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THE EO BLOGThree steps to a successful pivot ENTREPRENEUR

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In today’s business vocabulary, the word pivot – as a verb or noun – has become an abbreviation for any change or shift. However, the COVID-19 pandemic has forced many of us to put in place comprehensive and comprehensive lynchpins in order to stay afloat.

We have dealt with entrepreneurs and members of the Business organization (EO) who recently redesigned their businesses to survive – and maybe even thrive – in a post-pandemic landscape.

From their experiences we learn three important steps to achieve a successful pivot.

1. Customize your services so that they are relevant today

WooHah Productions is based near Melbourne, Australia and provides audiovisual equipment. Before the coronavirus, it was mostly in-person events and live entertainment activities. When these ran out, the company had little prospect.

Arosh Fernando EO Melbourne Arosh FernandoThe creative director of WooHah Productions says: “When our core business was not allowed to function due to government restrictions, we realized that we had to change everything.”

The team had to find a new way to make their products and services relevant in this day and age. In order to, Studio 45 from WooHah Productions was born.

“We have turned our warehouse into a television and live stream broadcasting center. We created Studio 45, our linchpin during the COVID-19 pandemic. It is a state-of-the-art studio with the latest audio, lighting and video technology as well as a 14 m wide digital LED screen and broadcast cameras to enrich virtual events, ”explains Arosh.

The studio has become the venue for a variety of live stream events – from church services on Easter Sunday to five-day virtual conferences. “We also supported funeral homes during the lockdown period with live streaming services for family and friends.”

In addition, Arosh said: “We have built an online ticketing platform with which event agencies and organizers can earn money with virtual and live streaming events.”

Arosh notes that “all of these changes have helped us because without them we would have no income.”

2. Stay true to your brand and get involved with your customers

Brad Hampel EO Brad Hampel, Director at Solution entertainmentfaced the same industry challenges as Arosh Fernando. After the in-person events dried up, he focused on an online engagement platform that combines technology and experiences to connect and unite employees.

His new company All In brings colleagues and communities together, even when they are physically separated. All In offers hundreds of curated experiences centered around five key pillars touching today’s greatest needs: community, spiritual wellbeing, physical wellbeing, education and entertainment.

“Solution Entertainment has been making the connection to our currency for over a decade. We bring brands, companies and people together through exciting, rewarding and unforgettable experiences. We may have to do something different during these challenging times, but that’s exactly what we want to continue to do, ”explains Brad. “That is why we wanted to continue to offer our customers access to experiences that inform, inspire and excite, regardless of whether we are together or apart.”

3. Maintain a narrow focus

Trent Dyball EO“The COVID-19 pandemic has undoubtedly presented major challenges for business owners around the world,” says the creative director of ManBrands, Trent Dyball. ManBrands is a subsidiary of Norman Connell Advertising and an advertising agency that develops creatively inspired strategic campaigns that appeal to men.

Instead of focusing on the negatives, Trent focused on how he and his team could get the most of the situation. “By owning a marketing and content agency during this time, I was able to help many companies successfully change course in order to survive and in some cases increase profitability.”

The common thread for the organization that is successful? Change just one element of your go-to-market strategy.

Trent explains, “In our experience, companies that continue to focus on their existing target market have quickly achieved success.”

According to Trent, “changing your product or service offering or providing alternative delivery methods to continue to meet the needs of your current target market is a simple and effective pivot strategy. It has also proven successful in finding a new product or service for your existing target market. “

“This allows companies to increase their stake in the wallet and is easier and cheaper than identifying and promoting a whole new audience.”

“Of course, identifying a new target market for your existing product or service can produce great results, but generally over a longer period of time,” he adds. “We encourage our customers to ask existing customers how they use their products. As a result, they often discover potential new applications and target markets. “

Internally, her agency has shifted its focus from results to strategy. “While it’s still challenging, it’s also very exciting to help customers adapt and explore new opportunities. The old adage still sounds right: play with your strengths. “

A version of this article originally appeared on EO Melbourne’s blog.

For more insights and inspiration from today’s leading entrepreneurs, visit EO on Inc. and more articles from the EO blog.

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