From the Merriam Webster App–Adjacent: (adjective) 1. not distant, nearby, 2. having a common endoint or border, 3 of two angles: having the the vertex and one side in common
Simplifying adjacent futher: it means something common between two items, maybe next to, maybe similar to.
As you are pivoting, short term or long term, as we all seem to be doing right now, your chances for success are increased significantly if you are exploring adjacent pivots.
Look at your customer base first:
- What’s an adjacent offering you can make to your customers, that snugs up tightly to what you currently offer, that solves a problem for them. Talk to your core customers and ask them what else they think you should be able to do well for them. This might be the easiest adjacent move.
- Are there adjacent customers, ones that look like your core customers but are different in some way: different industry, territory, channel, size, segment, etc. Can you shift your offering to these adjacent set of prospects
Look at your competencies and offerings:
- Can your compentency, expertise, and capacities be shifted or applied to other offerings. One of the obvious examples is how all the distilleries and now making hand sanitizer. Do you have a potentially adjacent competency that there is a market for with just a couple of changes to your processes and equipment and that you feel confident you can master quickly?
The key to these adjacent moves is that you stay close to your existing culture and strengths when you pivot. Not a complete 180 degree turn, that’s no where near what made you great in the first place.
Your pivots, or adjacent moves, will serve you best if you can remain as true as you can to your cores that got you here in the first place.
It’s not necessarily an easy task to figure out these adjacent moves, especially when you are under the pressure of this COVID driven recession. So, taking my own advice, I’ve made an adjacent move that you should be interested in. I’m calling it the Quick Pivot Planning Package a short term focused facilitation of what we just discussed above, flexible enough to fit our times and your cash flow challenges. Download it here.