Tweak, Pivot, Shelve
Welcome to the penultimate article of this series. For many Founders, the company, the products and what they do are much like a Super Hero in fantasy world. It always takes a heroic effort to sell, service and support clients and like all Super Heroes, they never complain. They mask all their toil with a charismatic smile. Unless of course a villainous monster (economic downturn, technology shift, etc.) choses to wreak havoc.
Continuing from the marathon analogy in Part 2 of this series, any Business Growth Strategy is incomplete without a holistic review of the products and services being offered to clients.
- How relevant are they to current expectations of clients?
- Have they reached their life time value?
- If the offerings are relevant, what should be the approach to gain market share?
- If they aren't relevant, how do you Pivot?
How can you enjoy what you are doing and not have to deal with tough situations like a Super Hero? Remember the "feet on the street" approach in Part 1 of this series. That's the secret potion. Feet on the street is not just to sell your services but to constantly "listen" to clients about their needs, how that's changing or evolving and understanding what situations your clients are looking to address.
Remember, the Tata ACE mini truck was created only because a salesman chose to listen to his buyers!! Its history now that it created a complete new product category in India and all of Tata's competitors launched similar products.
Listening and not just hearing makes you think critically. You could tweak your existing products, launch new ones, may be even stop offering something your clients no longer seek. By focussing on tweaks and pivots, you not only stay relevant, but send a strong message to your clients that you are an active listener ensuring they stay with you.
Still fancy being a Super Hero? Take a step back to find your ACE moment. It's worth it.
Links to previous & next posts in this series: