Sales pivot is a change in your marketing strategy. It’s a common practice for startups to change their sales approach.
Perhaps you're not getting the response from potential customers that you think you should be. Maybe they would need more information before they are ready to invest in your product, service, or solution. Or maybe the timing of your contact is off and they need more time to make the decision.
Whatever it is, addressing the issue will help you get better results.
How To Know When it is Time to Pivot Your Sales Strategy
A sales strategy should be run continuously and be tweaked based on what is happening in the marketplace. If your strategy is not working, it may be time for a pivot. There are some common signs that you should look out for before deciding to pivot your sales strategy. But the first thing is knowing what you want to achieve with the new strategy.
Some of the indicators that would require you to pivot your sales strategy are as follows:
When you have an opportunity to better serve existing clients or customers by changing or expanding your current operation;
When new competitors enter the market and you can't keep up with them;
When market conditions change drastically so that the assumptions of your original plan no longer hold true.
The Basics of Pivoting Your Sales Strategy
Business planning is a vital part of any business or organization. It helps the company stay on track and make the best decisions in order to achieve its goals.
The first step to pivoting your sales strategy is to map out what you would like your company to look like in 3-5 years, then use this as a goal to hit with your new strategy. After that, it’s time to search for opportunities and find potential partners who will benefit from this type of change.
Every business needs a plan if they want success, so it's important not only for big businesses but even small startups as well. Managing risks and understanding where you stand financially are just some of the benefits of having a good plan in place.
The Value of Pivoting Your Business Model
The traditional way of selling in the past was to focus on selling a product. But now, it is more about providing a service. Companies are now pivoting their business model and adopting this new way of selling instead.
A pivot is a change that reflects an updated strategic vision, from which the company will build its future growth. This change in strategy could be anything that would help the company grow - whether it be changing its marketing plan or even changing its product line or staff.