Identify areas that can be addressed to increase productivity and profits.
This article states that pivoting involves high costs as the company’s mission, strategy and product are overhauled. The author recommends looking for iterations before committing to a pivot by citing Axe’s marketing tweak when it received flak for its hyper-masculine ads. The company simply changed how their ads defined masculinity instead of making drastic changes.
The author adds that businesses should consider a spinoff brand if their standard model doesn’t work for a broader set of customers. If brands have strayed away from their models, they should revisit their company’s mission statement and value proposition to realign themselves.
Since making a reckless change can hamper the company’s internal operations, businesses should gradually work towards reorienting their overall strategy. They should implement smaller changes before scaling up to radical ones.
[3 minute read]