wants, businesses can find new chances for growth.
Identifying Market Shifts and Evolving Customer Needs
First and foremost, you have to stay in touch with your industry's rhythm for strategic business pivoting. Watch market trends, listen to customer feedback, and guess what consumers will want next. This way, you can adjust your offerings to meet changing needs and stay competitive.
The Risks of Stagnation and Staying Stagnant
Not pivoting can cause your business to stagnate, lose market share, and lose its relevance. Companies that don't change and stick to old ways risk becoming outdated. To thrive, embracing business agility and strategic business pivoting is key.
Risks of Stagnation | Benefits of Pivoting |
---|---|
– Loss of market share – Declining customer loyalty – Outdated products or services – Reduced competitiveness | – Capturing new market opportunities – Strengthening customer relationships – Maintaining relevance and brand trust – Sustainable growth and profitability |
Maintaining Brand Trust Through Pivoting
When you pivot, keeping your customers' trust is key. This was one of the pieces that gave me the most stress as I was trying to pivot. I found that sharing my reasons, plans, and methods as transparently as possible was ultimately going to be key. This way, I could leverage my brand's equity and show authenticity to keep and even gain credibility and make the change smooth.
I also had to be okay with losing a big part of my audience, since they would not be looking for done-for-you marketing services.
Communicating Your Pivot Strategy Effectively
Good communication is vital for maintaining brand trust during a pivot. Share why you're changing, the benefits for your customers, and how you'll make the transition easy. Talk openly, listen to feedback, and solve any issues your customers have.
Leveraging Your Existing Brand Equity
Your brand's equity is a strong tool for pivoting. Use the trust and good will you've built to highlight your brand's values. This keeps customers loyal and sees your pivot as a natural step, not a big change.
Key Strategies for Maintaining Brand Trust During a Pivot | Benefits |
---|---|
Transparent communication | Builds customer confidence and reduces uncertainty |
Leveraging existing brand equity | Preserves customer loyalty and facilitates a smoother transition |
Demonstrating authenticity and integrity | Reinforces your commitment to your customers and enhances brand credibility |
By using these strategies, you can pivot while keeping your brand's trust and customer relationships strong. This will help your pivot succeed and make your brand stronger in the market.
How to Pivot Your Business Without Losing Credibility
Pivoting a business is tough but sometimes necessary. To how to pivot your business without losing credibility, you need a smart plan. Keep your communication clear, stick to your brand's values, and talk to your customers about any worries they have. This way, you can change your business while keeping your credible pivoting and pivoting with integrity that people trust.
Being open and honest is key to a successful pivot. Tell your customers about the changes, why you're making them, and what they'll gain. This honesty builds trust and keeps customers loyal, making them feel important and in the loop.
It's also vital to keep your brand's core values and identity strong. Even with changes, your brand's heart should stay the same. This shows your customers that the business they trust is still here, just better.
Listening to and answering your customers' concerns is crucial. Hear what they say, solve their problems, and show how your pivot meets their needs. Being proactive and caring helps keep your brand's reputation strong and your customers happy.
Remember, how to pivot your business without losing credibility is about making smart changes that keep trust. By following these steps, you can pivot with confidence and come out stronger.
Rebranding Strategies for a Successful Pivot
Pivoting your business can be a smart move to keep up with market changes and customer needs. Sometimes, a good pivot needs a careful rebranding to match your new direction. This part will look at how to rebrand well for a smooth business pivot, keeping your brand's trust and realness.
Refining Your Brand Identity and Messaging
When you pivot, check your brand's look and words to make sure they show your new path. You might need to update your logo, colors, and fonts for a fresh look. Also, look at your brand's message, like your tagline and what you stand for, to connect with your audience and show off your new stuff.
Keep your brand's core values and principles as you change. This way, you can move your business forward while keeping your customers and attracting new ones.
- Conduct a comprehensive brand audit to identify areas for improvement
- Develop a clear and compelling brand story that aligns with your pivot
- Ensure your new branding is consistently applied across all touchpoints
Good rebranding during a pivot isn't just about looks or words. It's about keeping the trust you've built and smoothly moving to a new path. With the right approach, you can pivot with honor and come out even stronger.
Adapting to Market Changes with Agility
In today's fast-changing business world, being quick to adapt is key to staying ahead. Developing business agility helps companies pivot their strategies. This lets them meet new customer needs, follow trends, and handle surprises.
A culture that supports innovation and teamwork is at the core of business agility. This mindset helps companies quickly adjust to market shifts. They can pivot their strategies as needed.
- Regularly monitoring market trends and customer feedback to identify opportunities and pain points
- Empowering cross-functional teams to rapidly ideate, prototype, and test new solutions
- Implementing flexible, iterative approaches to product development and service delivery
- Embracing business agility as a core value throughout the organization
Effective strategic business pivoting keeps companies relevant and builds customer trust. It also gives them a chance to outdo competitors. By being agile, businesses can confidently face market changes and keep delivering value.
Characteristic | Agile Organization | Rigid Organization |
---|---|---|
Decision-making | Decentralized, empowered teams | Centralized, hierarchical |
Processes | Flexible, iterative | Rigid, bureaucratic |
Culture | Innovative, collaborative | Risk-averse, siloed |
Response to Change | Proactive, adaptable | Reactive, resistant |
Customer Retention Tactics During a Pivot
When your business is pivoting, focusing on your current customers is key. Engage with them, listen to their feedback, and offer great incentives or loyalty programs. This shows you care about their satisfaction and builds trust in your brand.
Engaging with Your Existing Customer Base
Keeping strong ties with loyal customers is vital during a pivot. Talk to them often, listen to their thoughts, and quickly answer their questions. Be open about the changes you're making. This makes them feel valued and loyal, helping your brand through tough times.
Offering Incentives and Loyalty Programs
Think about offering special deals or loyalty programs to keep your customers close. Discounts, exclusive offers, or rewards for staying loyal can do the trick. These gestures not only keep their business but also deepen their loyalty to your brand.
Customer Retention Tactic | Key Benefits |
---|---|
Proactive Customer Engagement | Builds trust, addresses concerns, and fosters loyalty |
Incentives and Loyalty Programs | Rewards customers for continued business, strengthens brand loyalty |
By focusing on customer retention tactics during a pivot, you can keep your loyal customers happy. This approach not only keeps your current customers but also sets your brand up for success in the future.
Pivoting with Integrity and Authenticity
When you're pivoting your business, keeping your brand's integrity and authenticity is key. A successful pivot comes from aligning your strategy with your core values and brand promise. This keeps your current customers trusting you and attracts new ones.
Being transparent is a big part of pivoting with integrity. Tell your customers why you're pivoting, what changes they'll see, and how your brand's heart stays the same. This openness builds trust and shows you care about your customers.
It's also important to stay true to your brand's identity. Even if you change your products or look, keep your core values and mission the same. This lets your customers see you're still the same brand they know and love.
In the end, pivoting with integrity means making choices that help your business grow in the long run. By being open, authentic, and true to your brand, you can overcome pivot challenges. You'll also build stronger relationships with your customers.
Strategic Business Pivoting:Step-by-Step
Changing the business world can be tough. But, strategic business pivoting can open new doors and keep your company strong. By using a clear plan, you can change your business and keep up with market changes.
Conducting Market Research and Analysis
The first step is to thoroughly analyze your market. Look for new trends, what customers want, and any dangers to your current plan. This research will show you where to pivot and meet your audience's needs.
Developing a Comprehensive Pivot Plan
With market knowledge, it's time to create a comprehensive pivot plan. This plan should cover how you'll change your business. It should include steps for operations, money, and marketing. A detailed plan helps you navigate the process of business transformation smoothly.
- Define your new value proposition and target market
- Assess the operational and financial impact of the pivot
- Develop a marketing strategy to communicate the pivot to your audience
- Identify and address any potential risks or challenges
- Implement a phased approach to ensure a seamless transition
Remember, the secret to a successful pivot is to stay flexible, open, and focused on what your audience wants.
A Word of Caution: Marry the New Business (Don't Just Date It)
I think one of the biggest mistakes I made while trying to pivot was getting scared of losing potential clients. I was always okay with the idea of losing followers on social media or people suddenly unsubscribing from my newsletter—that didn't bother me.
But what I was not prepared for was how to handle when random people found me and asked for information on hiring me for services I no longer offered or when friends and old clients would contact me and tell me that they wanted to refer someone over to me for a service that was part of my old business.
And, for a myriad of reasons, I didn't want to turn down the work or disappoint these people. So I go ahead and take on the project.
Except that these projects would trick me into forgetting that I was actually trying to pivot. Because I wanted these clients to know I was an expert, I would post content. And even working on the projects themselves would make me remember everything I loved about those types of projects in the first place. So I would start tricking my brain into thinking that maybe I had made a mistake trying to pivot.
After all, these people found me—others surely would, too?
And did I really want to start all over again?
At the time, I convinced myself that I was being smart by taking this extra time—again—to think about everything, but all that really happened was that my messaging got muddy. It was actually harder to find clients, and even worse, people were getting confused about what I offer. Instead of friends messaging me to tell me that they wanted to connect someone with me I could help, I was getting messages asking if I still help people.
Not exactly a good sign.
Messaging is important. You may need to take some extra time thinking over the idea of pivoting your business; that's understandable. Any decision we make in our business can be scary, so we should take our time and be sure. But once you've made that decision, stick with it. Don't allow previous clients or people contacting you to pull you back out of that decision.
(PS: I'm not saying not to take on those potential clients who come in at random asking for services you'd just decided not to offer anymore, especially if you need the money. Just remember that these are one-off projects to fill in the gap while you continue the pivot).
Case Studies: Successful Business Pivots
And if you're still not convinced that it's possible to pivot your business without sacrificing your credibility (or in some cases building even more credibility), here are just a few businesses who've done it and came out soaring:
- Netflix: Netflix started as a DVD-by-mail rental service in 1997. In 2007, they pivoted to streaming video content online, which became their primary business model. They later expanded into producing original content, transforming into a major entertainment production company.
- Amazon: Amazon began in 1994 as an online bookstore. Over time, they expanded to sell a wide variety of products and pivoted to become an e-commerce giant, cloud computing provider, and technology company.
- PayPal: PayPal was originally created as a security software company for mobile devices. It pivoted to focus on digital payments and money transfers, becoming a major player in online financial services.
- Slack: Slack started as an internal communication tool for a gaming company called Tiny Speck. When the game was unsuccessful, they pivoted to focus on the communication platform, which became the popular workplace messaging app Slack.
- Starbucks: Starbucks originally only sold coffee beans and equipment when it opened in 1971. In the 1980s, they pivoted to the coffeehouse model of selling prepared coffee drinks, which led to their massive global expansion.
- Instagram: Instagram began as a location-based check-in app called Burbn. The founders noticed users were mainly using the photo-sharing feature, so they pivoted to focus solely on photo sharing, leading to Instagram's massive success.
- YouTube: YouTube was initially launched as a video dating site. When that didn't take off, the founders pivoted to a general video-sharing platform, which was eventually acquired by Google and became the world's largest video site.
- Play-Doh: Play-Doh was originally sold as a wallpaper cleaner in the 1930s. When demand declined, the company pivoted to market it as a children's modeling compound, leading to its iconic status as a toy.
Final Thoughts on How to Pivot Your Business Without Losing Credibility
Change is always a challenge and an opportunity, especially when you're thinking about pivoting your business. Embracing a pivot with intentionality and transparency allows you to showcase your adaptability and commitment to serving your audience’s evolving needs. Each lesson, each step, and even the occasional misstep along the way helps reinforce your core mission and solidifies your brand identity.
The path to a successful pivot is rarely a straight line. But by committing to your vision, clearly communicating your changes, and staying true to your values, you can make the transition confidently.
One of my biggest fears about trying to pivot my business from writing about marketing over to done-for-you marketing services was that it would make me somehow look unstable—as if I failed at one business and was just trying to jump into another business. This was mostly just in my own head, but it still bothered me. Pivoting isn’t about abandoning your roots—it’s about growth, adaptation, and finding new ways to make an impact. And as you make this journey, remember that your authenticity and integrity are what make your business truly credible, regardless of the changes you make along the way.