We are living in a new world. We don’t know when it will end, or what it will look like when things return to ‘normal.’ For many of us, we have a choice to make. We can stand still and wait to see what happens. Or we can start exploring alternatives; variations on our offering or target markets.
For starters, breathe. Breathe slow and deep. Allow yourself to accept the situation as it is. Then, look at your business differently. Begin with your current clients. Reach out to them and find out what is going on with them. How are they navigating? Is there anything they need? In this situation are there now other target audiences that could use your product or service? For example, when the restaurants were shut down in Ohio, the companies that provide produce and dairy to the restaurants pivoted and started offering them to consumers. Same product, same value, new market.
Next, think about whether there are ways to modify your offering so it is valuable to a new market. Look at where we are and the newness of a lot of things we are experiencing. Does your product or service meet new needs as is or with a slight alteration?
And lastly, is there a way to alter your process so it provides a new product or service needed at this time. For example, distilleries and breweries have shut down their spirit making to make hand sanitizer. They have the alcohol available to make a new product that is in high demand.
Challenging times require creative thinking. We have an opportunity to look at things in light of our current circumstances and see if there are new markets and/or new offerings. Choose to look at this as a business challenge instead of a challenging time. It’ll make a difference in your ability to pivot successfully.
©2020 Seize This Day
