Small But Mighty Workshop 2
5 P’s of adapting your business…
When do you pivot?
Let’s get clear on what a pivot is… it is a complete change in your product or service.
Needed when sales have stopped because the market need is no longer there.
Mostly not relevant to online business owners apart from certain niches.
Ref: client. Serving teachers – pivoted to serving
When do you keep pushing forwards?
When you are working on a key project that will still be relevant when the lockdown ends (confidence will return, people will get back to some level of normality) – you’re going to simply keep moving forwards.
This is the case with us for our July launch of Let’s Launch Together. We are still continuing as if that is still taking place – audience building, launch planning.
Position change – or RE-position
When do you need to reposition?
When your messaging is no longer relevant even though the product IS relevant. E.g lacks sensitivity, needs to focus on a different approach.
EXAMPLE: financial coach might have a course on making money. Instead of leading with “make money”, they lead with “navigate this crisis”. The content is the same in the course just needs tweaking so that it resonates better.
For many of you, your offers will just need repositioning.
This means tweaking your messaging to suit
Caution: do NOT discount your offers. I have seen lots of people discounting their signature offers by up to 90% off. Do not start discounting things that will need a price increase after this period is over. Do not start discounting when other people are still paying full price.
You risk losing the trust of your customers and damaging your brand and growth long-term.
But you can navigate price changes… E.g extended payment plans.
We plan to do this with a self-study version of LLT. Previously the self-study version was 7 payments of £99 – we’ll be doing a 12 pay option of £69.
I add this one in because it might be that right now you don’t need to do anything with a particular offer. For example, we had planned to launch our next level launch assistant course this month – it doesn’t need any changes at all but it’s not that important in the whole scheme of things so we simply decided to pause it instead and revisit in Q3.
Review your products & services using google sheet:
- List out all your products and services
- Which P is required to make it work?
- Which is the one the market needs the most?
- Which is the easiest for you to execute?