Don’t reinvent, just reposition

When things aren’t going well in business, there is always the temptation to think that everything is wrong and needs to be replaced with something new - a shiny new product or service. But that is not necessarily the case. Just because the market for your products and services might have changed, it doesn’t mean that the products themselves are wrong - perhaps they just need to be repositioned. Here’s a good example - you may have an interior design business that for years has specialized in creating traditional living environments for clients. With the current pandemic, that business may no longer exist in its current form. But the opportunity arises with more people having to create work-from-home offices and needing help to design and create stimulating, efficient working environments within their existing homes. The basic service is the same, just repositioned to meet the needs of the current market dynamic. So perhaps it is the same in your own business and you don’t really need to create and market a brand new product or service offering to your customers.