With shops and businesses closing, people losing jobs and industries and economies experiencing a downturn, one way to move forward or stay afloat in this pandemic is to pivot one’s business.
Let’s take a look at three entrepreneurs – Brad Hampel of Solution Entertainment and All In, Arosh Fernando of WooHah Productions and Studio 45, and Trent Dyball of ManBrands – and their experiences on successful pivots during this time of a global pandemic and take inspiration from their stories as well as learn from their insights.
Innovation and connection are key to success
Businesses in the live events space are among the hardest hit industries when restrictions were enforced during this crisis. But because Innovation is one of its corporate values, Brad Hampel, Director at Solution Entertainment, pivoted his venture to an online engagement business with experiences which are directly impacting positive engagement within a workforce for all size businesses.
Thus, All In became its brainchild. This innovative cultural engagement platform blends technology & experiences to connect, unites and engages a workforce, and brings them together, even when they are apart. But it was born out of the challenges that the original business went through during COVID-19.
Brad recalled the difficulties they encountered at that time. “We had a major contract with the Grand Prix and many brands on site that had to be put on hold, so sifting through refunds and contracts was a nightmare. That day alone, we lost 60% of future revenues and end the week after, all future events were wiped out. Since the single biggest challenge is the uncertainly within the market, why would someone commit to investing for a future event knowing that a restriction could mean that within 24 hours, their event could be cancelled? Having to scale back the team of 30 dramatically and quickly was one of the worst days in the history of my business.”
But he and his remaining team had to come up with ways to survive this predicament. “For over a decade, Solution Entertainment has made connection our currency, bringing brands, businesses and people together through experiences that are exciting, rewarding and memorable. In this challenging time, we may need to do it a little differently but that’s exactly what we intend to keep on doing. That’s why, no matter whether we’re together or apart, we wanted to continue to give our clients access to experiences that inform, inspire and delight. Just last month, we proudly launched All In,” according to Brad.
Furthermore, he explained, “Designed for business big and small, All In is a shortcut to unlock a wide range of engaging and rewarding experiences that add value to your employees and business alike. All In delivers hundreds of curated experiences around five key pillars: Community, Mental Wellbeing, Physical Wellbeing, Education and Entertainment.”
The response to his new business is promising as it touches on the present needs and experiences of people. “We’re delighted that some of the most recognisable and respected names in Australia have come on board as an All In Partner. From passionate cooking classes to high energy fitness sessions, they’re at the very top of their game. Topics around mental resilience and overcoming uncertainty and challenges are unsurprisingly at the top of many peoples’ wish list. The powerful story and insights of endurance athlete extraordinaire Samantha Gash have attracted a lot of interest,” he cited.
Find and create solutions for customers and people
WooHah Productions provide a one-stop-shop solution for all professional audiovisual equipment needs through an extensive inventory of equipment and a talented roster of qualified technicians. Primarily catering to events and live entertainment activities, which have become scarce during the crisis, the company found itself with not enough prospects to sustain its operations.
Arosh Fernando, Creative Director of WooHah Productions, narrated, “We had to change everything in our business as our core business is not allowed to function due to the government restrictions on events and gatherings.”
As such, they had to come up with a new way to make their products and services significant to the current times. With that, Studio 45 by WooHah Productions came to life. “Our first pivot was turning our office/warehouse into a television and live stream broadcast centre. Studio 45 is our pivot story during the COVID-19 pandemic. It is a state-of-the-art studio with the latest audio, lighting and video technology that has a 14m-wide digital LED screen and broadcast cameras to make virtual events great,” shared Arosh. The studio has become the venue of the EO Melbourne Awards Night as well as of various live stream events from Easter Sunday church services to 5-day virtual conferences.
Arosh enumerated the other things their business did during the pandemic. “We also built an online ticketing platform to help event agencies and organisers to make money on virtual and live-streamed events. Other than that, we help out funerals during a lockdown period by live-streaming it for family members and friends. Then, we use our company vehicles to help people relocate.”
Doing these initiatives have contributed to making their business relevant to society’s present needs. “All these changes helped us, as we would have no income if it wasn’t for these pivot ideas. We have managed to claw up to 20-30% of our monthly revenue,” Arosh noted.
But he is not stopping there. “We continue to find and create solutions for customers and people that depend on events. We are focusing on solutions and continuing to improve our services and products to better serve those who need them,” he stated.
Look for opportunities to change course to survive and increase profitability
“Navigating the uncharted waters that the COVID-19 pandemic drew us into unwillingly has certainly thrown huge challenges for business owners both in Australia and around the globe,” said ManBrands Creative Director Trent Dyball.
A subsidiary of Norman Connell Advertising specialising in marketing products and services to Aussie blokes, ManBrands is an advertising agency that develops creatively inspired strategic campaigns that speak to men. However, the pandemic has affected their business, like several similar enterprises in their field. “In many cases, pivoting is the only option, and while there are many success stories, there are just as many sirens looking to lure desperate captains to their ultimate demise,” Trent remarked.
Instead of looking at the difficulties, Trent focused on how he and his team could make the most of the situation. “Owning a marketing and content agency during this period has provided me with an opportunity to assist many businesses successfully change course to survive and, in some cases, increase profitability.”
He found that amongst those who have succeeded, the common thread was that they tend to change only one element of their go-to-market strategy. Trent continued, “In our experience, those businesses that stay focused on their existing target market have secured success quickly. All businesses should have an intimate understanding of their customers’ needs and desires and combining these drive purchases.”
According to Trent, “Modifying your product or service offering or providing alternate delivery methods to continue to fulfil your current target market’s needs is a simple, fast and effective pivot strategy. Secondly, finding a new product or service to offer to your existing target market has also proven successful. This allows businesses to increase their share of wallet and is easier and more cost-effective than identifying and nurturing a completely new target audience.”
“Of course, identifying a new target market for your existing product or service can also deliver outstanding results, but generally over a longer period,” he added. “In most cases, we recommend our clients to ask their existing customers how they use their products. As a result, they have discovered potential new applications and target markets.”
Internally, their agency has shifted its focus from deliverables to strategy. “While still extremely challenging, it is also quite exciting to help clients adapt and explore new opportunities. Play to your strengths and ‘don’t throw the baby out with the bathwater.’ When reviewing any new strategy, the old saying still rings true,” he advised.
Share your pivot story
The end of this pandemic may not yet in sight, but it is not a reason to hinder businesses from coming up with new ideas that can help weather this storm.
If you have an inspiring pivot story to share, send it to us at communications@eomelbourne.org or post it at our comment section below.