webinar 28 how to pivot in business€¦ · pivot or persevere? •finding the balance –cake...
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Webinar 28
How to Pivot In Business
• Example of the Week
• New Book Of The Month
• Challenge Results Night!!!
• Webinar Break – Back 1st May
• Where to email for support
Housekeeping
Example Of The Week
Kai Seymon
• Have you applied for your
China Visa’s yet?
• We highly recommend
getting travel Insurance
• Need to send in your
Product Research Form
at least 2 weeks before
the trip
China Trip
• Who Moved My Cheese?
Book Of The Month
Week One Reading:
Parts Of All Of Us (p15)
A Gathering (p17 - 22)
Finding Cheese (p25 – 31)
- In Johnson's book the cheese is a metaphor. What does it represent?
- What does the maze represent?
- In the story, Johnson says the four characters represent the four parts of
ourselves, from the simple to the complex. Is there one character in the
story you relate to more than the others? Why?
Challenge Leader Board Heaton Family
Most Sales $20 Challenge
Sarina
Most Sales Pitch Challenge
Lewis Family
$20 Challenge Video
Heaton Family
Contact Someone Famous
Heaton Family
Most Business Owners Interviewed
Clark Family
Best Learning Interview Business Owner
Ella
Best Learning Interview Business Owner
1. Welcome webinar
2. Refining your idea
3. Selling to people and getting paid
4. Understanding sales and numbers
5. Perfecting Your Pitch
6. Sell it before you build it
7. Goal Setting
8. Selling At Markets
9. Creating An Outstanding Flyer
10.Understanding Your Target Market
11.Introduction To Facebook
12.Getting Your Business Online
13.Creating Your Brand
14.Wholesale Vs Retail
What you’ve done so far 15. Getting Into Retail
16. Being Retail Ready
17. Awesome Results With Your Time
18. Doing Good Is Great Business
19. List Building: Part One
20. List Building: Part Two
21. Writing Engaging Emails
22. Free Plus Shipping
23. Product Research & China Trip
24. Business Challenge Learnings
25. Introduction To YouTube
26. Money Making Strategies With YouTube
27. Managing Cashflow
Webinar 28
How to Pivot In Business
What is Pivoting ?
• In sports, a player pivots when he
keeps one foot still and turns in any
direction with his other foot
• This occurs in basketball when a
player stops dribbling the ball. He or
she must keep the "pivot" foot glued to
the floor.
What is Pivoting In Business?
• When a company makes what appears
to be a swift and abrupt change to
its Business Strategy and Business
Models
• Usually in response to or anticipation of
market conditions.
Famous Pivoting Examples
• Facebook and YouTube both starts out
intending to be dating sites
• Instagram - started out as ‘Burbn’ a
check-in gaming app. Then stripped it of
all its features except images
• Suzuki - Started out as supplying loom
machines for the silk industry, he looked
into other product creation for
diversification
Pivot or Persevere?
• Finding the balance – Cake Making example
• Think of this like baking a cake without a recipe
• You need to persevere to learn how to make the cake – and
have something you can sell
• All of you have sold it before you have built your business
• Which means that you already know some ingredients to
use to make the cake edible
Pivot or Persevere?
• Test small first!!! –
• Let sales be your guide
• This is why selling it before
you build it is so important
• Once you have sales you can and should
try to pivot and try different things
Pivot or Persevere?
• If you were selling cakes you could:
– New flavours
– Selling cupcakes
– Try selling related products that are cheaper
and easier to make – like cookies
– Up selling to party planner companies
– If successful, start a party planning business
Failure and testing
• Beware of bright shiny objects
• Test small first!!! –
• Let sales be your guide
• Remember- Failure is part of learning
• Don’t get emotional about failure – it is
only feedback
Listen to your business
• What are your numbers telling
you?
• What opportunities can you see?
• Listen to what your clients are
telling you
• Give people what they want – not
what you think they need
Remember the 80/20 • Focus on the 20% of things that are
giving you 80% of your results
• Be willing to drop the 80% of things that
are giving you small returns
• How do you know which is which?
• Spend some time each month looking at
your numbers and analysing what is
working
How could we pivot ?
• When you can see a solution you would
like to test
• Keep your changes simple – remember
less is more
• Move with your target market – aging or
new groups entering or markets
Types of Pivoting?
• Customer Problem Pivot
– Starbucks went from selling coffee beans
and machines to selling coffee in house
• Target Market segment Pivot
– You may find that you have more than one
target market
Kids Biz Example
• Jai Howitt
• Started creating Instagram pages
with large followings
• Noticed that other people wanted to
know how he did it
• Started Easy social Influence
• Works -2-3 hours a week and earns
over $1,000 USD per month
Types of Pivoting?• Technology Pivot
– Rise of social media and technology – would
you still advertise in the yellow pages book?
• Product Feature Pivot
– Larger size, Safety features, extra colours,
flavours or quantities
• Price Point Pivot
– Try charging more for your product or
service
Types of Pivoting?
• Related Products Pivoting
– Selling other related products to your target
market
– Think about what else you could sell that is
related to what you already offer
– Get some feedback from your existing
clients
Kids Biz Example• Smit Family
• Totally Stuffed
• Move to healthy products
premix in cheaper packaging
• Importing and selling products
• Wholesaling to retailers
• Becoming a social influencer
Types of Pivoting?
• Additional Revenue Pivot
– As well as a ‘one time’ sale - offer monthly or
yearly subscriptions to existing clients
– Bundling your products into packages
• Combining a Product and a Service
Kids Biz Example
• Will Deeth
• Started out selling imported
products
• Pivoted into educating people on
how to import
• Now made over 1 Million in the last
12 months
Types of Pivoting?
• Sales Channel Pivot (Where you are
selling)
– If you are selling in person - door to door
or at markets this is called ‘direct selling’
– You might move into more automated
sales channels like selling online or getting
into shops and selling wholesale
Benefits of Pivoting?
• Be the Captain of your ship
• Helps you to diversify your
products and services
– The most dangerous
number in business is 1
Overview• What Is Pivoting?
• Famous Pivoting
Examples
• Pivoting In Business
• Pivot or persevere?
• Failure is part of the
process
• Listen to your business
• Look at the 80 -20
• How to pivot
• Kids Biz Examples
• Types of pivoting
• Benefits of pivoting
Quick Win Challenge
RESULTS NIGHT!!
List Building Challenge - March
1. How big can you grow your email list?
2. You must let us know how big your list is
at the beginning of the month
3. Think of what you can offer your clients
to get their details
4. Think about how you can market to
them once they are there…
Winner is the person who gets the most
new subscribers !!
List Building Challenge Results
Sarina
• Facebook ads on my free + shipping offer
• Offering people to trial my products and
keep them for free
• MARCH – 23 Emails Added
• TOTAL LIST SIZE 34
List Building Challenge Results
Ned Heaton
• Ran a competition to win $100 worth of
plastic free products
• Put out a Press Release to get free Publicity
• Collected business cards from other
interested business owners
• MARCH – 199 Emails Added
• TOTAL LIST SIZE 481
Quick Win Challenge Winner…
List Building Challenge Winner
Ned Heaton
Cool Prizes …
• Bragging rights and a place on the leader
board
• Entrepreneur of the month Certificate
• Family Pass Movie tickets
• Go in the running to win the Youth In
Business Cup!
Challenge Leader Board Heaton Family
Most Sales $20 Challenge
Sarina
Most Sales Pitch Challenge
Lewis Family
$20 Challenge Video
Heaton Family
Contact Someone Famous
Heaton Family
Most Business Owners Interviewed
Clark Family
Best Learning Interview Business Owner
Ella
Best Learning Interview Business Owner
Heaton Family
List Building Challenge
3 Week Webinar Break
Back – 1st MayYou can watch webinars:
- How To Buy A House Before You Are 18
- Tax Webinar With Warren Black