How Can Pivoting Business Strategy Quickly Lead to Increased Income?
BusinessIncome.net
How Can Pivoting Business Strategy Quickly Lead to Increased Income?
To illustrate the impact of quickly pivoting business strategies for increased income, we asked CEOs and business owners to share their experiences. From embracing telehealth for rapid revenue growth to targeting rural markets for better margins, here are seven examples of successful strategy shifts.
- Embrace Telehealth for Rapid Revenue Growth
- Focus on Organic Marketing for Free Leads
- Shift to Paid Ads Amid SEO Changes
- Enhance Online Presence for Small Businesses
- Implement Successful A/B Test for Conversions
- Diversify Offerings Based on Customer Needs
- Target Rural Markets for Better Margins
Embrace Telehealth for Rapid Revenue Growth
One instance that stands out vividly in my mind is when we pivoted our strategy for a major healthcare client during the COVID-19 pandemic. Initially, we had developed a comprehensive go-to-market plan focused on expanding their medical device distribution through traditional channels and physician outreach programs. However, as the pandemic unfolded, it became evident that a strategic shift was necessary to adapt to the rapidly changing landscape.
Our team swiftly conducted a thorough analysis, leveraging our expertise in market research, competitive intelligence, and data-driven insights. We identified telemedicine as an emerging opportunity and recommended that our client prioritize their digital healthcare solutions and remote-patient-monitoring capabilities. This pivot required realigning their marketing efforts, sales strategies, and even product-development roadmap.
The results were remarkable. By embracing the telehealth trend early on, our client was able to capture a significant portion of the surging demand for virtual care services. Within a matter of months, their online platform experienced a staggering 300% increase in user adoption, translating into a substantial boost in revenue and profitability.
What made this pivot successful was our ability to quickly adapt to changing market dynamics, coupled with our data-driven approach to identifying emerging opportunities. It reinforced the importance of agility and the willingness to challenge conventional wisdom in the face of disruptive events. This experience has solidified our commitment to staying ahead of the curve and empowering our clients with the foresight to navigate even the most turbulent of times.
Focus on Organic Marketing for Free Leads
When COVID hit, many of my clients pulled their marketing budgets to conserve cash. However, I knew stopping all marketing could hurt long-term. We pivoted to focus on organic social media and blogging to stay top-of-mind for free.
Within months, website traffic rose over 50%, and new leads contacted us. We restarted paid ads at lower costs. By year-end, revenue was up 15% over the previous year.
A few years ago, we launched a $99 online course for small businesses. Seeing the demand, we pivoted to make it a standalone product. Last year, it generated over $200k in new sales at a high margin.
Stay flexible. While vision matters, pivot as needed. These small changes drove huge impacts for my agency and clients.
Shift to Paid Ads Amid SEO Changes
When Google made major algorithm changes in 2019, our SEO rankings plummeted, and revenue dropped by over 50% within a month. We quickly pivoted to focus more on paid advertising to make up for the loss in organic traffic and sales.
We optimized our Google Ads campaigns, expanded into Microsoft Ads, and began advertising on social media platforms like Facebook and LinkedIn. Within 3 months, our PPC ad spend had increased by 200%, but revenue was up over 150%. The additional income allowed us to continue growing our team and services.
Pivoting to focus on paid advertising instead of relying solely on SEO was the best decision we made that year. Many companies were heavily impacted by Google's algorithm updates, but diversifying our acquisition channels and optimizing paid ads saved our revenue and allowed for continued growth. If your business is relying too much on any one channel, start diversifying now. You'll be glad you did if something unexpectedly changes.
Enhance Online Presence for Small Businesses
During the early months of the COVID-19 pandemic, my team and I at SEO Optimizers noticed a significant shift in consumer behavior. With more people staying at home, online shopping surged. Recognizing this trend, we quickly pivoted our strategy to focus on helping small businesses enhance their online presence. We developed tailored SEO packages to improve their visibility and drive more traffic to their e-commerce sites.
One client, a small local boutique, was struggling with in-store sales but had a minimal online footprint. We revamped their website, optimized it for relevant keywords, and implemented a local SEO strategy to target nearby customers. Within three months, their online sales tripled, and they were able to sustain their business despite the lockdowns. This quick pivot not only increased our client's income but also boosted our reputation, leading to a 20% increase in new client inquiries. This experience underscored the importance of agility and responsiveness in business strategy, especially in unpredictable times.
Implement Successful A/B Test for Conversions
In a recent project, I faced a scenario where a client's A/B testing results revealed that their original call-to-action button was significantly underperforming compared to a new design we tested. We were in the midst of a campaign, and the underperformance was impacting overall revenue. Rather than sticking with the initial strategy, I quickly recommended a pivot: implementing the more successful button design across the entire site.
This decision was driven by real-time data, showing a clear increase in click-through rates and conversions with the new button. Within a week of making the change, the client saw a noticeable boost in income, with a 20% increase in conversion rates. The quick pivot allowed us to leverage the insights gained from A/B testing effectively, transforming a critical issue into a profitable opportunity. This experience reinforced the importance of agile responses to data-driven insights and the power of A/B testing in optimizing conversion strategies.
Diversify Offerings Based on Customer Needs
A pivotal moment for us involved recognizing the untapped potential within our existing customer base. We noticed that many of our VPN users were also interested in securing their online identity beyond just privacy protection.
This led us to experiment with offering domain-registration services under the VPN.com banner. The response was overwhelming. Customers appreciated the convenience of consolidating their online security needs under one trusted provider. This simple yet strategic shift not only diversified our revenue streams but also significantly boosted our overall income. It was a testament to the power of listening to our customers and adapting our offerings to meet their evolving needs.
Target Rural Markets for Better Margins
An example of a time that pivoting our business strategy quickly resulted in increased income is centered around retargeting from lead to resale in highly competitive city markets to the surrounding rural markets. This pivot allowed us to focus on rural-market leads, which have less competition from lead to contract, increased contact rate, and significantly better margins on resale overall. Part of this pivot in strategy also changed our purchasing focus, which did increase the holding time for allocated funds, but this has been negated completely with the improved margins on resale. This pivot has been instrumental in improving our overall income as well as providing a necessary service for our customers and potential customers in the underserved rural markets.
