HOW IS PIVOTING DIFFERENT?
In this final article in my three-part series, I'm talking about what pivoting your business means and how pivoting is different from rebranding and a brand refresh.
Pivoting your business is much different than a rebrand or brand refresh because it's changing your whole business focus. If that doesn't make sense to you, read on.
Let's say when you started your company, your target market was the consumer, so you were a B2C business. Maybe you are a clothing designer or manufacturer and you were selling direct. After a while, you realized it's not working or it isn't what you expected, so you decide to change the way you do business.
You notice the trends, you do the research, and realize that the market is shifting away from clothing and more towards accessories. You discover that this might be the easier, and a better path to take. You make some samples and test the market. You didn't make accessories before but you know you can.
You decide that for this market, you don't want to sell direct to the consumer. You would rather sell wholesale to retailers and through other channels who already have a direct line to your target market.
That in turn means you’re changing what you're selling, who you're selling to and how you are going to reach that market.
YOU KNOW YOU'RE PIVOTING YOUR BUSINESS WHEN:
your target market changes
you have changed what you are selling
you are selling your product through a whole new set of channels
your focus is on a completely different market
you are changing the direction of the company
If you are doing any of those things, it is likely that you are pivoting your company, not doing a rebrand.
When you pivot your business, you're going to want to create a new Brand DNA.
HOW PIVOTING IS DIFFERENT FROM A REBRAND OR BRAND REFRESH
Remember that a rebrand simply means introducing something new or making some brand changes, but not changing your full focus and direction. A brand refresh is like a makeover, you are changing a few things to attract new business and customers.
Once you figure out that you are doing a pivot, it's a good idea to hire a Branding Expert to help you with your pivot.
Until next time,
Luxury Copywriter & Brand Expert
Copyright © Keverne Denahan 2021