People don't know: pivot

Startit Admin

Monday 28 May 2018

People don't know: pivot

Don’t know what a pivot is? That probably means you’ve been heading in the right direction, right from the start. Because a pivot is the proof of startup’s flexibility: it’s a drastic change in direction for your business model. If your company needs a pivot, then you weren’t going the right way.

 


Put your product to the test

So, the most important question is: do you know if your company needs one? You can find out by getting out there and putting your product or service to the test. A pivot is an insight, based on extensive market research, on the contact you have with your customers and their feedback. Get to know your customers’ needs and expectations and adapt your product or service to them.

A pivot can be a small adjustment or a total transformation. It means that you might have to eliminate one of more of your company’s fundamental features or change certain aspects of your business model. That can be your customer segment, your channel, your pricing or your product itself. In other words: a pivot is the process of adjusting your company to what the market really wants.

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