Thursday, October 29, 2020 – A recent article in Entrepreneur focuses on highlighting businesses and brands pivoting to adapt to the COVID crisis. In “The Core Elements Needed to Pivot Your Business During the Pandemic,” the go-to publication for small business entrepreneurship spotlights examples of powerful business responses to change. In the article, contributor Chris Porteous says, “Several well-known enterprises have pivoted during the pandemic, demonstrating that it can be done quite successfully once a company has a plan.” In short, it means understanding how to build resiliency when times get tough.
As one of the inspirational best practices, the article calls out Believe in Banking’s Outside View module for its feature on what banking can learn from Spotify’s successful shift, stating that “Pivoting successfully relies on seeing that the business has a problem and addressing it head-on.” How Spotify did that was through migrating from exclusively a music provider to being a tastemaker and podcast creator. Porteous says, “Instead of fighting for an ever-decreasing portion of the ad revenue pie, they decided to shift their focus.”
Pre-pandemic, the company was successfully leveraging its powerful platform for distribution to its free users. Now it needed to “monetize those free users by building original content.” Following a similar Netflix model, Spotify focused on exclusive rights to enhance value. Porteous finds the results powerful: “In effect, the company found its pivot and shifted gears, without even needing to rethink its business strategy extensively. The takeaway for all brands – especially those in financial services – is that a current service deployed in a new, more convenient or compelling way builds a foundation for sustainable growth.
Entrepreneur is a business publication featuring perspectives, profiles and guidance for established and aspiring entrepreneurs across the globe. Started in 1977, the magazine is renowned for its best-of lists and insights from the world’s leading thinkers and doers in business.
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Adrenaline is an experience design agency that creates and implements end-to-end branded experiences through creative and environmental design. We enhance our clients’ customer experiences across digital and physical channels, from their branding and advertising to design and technology in their spaces. After transforming an organization’s brand, Adrenaline extends it across all touchpoints — from employees to the market to in-store environments. And, we focus on serving industries that sell human experiences including financial, healthcare, sports and entertainment.