Ready to take your team and your products to the next level? Stuck on the how and when? Changes in the marketplace occur on a daily basis, and along with that are new competitors and new products. How will you know, if your team is ready? When things are going well, that is the time to ensure operations go from good to great, by making necessary changes. Reliance on the old adage from Bert Lance “…if it ain’t broke, don’t fix it..”, can be a two-edged sword in that top-selling products are good, however, in order for businesses to survive and thrive, business leaders, must pivot from best producer to top competitor.
Do you remember Blockbuster Video? Blockbuster video was a giant in the home entertainment industry. The first store opened in 1985, and three years later there were over 400 stores in the United States. In less than a decade, Blockbuster video’s value went from millions to billions. It was incredible! The stores were gleaming beacons of endless rentable movies, cartoons, and video games. Unfortunately, because they were not able to anticipate the changes in the marketplace, and the future needs of their customer, well….when was the last time you saw a Blockbuster video store? Have you ever heard of Netflix?
Yet, how do you make the transition to being the top competitor? How will you know when is the right time to pivot your business? Part of the journey is understanding the needs of your customer today, and tomorrow. In the 1970s, the first game wristwatch became available; it was called the Monte Carlo game watch, and it had three games for players to enjoy. A decade later, the Pac-Man digital game watch was born. I remember watching the boys in church play Pac-Man during the sermon. It was absolutely hilarious, because they were saying “awe man”, while other parishioners were saying “amen”! This classic top-selling product pivoted from arcade, to wristwatch and beyond. Did you catch my drift?… Pac-Man became portable on-demand entertainment.
Anticipating changes within your industry, and the needs of your clients will help you build a firm foundation of longevity in the marketplace, and remain top of mind, not only with your customers but also with your competitors. How do you pivot, properly? Do the very best that you can, with what you have, right now.
If you can’t fly, then run
If you can’t run, then walk
If you can’t walk, then crawl
But whatever you do, you have to keep moving forward.
Dr. Martin luther king, jr.
There is an episode of an old television show named “Little House on the Prairie” where the characters have competing restaurants. Each restaurateur tries various tactics to win customers; 4 types of meat and 4 veggies for $4 vs 3 types of meat, and 3 veggies plus pie for $4. You see the gist of the episode. Well, a new guy comes to town from Kentucky, and he has a recipe of spices, and herbs for pressure-cooked, deep-fried chicken. He tries to convince the others that offering only 1 type of meat with 2 veggies is best for the bottom line, and the consumer. In the end, they disregard his advice and continue with their attention-grabbing, unsustainable tactics. Ultimately the new guy implements his sustainable strategy, realizes repeatable success, and creates a global chain of restaurants serving “Finger Lickin Good” chicken.
Pivoting can be one movement or many; it can happen at once or over time. Some strategies and tactics will be successful, while others will be sustainable. To start the brain juices flowing, the first step is to think about your organization, and its motto, goals, and vision. The second step, is to make a move or two. The third step, is to check the outcome. Remembering foremost, how you measure success and the impact on your organization is most valuable. As the senior leader in the organization, you know that implementing the right strategy, at the right time is critical. You simply must decide if you’re ready and if the time to pivot is today.
- Ready to pivot your business from a five-year rookie to a top competing veteran?
- Struggling with too many moving parts and don’t know where to start?
- Do you want a plan that positions your product and team for success?