The Great Pivot
A Brief Glimpse into Companies that Have Reinvented Themselves
The current Coronavirus pandemic has brought with it troubling and difficult times for businesses across the globe, resulting in many companies reinventing themselves to survive. “Pivot” has become part of our everyday conversation and will no doubt go down in history as one of the greatest (or worst) corporate buzzwords of all time. From creating completely new business models to simply adapting, we have taken a look at brands who have done it right during this time of crisis.
Twitch is a video livestreaming service that primarily focuses on video game livestreaming and its content can be viewed either live or via video on demand. Recently, more and more musicians have turned to the website to stream performances to please their fans and keep themselves entertained while staying inside. Some artists have started using these livestreams as a way to give back to the community. Newly published statistics show the streaming platform hit record highs in total hours watched, streamed and concurrent viewers over the first 3 months of 2020, as millions of people shelter in place to fight the spread of the virus. Due to the dramatic increase of viewership, Twitch shifted its branding strategy from primarily livestreaming video games to other forms of entertainment such as music broadcasts, sports, and creative content. Twitch has now partnered with concert service Bandsintown to guide struggling artists through the new economy. Any musicians registered on Bandsintown who have at least 2,000 followers will be able to collect money from live performances on Twitch.
A big shoutout to FabFitFun. Like many national and global brands, this lifestyle subscription box service has stepped up to the plate supporting various community organizations, including No Kid Hungry and frontline workers. The company created new boxes tailored to essentials customers may need while sheltering in place, as well as curated editions of boxes geared towards relaxation and boosting spirits for healthcare workers.
LinkedIn is a business and employment-oriented service that is the world’s most predominantly used professional networking platform. It provides assistance for both companies and individuals, including providing a space for employers to post jobs and job seekers to post their qualifications. LinkedIn allows all of its members to create profiles and “connections” with each other in an online social network that symbolize real-world professional relationships. In the wake of the Coronavirus outbreak, the business began establishing new features to support members who may have lost their employment such as routinely published articles offering actions to become a better job seeker, up-to-date lists of companies hiring, and other resources to help people move forward. Moreover, the marketing industry as a whole has seen drastic decreases in advertising costs. Consequently, many employers have taken advantage by dramatically expanding their LinkedIn ads.
COVID-19 isn’t the first time companies have been in crisis and pivoted. Check out this recent article in Inc. showcasing brands who succeeded during a recession.
Sarah Ong is an Intern at Bond Moroch.