How business professionals can pivot their target audience
The pandemic of 2020 marked an unprecedented time and many businesses found themselves needing to pivot their target audience. Even outside of the 2020 pandemic some businesses find the need to change their target audience because the business goals no longer match up with clients’ wants, needs or desires; moreover, perhaps, industry changes no longer align with the brand and one’s personal core values. Whatever the reason, it is not uncommon for a business to come to a point of having to pivot and change direction. The challenge comes in pivoting to a whole new base of customers and clients while trying to bring along some of the old clientele. First, one needs to ensure that their business is ready to change their target audience and make that pivotal change with ease as entrepreneur Alexander Djerassi would agree that it can be done. Here, let’s take a look at some tips of how business professionals can pivot their target audience
To begin, in order to get started with pivoting and changing the business direction and it’s target audience one must ensure that the business is actually ready to pivot. That is, ready in every way to include staying in compliance with the business quality standards and legal standards of governing agencies. The pivot must include following a protocol to meet local authorities requirements along with the expectations of old and new clients for a quality product or service. So, the first tip is to keep quality and stay in compliance. This tip should make one “business-ready” for the big shift.
Next, utilize the strength and core principles of the business to make that pivot smooth as this tip is very important and can determine if the pivot is a success or failure. One needs to be focused on satisfactory results by ensuring to keep that special skill set within means and not stretching or reaching too far outside those skills. Staying close to the core principles along with educating and training on the new added values and skills are all important. In the long run, having diversity and various skills will pay off after taking the first step to pivot and to change business direction and clients. Just start by pivoting based on the core competencies of the business.
And last, balance the old with the new. Meaning, focus on how the business can get that new target audience growing while taking care of the old customers and clients who helped to build the business initially. This is crucial as one does not want to lose those loyal customers and clients while in the process of trying to gain a new targeted clientele. A delicate matter, indeed as one does not want the pivot and shift to be unsuccessful.
Overall, keep in mind that a good business pivot considers the importance of fulfilling a need. If a business can supply a demand skillfully, there will be no major problems or issues when shifting to a new targeted audience as Alexander Djerassi would agree.