May 2020

Pivot to Profit

We are all learning some new vocabulary
during these times. Words like “shelter in place,” “social distancing” and
“herd immunity.”

Another word I strongly recommend people learn is PIVOT. Pivot simply means to “turn.” Many people reading this need to learn to pivot or turn. To pivot to new types of companies wide open for business. To pivot to new types of products businesses need. To pivot to new types of decision-makers who are buying the new types of products that businesses need.

I’ve heard many people say that they are waiting for things to return to “normal.” Unless you’ve been binge-watching Netflix, you must know by now that we aren’t returning to “normal” any time soon, maybe never.

Let me encourage you to not look at
pivoting as if it is something bad. Perhaps pivoting may be the best thing you
ever do for your business.

Here’s a great story about a famous
company that pivoted to profits.

YouTube was originally conceived to be a video-based dating service where users could upload short videos describing their ideal partner and also browse for potential matches. Their slogan was, “Tune in, hook up.”

Eventually, they saw the potential in a much larger and different business model that we know today. That pivot helped the founders of YouTube build a company that sold to Google for $65 billion dollars.

Pivot to Profit.

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