3 Ways Pivot Thinking Can Transform Your Business
Unlocking significant growth means thinking about your product, brand or service in fresh, new ways. But, to truly transform a business or industry calls for a different mindset, a shift in perspective, a pivot, notes Nanda Sibol, Senior Director of Brand Strategy at Anthem, part of our brand development group.
Here are three ways pivot thinking can drive your business forward:
Expands Experience To New Target Customers
Oculus VR's Rift virtual reality goggles is a new technology that was initially built and marketed for the consumer market, particularly gamers and the gaming industry. Then Oculus VR partnered with Ford and a motion-capture technology firm to develop a virtual reality automobile experience for Ford’s internal design team. While wearing the enhanced goggles, the system tracks a user’s position and orientation, giving Ford’s designers a 3D experience of the inside of a car before a single part is built. This pivot of Rift’s target market from consumer applications to business applications has opened limitless possibilities. Oculus VR can now continue to tap into new long-term revenue streams.
Breathes New Life Into Old Technologies
Wildlife Materials has consistently evolved their business by leveraging radio transmitter technology invented in the 1800s. The company first created telemetry materials to track animals in the wild, but eventually recognized a new need and shifted from tracking animals to tracking humans. They adapted their products and developed tracking bracelets for Alzheimer’s and dementia patients so that police could quickly locate them should they wander away from home. The tracking bracelets were so successful that they now have a division solely devoted to their production and development. By shifting tracking usage from animals to humans to goods, the company has achieved longevity and performance.
Transforms Business Practices
A Singaporean technology company, Haystakt, is using the power of crowds in a completely new way. Unlike eBay and other online marketplaces that sell existing goods to drive prices up, they developed a crowd-pricing platform, PROJECTS, that aims to sell products before they go into production to drive prices down. The project maker sets a pre-established price curve and, once a minimum order goal has been hit, every additional pledge drives the price of the project down. The final price paid is based on the total orders placed: the more orders, the less expensive it becomes for purchasers. This model creates a win-win scenario for both consumers and producers: consumers can save money on popular items while producers can more easily determine price and quantity. By turning crowd technology on its head, Haystakt is potentially transforming the landscape of crowd funding.
As these companies did, ask yourself: How might other consumers or industries benefit from what you offer? How might your products serve other uses and solve different problems? How might you reverse current business practices to outdo competitors?
Learn more about how pivot thinking is driving significant growth, download SIGHTINGS - Building Bridges: Facilitating Passage Between Physical and Digital.