Even though we have entered a new adaptation period, we cannot predict when the Covid-19 pandemic will end. During this period, not a few business actors faced challenges due to declining market demand. Therefore, few business actors from various sectors, such as event organizers, tourism, digital printing, and hospitality, have chosen to create a pivot strategy. Compared to just waiting until the pandemic graph has decreased, of course business actors affected by the Covid-19 pandemic have chosen to keep trying to continue their business.

In fact, the word pivot refers to one of the techniques in basketball, namely the technique of changing direction, but still standing on one foot. But in the business world, pivots are a way to grow your business through changes to previous business models. However, these changes were not carried out in their entirety, but were still guided by the business actor’s vision.

What businesses need to do before implementing a pivot strategy
When implementing a pivot strategy, businesses will change their business concept based on market needs research. So, at an early stage, business people working on a pivot strategy need to learn and understand who their target customers are and what kind of products their customers need.

During the Covid-19 pandemic, for example, business actors implementing a pivot strategy needed to understand what changes in customer trends looked like. If usually customers can easily enjoy food in restaurants, cafes, and other eating places, now many customers prefer delivery services. Therefore, business opportunities for delivery services are one of the business options for businesses affected by Covid-19.

Changing business models to adapt to the new normal era
The pivot strategy in business is not only related to product sales, but also to the business model that is carried out. If in the past, for example, an MSME actor was selling products offline, now they are encouraged to switch to the online system. Through the online system, people can get the products they ordered without having to come directly to the store.

This online sale can be done through various platforms, ranging from marketplaces, e-commerce websites, and social media. These platforms also make it easier for businesses to reach more customers because online platforms can reach more audiences and can be accessed at any time. Meanwhile, offline stores have certain operating hours and are difficult to access for customers who live far from the store.

You can also make changes to this online system when managing a business. Through Cashlez, you will get access to transaction reports in real time so that you can monitor them anytime and anywhere. As a Payment Gateway, Cashlez also makes it easier for you and your customers to do face-to-face transactions, namely through the QuickShare feature, online card payment, and virtual accounts.

So, before deciding to use a pivot strategy, you need to prepare various things until your alternative product is ready to be offered. Because to get satisfying results, you need to go through the process from start to finish. Therefore, also make sure you don’t make reckless decisions without considering your various business interests. Decisions taken without wise considerations can certainly make it difficult for you. Are you one of the business actors who used the pivot strategy during the pandemic? What pivot strategy are you using?

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