This is the last post on the topic of pivoting your business. If you missed the posts on Value Proposition and Value Networks – go back and check them out before reading this one so you are all caught up!
It’s a tough time for many businesses right now with many having to make massive adjustments, layoffs and worst of all, close their doors completely. My hope is that we all find a way to survive this and come out of it with a better and more sustainable working model.
On the flip side, some businesses have made some beautiful pivots – to account for and help deal with the current pandemic. Let’s review some recent pivots for some much-needed inspiration!
Recent Pivots -
The COVID-19 crisis has made it necessary for many commercial companies to shift their business models quickly. Many are repurposing their assets to create new value, protect the brand, and survive, for example:
Gap, Nike, Zara, Brooks Brothers, Roots, and smaller manufacturers are using their factories to make masks, gowns, and scrubs.
Bicycle and sports equipment manufacturers are shifting to make personal protective equipment for frontline healthcare workers.
LVMH, which owns luxury perfume and makeup brands, and P&G have shifted to hand sanitizer production; many alcoholic beverage producers are following a similar path.
Trucking companies are partnering with logistics companies to replenish grocery and retail shelves.
Psychologists and General Docs are offering video/phone calls in lieu of offices being closed.
Hairstylists are posting how-to videos to help their clients get thru their COVID haircuts.
Hotel booking platforms are partnering with hotels to create isolation centers, an added buffer for the country’s limited quarantine facilities.
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