{"id":611,"date":"2020-05-29T18:29:11","date_gmt":"2020-05-29T12:59:11","guid":{"rendered":"https:\/\/open.money\/blog\/?p=611"},"modified":"2023-07-07T12:42:18","modified_gmt":"2023-07-07T07:12:18","slug":"pivoting-business-models-in-the-new-normal-of-covid-19","status":"publish","type":"post","link":"https:\/\/open.money\/blog\/pivoting-business-models-in-the-new-normal-of-covid-19\/","title":{"rendered":"Pivoting Business Models in the \u2018New Normal\u2019 of COVID-19"},"content":{"rendered":"<span style=\"font-weight: 400;\">Pivoting or making changes to your fundamental business philosophy, is not a new concept in business continuity plans.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">In fact, innovative pivoting at the right time has always been the key to success for many well-established brands. So much so that, over 50% of the Fortune 500 companies were born out of a crisis!<\/span>\r\n\r\n<iframe loading=\"lazy\" title=\"Pivoting your business model during a pandemic\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/VxA92hAU7-M?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\r\n\r\n<span style=\"font-weight: 400;\">In today\u2019s world, consumer needs are dictated by the virus mandating \u201cPivot or Perish\u201d across sectors. Therefore, it\u2019s vital to study changes in human behavior &amp; strategically alter your business model.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Read on to know everything you need to know before you make that big pivot.<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>Business Pivots in COVID-19, Decoded<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">Weighed down by the COVID storm?<\/span><span style=\"font-weight: 400;\"> You\u2019re not alone &#8211; Entrepreneurs all across the globe are haunted by this question.\u00a0<\/span>\r\n\r\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-612 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2.png\" alt=\"Deena Jacob, CFO, Open on &quot;Pivoting Business Models in the \u2018New Normal\u2019 of COVID-19&quot;\" width=\"1401\" height=\"801\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2.png 1401w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2-300x172.png 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2-1024x585.png 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2-768x439.png 768w\" sizes=\"auto, (max-width: 1401px) 100vw, 1401px\" \/>\r\n\r\n<span style=\"font-weight: 400;\">Pivoting can be a smart business move or a last-mile effort driven by new behaviours, new needs and even more a need to survive. We break it down for you to make the call:<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>The Customer Behaviour Driven Pivot\u00a0<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">The underlying rule for any business to scale is to keep adapting their business model to the changing consumer needs. And that\u2019s exactly what customer behaviour driven pivot is all about.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">There are stark changes in human behaviour induced by the pandemic &amp; you need to think on your feet to bridge the gap between your services &amp; customers.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Say your business offering essentially requires direct contact with your customers, you need to now think about how you can offer the same with social distancing in play. \u2018Going-Digital\u2019 is the new norm &#8211; If you want groceries delivered to your customers, you have to take your Kirana store online. If you are a home tutor, you\u2019ve to teach your students online or you\u2019ll lose them to someone else who is.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">No one dares to travel on vacation, clearly, in these times. <\/span><span style=\"font-weight: 400;\">Think of a platform like Airbnb &#8211; their core business offering of homestays is clearly struck hard by the pandemic. <\/span><span style=\"font-weight: 400;\">They were quick to shift gears and switch into offering new experiences like cooking classes, exploring wineries &amp; family baking.<\/span><span style=\"font-weight: 400;\"> Meanwhile, their key offering; homestays are being used to house frontliners &amp; are a source of the monthly rent.\u00a0<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>The Relevance Driven Pivot<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">While businesses are reeling from the onslaught of the pandemic, one thing is for sure &#8211; In every crisis, lies an opportunity. For some sectors this means venturing into a whole new space and starting out a new line of business. Now this could either be a temporary pivot or one that lasts the long run.<\/span>\r\n\r\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-613 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2-1.png\" alt=\"Deena Jacob, CFO, Open on &quot;Pivoting Business Models in the \u2018New Normal\u2019 of COVID-19&quot; | Open\" width=\"1401\" height=\"801\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2-1.png 1401w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2-1-300x172.png 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2-1-1024x585.png 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_2-1-768x439.png 768w\" sizes=\"auto, (max-width: 1401px) 100vw, 1401px\" \/>\r\n\r\n<span style=\"font-weight: 400;\">Evaluate the strengths of your resources &#8211; people, processes, skills, capacity, assets &#8211; find complimentary \u2018rising needs\u2019 in the new normal and put your best strengths to use. Additionally, this could also be done as a warning shot. Your business is still standing strong but hey no one knows what\u2019s up ahead in the path to the \u2018new normal\u2019. Better be prepared than sorry, right?<\/span>\r\n\r\n<span style=\"font-weight: 400;\">For example the partnership between Rapido &amp; essential suppliers like BigBasket and Big Bazaar to aid last-mile deliveries is clearly one that is going \u2018the need trumps want\u2019 way. The chilling effects of the pandemic have prompted them to steer in a direction that lets them put their core assets to play to meet relevant needs. Partnership between WoW Momo! and Cafe Coffee Day is another very interesting collaboration that combines the network USP of CCD and the brand recall that WoW Momo! holds.<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>The Opportunity Driven Pivot<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">COVID-19 as an external catalyst presents businesses with a whole new range of opportunities that were never expected to exist or scale in the books before. There are new consumer needs that exist now due to the pandemic. If you get in the game at the right time &amp; deliver these needs to the required target audience you can be looking at an entirely new temporary or permanent additional revenue stream for your business.\u00a0<\/span>\r\n\r\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-623 size-full\" src=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_3-1.png\" alt=\"Opportunity driven pivot | Open\" width=\"1401\" height=\"801\" srcset=\"https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_3-1.png 1401w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_3-1-300x172.png 300w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_3-1-1024x585.png 1024w, https:\/\/open.money\/blog\/wp-content\/uploads\/2020\/05\/1400-x-800-px_quote_3-1-768x439.png 768w\" sizes=\"auto, (max-width: 1401px) 100vw, 1401px\" \/>\r\n\r\n<span style=\"font-weight: 400;\">There\u2019s a huge opportunity for example to launch Virtual Fitness. While various players have tried to do it previously, now\u2019s the time to go all out to fulfill such opportunistic needs of consumers. Netflix party is another classic example of an offering that is opportunity driven.<\/span>\r\n<h2><span style=\"font-size: 24pt;\"><b>Pivoting with a heart<\/b><b> &#8211; Humanity in the times of COVID-19<\/b><\/span><\/h2>\r\n<span style=\"font-weight: 400;\">While you weigh in on the risks versus rewards and pivot your business to maximize income, nothing tugs at our hearts like an act of kindness.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">It&#8217;s heartwarming to see giants like Dyson &amp; Ford to use their assets, expertise, and capacity to manufacture ventilators. Another example of a temporary pivot with a heart is one where Malayala Manorama, a local publishing house, is distributing vegetable seeds along with their magazine copies.<\/span><span style=\"font-weight: 400;\"> In fact, some would even point to great permanent pivots in the whole process.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">We&#8217;re talking about businesses that are pivoting to prioritize people and not the numbers. Also, the ones that are creating conditions for promising collaborations and moving towards joint ventures in this sustainability journey.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Entrepreneurship is not for the faint-hearted &#8211; sheer grit, solidarity and the relentless drive to back the business community as a whole will help you win hearts and rise up from the crisis as a true blood hero; Nevertheless, the key to thrive is to pivot for a passionate reason and not just to survive.<\/span>\r\n\r\n&nbsp;\r\n\r\n\r\n\r\n<style type=\"text\/css\">\r\n.simple-subscription-form {<br \/>  background: #f2f5f8;<br \/>  color: #222;<br \/>  padding: 1rem;<br \/>  border-radius: 0;<br \/>}<br \/>.simple-subscription-form .button {<br \/>  border-radius: 25px;<br \/>  padding: 10px 20px;<br \/>  background-color: #663399;<br \/>  color: #fefefe;<br \/>  border: none;<br \/>  font-size   : 100%;<br \/>}<br \/>.input-group-field{<br \/>  padding: 10px;<br \/>  margin: 8px;<br \/>  border: 3px;<br \/>}<br \/>input[type=email], select {<br \/>    padding: 12px 20px;<br \/>    display: inline-block;<br \/>    border-radius: 4px;<br \/>    box-sizing: border-box;<br \/>    font-size   : 100%;<br \/>}<br \/><\/style>\r\n<div class=\"simple-subscription-form\"><form>\r\n<h3>Subscribe via Email<\/h3>\r\nLiked this article? 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Promise! \ud83d\ude0a\r\n<div class=\"input-group\"><input id=\"input-email\" class=\"input-group-field\" required=\"required\" type=\"email\" placeholder=\"Email\" \/><button class=\"button\">Subscribe Now!<\/button><\/div>\r\n<div id=\"thankyoumsg\" hidden=\"\">Thank you for subscribing. \ud83d\ude0a<\/div>\r\n<\/form><script>\r\n  function sendClevertap(e) {\r\n      e.preventDefault();\r\n    var email = document.getElementById('input-email').value;\r\n    console.log(email);\r\n    console.log(clevertap.getCleverTapID())\r\n    document.getElementById('thankyoumsg').hidden = false;\r\n    clevertap.onUserLogin.push({\r\n     \"Site\": {\r\n       \"Email\": email,\r\n       \"blog subscribed\": true\r\n     }\r\n    })\r\n  } \r\n<\/script>\r\n\r\n<\/div><!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"Pivoting or making changes to your fundamental business philosophy, is not a new concept in business continuity plans.\u00a0&hellip;","protected":false},"author":8,"featured_media":1897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","footnotes":""},"categories":[447],"tags":[],"class_list":{"0":"post-611","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-archive","8":"cs-entry"},"_links":{"self":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/comments?post=611"}],"version-history":[{"count":0,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/posts\/611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media\/1897"}],"wp:attachment":[{"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/media?parent=611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/categories?post=611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/open.money\/blog\/wp-json\/wp\/v2\/tags?post=611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}