Read an article prepared by Janani Prabhakaran, Co-Foufounder of Unbaggaged
Pivot means a change in strategy without changing vision and many companies have pivoted over a longer period of time. Popular example includes YouTube which started out to be a dating website and pivoted and now is a video streaming site. In simple words:
Pivot = redeemed failure!
How to pivot effectively:
1.Listen to your customers:
While occasional negative feedback is expected, if you come across the same statements again and again such as ‘it’s too expensive’ or ‘there are other products out there’, you might want to look into pivoting so that you don’t lose customers over a period of time.
2.Don’t scrap all the work you have done already:
Pivots does not mean radical change but a change in a certain aspect of the business. Instead of the hitting the delete button on the work already done, try to identify the aspects that you can keep, reused and modified that can help the new strategy.
3.Pick SMART goals that will align with your vision:
The “SMART” acronym stands for “specific,” “measurable,” “attainable,” “relevant,” and “time-bound. The goals not only should motivate you but also your team so keep the goals as accurate as possible that will eventually lead you to the right path.
4.Pivot as an opportunity of growth:
Consider the opportunities of growth and expansion in your new path that you don’t hit another roadblock. It is important to consider the market as if the market is too smaller, the customer base maybe less diverse then it’s not worth risking the path you are already on. In this case, the strategy to persevere is more suitable.
5.Do it as soon as you can:
You will pivot several times in your business so do it as soon as possible to avoid wasting time, effort and money. However, don’t forget to prepare as it is highly important to prepare, research, analyse and plan the new pivot route that you are considering. Pivot will be counterproductive if you don’t find the right balance between doing it as soon as possible and being prepared
Pivot when you have to, persevere throughout but never give up!
Janani Prabhakaran, Co-Foufounder of Unbaggaged