In my golden years of trying to be like both MJs, I used to play organised basketball. One of the fundamental lessons is learning the triple threat stance and how to pivot. To pivot effectively, you need to establish a pivot foot. Using the correct posture, you can protect the ball, shoot, pass or dribble.
Pivoting a brand simply means adjusting your strategy. Sometimes the cause is a direct reaction to industry changes, and other times it is a proactive move to stay in the game. In the case of Morii, it is mainly due to realising where our interests lie and fostering a fully remote and digital approach.
If faced with the same chapter and your circumstances necessitate pivoting your brand, here are a few tips and pitfalls that should be top of mind:
#1 - When to pivot
Your vision and mission have slightly shifted.
Your brand has stagnated and is unable to scale.
Your brand is playing defence most of the time with no real plan for growth.
Your brand is not unique and is operating in a red ocean.
You are not resonating with the consumers you are targeting.
#2 - How to pivot
Understand the challenges
Understanding the problem or problems is step one.
Iterating your strategy with eyes wide shut is a death sentence. The problems could be competition based. Target group based. The barrier could even be technology-focused. Most likely, it is grounded in the innovator’s dilemma: what got you here won’t get you to where you want to go next. A book that goes into great detail about this is.. you guessed it. What Got You Here Won't Get You There.
"Overcommitment can be as serious an obstacle to change as believing that you don’t need fixing or that your flaws are part of the reason you’re successful.." – Marshall Goldsmith
#3 - Know your roadmap
What is the destination? Making a significant change in strategy has many implications. Understanding where exactly you are steering the ship and why will feed you and your team with confidence that the shift is worth it.
Some strategies could be:
• Identifying a new audience that needs a different approach than the one your brand currently has.
• Introducing a new technology or experience that adds to the uniqueness of your brand.
• Looking at the entire ecosystem that your current brand is a part of and making space for your brand.
• Seeking relevant adjacencies to your current offering to expand impact.
• Launching new child brands that enable you to capture different parts of the market or solve new problems.
• Pioneering new spaces that resonate and are congruent with your passions.
#4 - Know how to make the shift
This is the tricky part. Understanding what strategic shift to make is only half the battle. Understanding how to get there is a whole different ball game.
Each pivot has a domino effect and requires reviewing everything from marketing, branding, operations and internal experience.
Especially internal experience.
An example of a brand pivoting successfully is Netflix.
Netflix went from a mail-order DVD service and has now pivoted many times. They have gone from downloadable films to owning the film streaming space, to producing their own films and video content. Now they are gearing up to take on the gaming space. Each pivot has given them leverage and insight into consumers. Each pivot has given them experience and courage to not only dip their toes but go all in every time they do.
Team Morii can't wait to share what our pivot entails, and our roadmap but to also keep adding to the team. What we can share right now is that the production side of things will be downscaled and we will be consulting more. We will also focus on creating leverage through digital products.
If you have any ideas or any great examples of brands pivoting feel free to share!
Stay tuned, stay creative and keep going.