When your value proposition changes, it's time to change your brand. How to adjust your brand when your market shifts.
Pivoting is a powerful concept, especially for high growth companies. But it's being overused. A company shouldn't be pivoting multiple times per year, let alone multiple times every three years. Here is a more effective approach to evolving your strategy.
Past successes are not predictors of future successes. Toocoo Media grew by over 2,000% in one year: from $200,000 in revenue to over $4,200,000! They're not relying on the past, and pivoting to a new market for the next phase of their growth.
Every growing company tries and abandons strategies: products fail, partnerships fail, business ventures fail. Change is necessary for growth, but not everyone will see it that way. Not everyone is going to agree with the changes, and some may get malicious. Manage people with an axe to grind after your company changes direction.
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