What does it mean to pivot in business and how to do it properly to increase your chances for success? Keep reading our entry to discover answers to these and other questions!
What is pivot in business?
In simple words, pivot in business means a sudden, unexpected change in strategy. It’s done to take advantage of the potential opportunity that may come across in the future. Moreover, the term pivot can also be used to describe an individual feature of an app that becomes a digital product on its own.
How to pivot in business?
Are you wondering how to pivot in business? It’s important to follow the steps described below:
- do it whenever possible – when you realize that your strategy probably won’t bring you desired benefits, don’t be afraid to pivot,
- define your goals that are consistent with your vision – if the path you have followed so far seems pointless, redefine your objectives and make sure that the new strategy takes them into account,
- don’t resign from the work you’ve already done – how to pivot in business? The fact that your previous plan didn’t succeed doesn’t mean that all the work you’ve done should be wasted. Redirect your activities, strategy and efforts towards the new goal,
- take your customers into account – why don’t you launch an MVP version of your product to collect valuable feedback from potential customers?
Now when you know how to pivot in business, get down to business and redefine your strategy to create a digital product tailored to your needs.