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EPISODE 106: HOW TO PIVOT YOUR ONLINE BUSINESS IF YOU'RE AFFECTED BY THE RECESSION

Welcome back to this week’s episode of Hack Your Online Business podcast recession series episode.

I’m very excited to record today’s episode because there’s so much to talk about pivoting your online business, especially if your online business has been affected by the economy and the health crisis.

I’ll be sharing if you even need to pivot your business or double down what you already have. And if you need to pivot your online business, what are the steps involved.

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"It’s important to first know if your online business even needs to pivot. Not all of you guys will need to pivot your business and your offers."

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Topics Discussed In This Episode:

  • Whether or not you need to pivot your online business model or offer
  • The 3 step process to pivoting

Resources Discussed In This Episode:

Hey guys, welcome back to this week’s episode of Hack Your Online Business podcast recession series episode. I’m very excited to record today’s episode because there’s so much to talk about pivoting your online business, especially if your online business has been affected by the economy and the health crisis. If so, then you’ll definitely wanna stay for today’s episode.

I’ll be sharing if you even need to pivot your business or double down what you already have. And if you need to pivot your online business, what are the steps involved.

I’m also excited to announce the launch of my brand new Hack Your Online Business Marketing Clinic. If you find marketing your online business and getting consistent leads and customers to be overwhelming and confusing, if you don’t know if your current marketing still works during a recession, then I want to encourage you to check out Hack Your Online Business Marketing Clinic.

The first intake starts April 20th, it’s a 5 week online marketing training program without the marketing jargons. Each week you’ll be learning how to craft your marketing strategy, how to define your brand persona and your target audience, how to build your brand presence so that you never have to worry about finding customers and leads.

And the best part of it is I’m keeping it at a very low price to help more of you, plus part of each sale will go to 2 charities: Feeding America and The Trussell Trust to help them out in light of the global crisis.

If you want to learn more about Hack Your Online Business Marketing Clinic, go check out hackyouronlinebusiness.com/marketingclinic

And before we go on, if you haven’t already left a review for the podcast on Apple’s iTunes, I would really appreciate it if you could let me know your thoughts about today’s episode by leaving the show a review. It would mean so much to me. Now if you leave a review, take a screenshot, tag me on Instagram @thisischrystan and I’ll be sure to give you a shout out on the next episode.

Now, let’s talk about pivoting your online business. Before we even talk about how to pivot, it’s important to first know if your online business even needs to pivot. Not all of you guys will need to pivot your business and your offers, so this is important to remember.

I see a lot of entrepreneurs, especially on social media, posting about how you need to pivot your business because of Covid-19 and the recession. But, that’s not true. Some businesses do not need to pivot at all. If your business and the offers you have are perfect for this climate, then you don’t need to pivot.

On my end, I am pivoting Chrys Media. We started off focusing only on Messenger bot marketing, but even before the recession, I’ve already been thinking about making it better. So I’m actually in the midst of pivoting what we offer to a consulting or Done For You service for people who do launches, webinars and live streams, and we help them get more attendees and sales using my A.R.C Formula.

With Hack Your Online Business, like I mentioned, I’m launching a Marketing Clinic because I’m hearing from entrepreneurs that they need with marketing during this recession and if you’ve been following the Recession Series episodes, you know that you need to keep on marketing during a recession.

So if you need to pivot, here’s something that you need to know: don’t be afraid of pivoting. Don’t be afraid of creating something new. It might not feel like it now for you, but there are so many opportunities right now, and yes, even in a recession, even when there’s a health crisis.

The first most important thing is to know the current psychological needs of many of your audience. In episode 104, I talked about the 4 groups of psychological needs that people fall into.

But basically right now, some people are in survival mode and some people aren’t. People are still buying things, left and right, across different price points. Not everyone is buying the cheapest stuff available.

Many people are looking to feel more secure right now, whether that’s feeling more secure about their future, about their health, about money, about their family, about their mental health. A lot of people have suddenly lost some sense of security, some more than others, so if you can tap into that, you could do well.

And where you can come in as a business, as a personal brand, is to show up and be that guiding light. People are looking for someone or something to help them, guide them, a brand that they can trust. And this is true even without a recession, and it’s even more so during a recession.

So start by thinking about what do your audience, what do your customers, what does your industry want right now? What guidance or security are they looking for? And then you’ll want to adjust your business and your offers to that.

Now during this period of time, we are spending more time connecting with each other, showing up more human, being more human, and I want you to remember that in this pivot that you’re making, I want you to take this time to grow your audience. Get to know your audience, let them get to know you.

This recession and health crisis is not the time to shrink back from showing up. It is the best time to show up, it is the best time to build relationships. That means creating content that resonates with your audience, going on lives if that’s part of your strategy, email your list, don’t go radio silent.

And as you get to understand and know your audience better, there are 2 things that you have to understand in order to pivot.

One, understanding what are their biggest problems and fears right now and then create a painkiller solution for them.

Two, understanding are their biggest dreams and things they want and then figure out how to give it to them.

So based on those 2 things, look at your current business and offers now. Do they align with being the painkiller solution or helping them to achieve their dreams or getting them the things that they want? This is how you can know if you need to pivot or not.

Now, when I say pivoting, I don’t just mean changing to a whole new business model or a new offer. It could literally mean changing the messaging.

If you feel that your current offer can be a painkiller or an answer to their dreams and desires, but it’s not selling well right now, maybe it’s all about tweaking your messaging to highlight the transformation that connects the offer to the problem or the desire.

So start thinking of any ideas for a pivot of business model or offers that answer what your audience is currently looking for in terms of being a painkiller or an answer to a desire, and most importantly, your offers need to be in demand right now.

And I’ll be honest, it might take you multiple tries to get your pivot offer or business model right, so keep on redesigning and understanding your customers until you get it right and your offers get snapped up.

Here are a couple of ideas to spark some inspiration in you as you think about how you can pivot. The first one is joint partnerships. Can you join up with someone who targets the same audience as you (or you want to) that sells different offers, and that you could both benefit from? Joint ventures and affiliate deals can help support both of you, it could be a great win-win for both businesses.

If you still have clients that are paying you, what extra value can you offer to them? Can you extend your service, extend their payment terms, uplevel your service, give more for the same price?

Maybe you have a skill that businesses really need right now, for example, things related to remote working, creating online events, tech stuff. A lot of businesses don’t have the knowledge and the experience that we online businesses have. Can you take on consultancy roles?

Once you come up with your brand new pivoted offer or business model, let’s create the messaging for it. This is as important as creating the pivoted offer itself.

In your messaging, you want to talk about the promise and the end result of using your offer. Think about any objections or questions your audience might have about the offer, and then answer those objections and questions in your messaging right from the start.

Now remember, your messaging has to come across as you. It has to show off your personality, your story, and more importantly, you have to show up and play even bigger now, more so than ever, because online it’s getting more and more noisy.

So take your messaging and use it across all your marketing, which is your website, your social media, your email, your contents, and your ads.

So I hope that was useful in helping you decide if you need to even pivot your online business, and how to go about pivoting your business model or your offers if you do need to pivot.

If you need more help, as I mentioned earlier, I’m launching Hack Your Online Business Marketing Clinic. Everything you learned on today’s episode, I’ll be amplifying that in this 5-week program.

To learn more about the 5-week Hack Your Online Business Marketing Clinic, go check out hackyouronlinebusiness.com/marketingclinic

Now don’t forget to subscribe to this podcast so that you don’t miss my weekly episodes and the upcoming Recession Series episodes.

Lastly, go connect with me on Instagram. I’ll love to get to know you and your online business. You can find me on Instagram at @thisichrystan, send me a DM and tell me you listened to this episode.

Anyway thank you so much for listening to this episode. Please leave us a review if you have not already, it means the world to me. Alright guys, talk to you soon.

Thanks For Listening, My Friend!

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