The current global business environment is fragile to say the least, and the last thing any of us need are more comments on markets, forecasts, predictions, and outcomes. There is certainly no shortage of armchair analysts raring to weigh in with their so-called intelligent advice. Businesses continue to scramble to either optimize their annual business plan or, worst case scenario, simply stay afloat. Our question to you is simple: What is your pivot plan? Have you envisioned your business’s future post- pandemic?
A pivot is a directional change, and is as applicable in a game of basketball as it is in a business’s continuity plan. In the light of the current pandemic, organizations have been pivoting in response to or in anticipation of change. For example, major companies such as GM, Ford, Philips, and others, are reacting to the critical demand for health care equipment. These are product pivots in response to the unraveling global pandemic, and show the adaptability of these companies in adjusting to a demonstrable need.
Pivots can be driven by cultural or lifestyle changes on the side of the consumer. The explosion of the internet and digital media brought a decline in readership of physical newspapers. However, in a strategic pivot, media companies introduced online subscription models to appeal to a connected segment. Elsewhere, retailers have created compelling online retail platforms to compete with the likes of Amazon while maintaining smaller storefront footprints and reducing overhead expenses. In the grocery market segment, research has captured the lifestyle shifts from “home-cooked” to “grab and go” preferences. And, in light of the current social distancing guidance, the necessity to engage our personal connections remotely has created a step-change in the use of online video conferencing. Founded in 2011, Zoom has seen its stock price skyrocket as consumer demand monetizes its value.
Many predict that the “business as usual” mantra will be tested and industries will need to view their livelihood through a different set of lenses. Will the emerging Industry 4.0 model truly take hold and what will be its operative imperatives? How will your business communicate to your stakeholders? Maximizing digital content and messaging will become increasingly crucial, especially for small- and medium-sized businesses.
Is your business ready to pivot and prepare for what comes next? At Match Point Strategies, we engage with our clients to prepare them for the pivot with market research, business development intelligence, compelling marketing messaging, and more. Drop us a line to set up a call!