‘Pivot’ became the new buzzword during lockdown. Is a Marketing Pivot for STEM Organisations just another marketing ‘spin’? Or is it more relevant than ever?
The Essence of a Pivot
‘Pivot’ means a significant change of direction. Harvard Business Review published an insightful article on how businesses have pivoted. Although it focuses mainly on B2C, there are useful examples and insights into the dangers of making a radical change without thinking through the longer-term implications.
What Does a Marketing Pivot Mean Today?
Marketing Pivot for STEM Organisations means changing the direction of your marketing. However how big a change will depend on how your target market has changed.
How do we improve customer experience from a distance – for example using the next generation smart bots or improved data aggregation? People are travelling, do we need to? How does this affect your marketing and sales communications? Were your laboratories moth-balled or busier? Have you benefited from a focus on green technologies and sustainability – such as in automated connected vehicles, battery or drone technology?
Key Considerations for Your Marketing Strategy
Depending on which sector you specialise in, you WILL need to consider and change some or all of your marketing. How much will depend on some critical factors. If you only take in one of the tips below, consider number 1 as the most important:
1. Where Are Your Customers Now?
It’s not about where your customers were six months or even three months ago—it’s about where they are now. The pandemic accelerated changes in customer behaviour, making the concept of a Marketing Pivot for STEM Organisations more relevant than ever. Steve Blank, an early proponent of the lean startup, has always emphasised customer discovery. Transparency and authenticity in serving your customers have never been more important. And if you need further proof, just think about those companies that put profits over people during the pandemic. Their reputation took a hit, didn’t it?
2. Agile Strategy
Gone are the days when Covid-19 made us plan just a few months ahead. While the future is still uncertain, it’s crucial to balance short-term responsiveness with long-term planning. Keep your vision, but also keep your ear to the ground. Adapt and react to the current market conditions, which are ever-changing but no longer in the state of emergency we saw during Covid.
3. Digital Presence in a Saturated Market
The pandemic drove an explosion in online sales and marketing, but that’s led to a crowded digital space. Standing out is more critical than ever. If social media doesn’t align with your brand or audience, don’t force it. Instead, focus on what makes you successful and translate that into a compelling online offering.
4. The Value of Marketing Experiments
Some things that you try, WILL FAIL. But, don’t stop at the first hurdle. Just as when you’re developing the technology, your marketing won’t necessarily bring you the results you desire the first time – and it’s normal to need to do a lot of tweaking and experimentation to get the formula right. Persistence will pay off eventually.
- Did you know that YouTube was once a video dating site?
- Twitter (Now “X”) was once a podcasting network named Odeo?
- Play-doh was once a wall cleaner that pivoted to a beloved children’s toy?
Incredible companies can and have been built in hard times. Don’t waste time focusing on what’s outside of your control…think about what you CAN control and find your own definition of ‘pivot’.
If you are looking for help – visit our Marketing services to learn more about the support we can offer!