What are the main challenges in pivoting business niches?
An example of an AI chatbot conversation about challenges in pivoting business niches.
What are the main challenges in pivoting business niches?
Pivoting business niches can be challenging due to market research, customer retention, and resource allocation.
Can you elaborate on the market research aspect?
Sure! Market research is crucial to understand the new niche's demand, competition, and customer preferences.
What about customer retention during this process?
Customer retention can be difficult as existing customers may not align with the new niche, requiring effective communication.
How can businesses effectively communicate these changes?
Businesses can use targeted messaging, updates through newsletters, and social media to keep customers informed and engaged.
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