If you fall victim to one of these six problems, it may be time for a pivot.
Are you trying to scale your business and struggling to do so? Are you stuck in a holding pattern and wonder if there is room for growth? If so, it may be time for a pivot. For one reason or another, your product or service isn’t reaching its full potential– and it may be one of these six things that are holding you back from growth.
1. Your choice of a target market
In the past, who have you focused on selling to and who have you ignored? Is that the right choice? Opening up your product or service to a new demographic may be a quick win for your business and allow you to grow and scale faster than you thought possible. On the same note, is there a certain demographic that is holding you back? It might be time to fire those customers and focus on new ones.
2. Your focus on “best” selling products or services
Many business owners play favorites when it comes to their product lineup, oftentimes with little or no data to back up that decision. Are you focusing your attention on your best-selling product or the one with the best margin? Is it your personal favorites that get all the marketing efforts or are you focusing on the products with the most competitive advantage?
3. Your business model
Consider your business model carefully. You may have been selling direct for years, but is that really the best decision? What about wholesale or a subscription-based model? Will you use physical locations, mobile locations, conferences, or sell online? If you didn’t have your current investment in how you do things today and were able to start totally fresh, what business model for your company would most excite you?
4. Your pricing structure
This is another area that I see many business owners finding themselves stuck in. You set your pricing when you first started your business, and going in a different direction can be difficult, especially if you have long-standing customers to consider. And while it may be difficult to navigate, changing your pricing structure can be one of the best ways to help your business scale. This could be everything from the price point you charge for your product, to the way you capture payments and handle collections.
5. Your sales model
What are the main means by which you market and sell your product or service? Do you use an inside sales force or an outside sales team? Do you use strategic partners who already have existing relationships with your target market as your main means to sell, or do you build your own marketing list? Just because you have been doing it a certain way for years, doesn’t mean that it is the best way to do things.
6. Your branding
As your business has grown and evolved, has your brand positioning? Review your brand promise and brand emotions and see how they fit in with your current product offering and the needs and desires of your market. Is it consistent with what your business does well? If you were to look at your business with a set of fresh eyes, what would you choose for your company at this current point in time?
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Original source: Inc.