Beyond The Pandemic: How To Successfully Pivot To New Markets And Continue To Thrive

Zeynep “Z” Ekemen is CEO and Inventor of Silver Defender, which manufactures antimicrobial plastic film for high touch points.

As the world gradually recovers from the pandemic, many businesses are experiencing a decline in sales. This can be challenging for any business owner.

However, I believe the key to such an environment is to remain adaptable and find new ways to stay relevant. As the owner of an antimicrobial film company that was successfully launched during the pandemic—but whose sales in line with many others started to decline as the pandemic waned—I am aware of the need to pivot and explore new verticals in order to keep business running. In this article, I will discuss the steps that my business took to pivot and remain successful, as well as some lessons I hope can help you in your own business endeavors.

How We Pivoted

The first step was to conduct a thorough analysis of the market and identify new verticals where our antimicrobial films could be useful. We realized that the need for our products extended beyond Covid-19 and that there were other areas where our films could be beneficial.

For example, our films are effective in preventing the growth of bacteria, viruses and other pathogens, which makes them useful in industries such as healthcare, food processing and hospitality. By identifying these new verticals, we were able to expand our customer base and tap into new markets.

The next step was to rebrand our company and products to reflect our new direction. We updated our website, marketing materials and social media presence to focus on the new verticals where our films could be used.

We also updated our product packaging and labels to reflect the new applications for our films. By rebranding, we were able to communicate our new direction clearly to our existing and potential customers.

We then needed to develop new products and services that tailored to our new verticals. For example, we developed a range of antimicrobial films that were specifically designed for use in healthcare settings as well as a range of food-grade films that could be used in food processing and packaging.

By developing these new products, we were able to offer more value to our customers and become a one-stop shop for antimicrobial film solutions.

The fourth step was to forge new partnerships with companies and organizations in new verticals. In our case, this meant reaching out to hospitals, food processing companies and hospitality businesses to offer our products and services. We also partnered with other companies in related industries to offer bundled solutions that met the specific needs of our customers.

The final step involves investing in research and development to stay ahead of the competition. We recognized that our competitors would also be trying to pivot and find new markets, so we invested in new technologies and processes to stay ahead. For example, we invested in nanotechnology to create films that were even more effective in preventing the growth of bacteria and viruses. We also invested in machine learning algorithms to analyze data and improve our production processes.

Five Strategies To Pivot

In today’s fast-paced and ever-changing business world, the ability to pivot and adapt is essential for long-term success. As seen in the case of my business, it’s important for businesses to identify new opportunities and evolve with the market to remain competitive.

Based on the experiences I’ve outlined, here are five potential strategies that businesses in other industries can consider when attempting to pivot and save their businesses.

1. Identify new customer needs. By examining the needs of their customers and the broader market, businesses can find new areas where their products or services can be useful. This can involve adapting their products or services to meet new needs or developing new products entirely.

2. Diversify offerings. By expanding their offerings, businesses can explore new areas to find new customers and revenue streams. This can involve branching out into new product categories, adding new services or targeting new customer segments.

3. Change marketing strategies. By shifting their marketing strategies, businesses can communicate the value of their products or services in new ways and reach new audiences. This can involve targeting new customer segments, using new advertising channels or leveraging influencers and social media.

4. Collaborate with other businesses. By partnering with other companies in related industries, businesses can offer bundled solutions that meet the specific needs of their customers. This can involve teaming up with complementary businesses to offer a broader range of services or working with industry experts to offer personalized solutions.

5. Invest in innovation. By investing in new technologies and processes, businesses can stay ahead of the competition and develop new products or services. This can involve developing new intellectual property, investing in research and development or adopting emerging technologies like artificial intelligence or blockchain.

In conclusion, many businesses that were launched and successful during Covid are finding sales starting to decline. Staying competitive requires a proactive approach and a willingness to adapt to new circumstances.

By analyzing the market, rebranding, developing new products and services, forging new partnerships and investing in research and development, you too can pivot successfully and find new verticals. This approach can not only allow you to survive declining sales but enable you to thrive and lead in your industry.

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