3 Tips for Properly Pivoting Your Business Model
Every small business is built on a business model, which is a company’s plan for how they will earn a profit. Traditionally, there are four factors that help small businesses to define their business model.
- Differentiation and pricing. Many companies, including your competitors, can tell customers that they have the best prices and services. What differentiates your business is an exceptional customer experience.
- Marketing and sales. You have an amazing business idea — now you need to communicate it to the masses. Various marketing channels, including social media, TV commercials, and print advertising, allow you to build intrigue around your offering and pique that interest into sales.
- Production and delivery methods. How will you produce products and deliver them to customers? Will you handle production in-house or outsource production?
- Customer experience and satisfaction. This is the journey that the customer takes with your business. It’s key that you go on this journey with them and continue to find ways to keep reaching, and anticipating, their needs.
Amid COVID-19, many businesses are hard at work pivoting their business models.
Fashion houses are sewing masks and hospital gowns. Automotive companies are manufacturing ventilators. Perfume production facilities and breweries are creating hand sanitizer. In the ongoing “war effort” against the coronavirus, major and small businesses alike have quickly shifted their business models to fight for their own survival.
If your small business is ready to pivot its business model during this unprecedented time, here’s what you need to note before getting started.
1. Small businesses must remain in compliance with quality standards.
Creators are complying with CDC recommendations. Many sellers are including COVID-19 disclaimers on their product pages. Choosing to make fabric face masks? Make sure your business includes a disclaimer that these masks are not medical-grade masks.
2. Pivot based on your core competencies.
In order to successfully pivot a business, lean on your strengths and core competencies. Remember that this is still an uncertain time for all businesses. The successes and failures your small business could experience when pivoting depend on the company’s ability to produce satisfactory results.
3. Focus on how your business can continue to grow its target audience while still fulfilling the needs of customers that built your business.
Pivoting a small business is a fantastic opportunity to build a bigger customer base and secure consumer trust. However, if not done carefully a pivot may also position businesses to lose loyal customers.
Ultimately, the impact companies have on making successful pivots is incredibly profound. The nimble nature of a pivot allows businesses to keep their doors open, retain employees, and provide customers with necessary services and offerings.
See How Your Business Benefits!
Our wearable products are developed utilizing new IOT technology enabling connected health for active aging has broadened its impact in the senior healthcare space with remote monitoring technology to proactively identify emerging health issues.
Our turnkey solutions allow Managed Care Organizations to achieve the triple aim of better health outcomes, lower costs, and better experiences.
We are pleased to offer samples for testing; simply fill out the form on this page and check the box to be contacted by an Doctor Alert representative.
Personal Care: Create unique brand recognition for personal care products with our flexible design capabilities.
Custom Design:White label and licensing opportunities within the alarm systems with your brand and logo. Marketing Materials can be customized with your brand name for co-positioning yourself in the market.
Monitoring Solutions: Doctor Alert has its own dedicated monitoring operations with a full Telecare monitoring capability, allowing us to protect people in your care, 24/7.
Education/Training Support:Program partner can experience a fully developed and free educational series to help you grow and market your alarm business.
We aim to reward our best customers. Doctor Alert Channel Partner programme will reward your growth, help encourage your sales potential and support your efforts to retain and attract more new customers. Doctor Alert has prepared tailor-made benefits to reward your excellent sales performance to demonstrate loyalty and commitment.
Healthcare communities are experts at understanding what people want to buy and what they do not. With growth in the market for products aimed at older people, several health domain industry segments have exceled in selling of specialist products.
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If you have questions about medical alert systems, or if we can be of help introducing medical alert systems into your business model, please fill out the form below to speak to our business development expert.