So you’ve got your first business up and running. Congratulations! But as you work towards making it more stable or even expanding it, you suddenly come across changing customer and market needs. What do you do? How do you continue to make yourself relevant? Do you even need to do something?
This is a very relevant topic as businesses all over the world feel the shifts brought about by the COVID situation. In this episode, Carl allows his own company to be analysed as an example of a business that’s feeling major market shifts. We talk about his fears about making changes and possible market shift strategies to solve his dilemma. If you’re also feeling anxious about the shifting sands underneath your business’ foundations, then join us and together let’s rise above this challenge as entrepreneurs.
IN THIS EPISODE, YOU’LL FIND OUT…
- It may be a cliche but it’s true that the only constant is change (02:56)
- Some important questions you may be asking yourself as markets shift (03:48)
- A case study: Automation Agency’s dilemma (05:33)
- Do you push away clients that do not get results or do you adapt to their needs? (11:10)
- A case study: iTGenius’ shift (12:02)
- Is the issue about the scope of the product or market fit? (13:55)
- Samples of how the market can change (15:34)
- Automation Agency’s possible projects that might address the shifts (17:32)
- How fear affects your decision-making skill (19:45)
- The most important question you need to ask and how to answer it (21:08)
- The value of surveys and information you can get from the results (24:38)
- Sample of pivoting and its possible implications (25:57)
- Solving problems that don’t exist yet could lead to analysis paralysis (29:21)
- Key components when selling subscription options to a customer (30:25)
- A tool for pricing (32:32)
- Points you may want to remember when markets shift (33:44)
- Books when transitioning to a subscription business (36:53)
ADDITIONAL RESOURCES:
- Price Intelligently
- Built to Sell by John Warrilow
- The Automatic Customer by John Warrilow
- The Forever Transaction by Robbie Kellman Baxter
For full show notes visit: rising.show