Pivots = Success

Pivoting your business is natural. 

HOW you pivot, on the other hand, is the difference between methodical startup execution and running around like a chicken with your head cut off.

It takes discipline and guts to make the moves when you need to. So let’s dive into the world of pivots and begin to understand how to best go about a change of direction

It is extremely rare for any startup to launch and never pivot.

I might even go as far as to say that it is virtually impossible.

👉  Slack was originally a chatbot for a video game.
👉  Nokia originally sold paper and rubber products before moving to cell phones.

The list goes on…

This will inevitably happen to your startup too.

So how do we know when and where to go?

Here are some indicators to let you know what you are doing is working. 

• Are your buyers motivated to purchase your product/service?

• Are you able to get people to sit down to learn more about your product/service?

• Do people understand what you do? Do they resonate with it as a problem?

• Are they willing to buy it from you right now?

If you aren’t seeing these kinds of results. You might need to look at how you can shake things up.

• Do you need to adjust pricing?

• Do you need to adjust the message?

• Do you need to adjust the market/industry?

• Do we need to adjust the problem we are solving?

These incremental changes are what allow you to get closer to where you want to be.

Having the right data and systems in place is vital to ensure you are tracking the things that will let you know if your efforts are working or not.

We help companies do this all the time at TeachOne.

So before you set out to execute any pivot, you want to make sure it is tied to a particular metric of success.

So you know if the activity is worth continuing or abandoning altogether.

Hint: Use this framework: ****I am going to target {Insert consumer profile} customer for the next {Insert timeline} to achieve {Insert desired outcome}. I will know if I am succeeding or failing if I see {Insert metric}. 

Pro-Tip: Track every pivot

When going from 0-1, everything is a learning experience. You need to be seeking out these opportunities as often as possible.

The way you do so is by talking to customers. Who are they and what do they want?

Then craft a solution that meets those aims and continue listening to them to make sure you are consistently meeting market needs.

To do this work, I’ve always found it particularly helpful to track every pivot.

This helps you cross things off and identify what isn’t working.

A very important part of the process…

Try this framework out when tracking your pivots over time.

• Date: When did we decide to pivot?

• Pivot Details: What is the nature of the pivot?

• Reason for Pivot: What is the reason for the pivot?

• Leading metrics of success: How will we know if it's working?
  

Some pivots might be stronger than others.

However, most won’t be so dramatic.

You want to let the market feedback guide your direction.

Building a startup can feel a lot like figuring out a Rubix cube.

Subtle shift here and another shift there and voila! You have it solved.

It is best to look at pivots in this way. Subtle shifts instead of dramatic changes.

• Subtle changes to messaging

• Subtle changes to your business model

• Subtle changes in market or positioning

These shifts are indeed pivots. Ideally, influenced by the direct feedback you receive from the people you engage with in your target market.

Hint: Pivots should be motivated by market feedback. 

So you can be optimally aligned with your customers and the way they want to transact with your business.

So, don’t fear the pivot! If anything embrace it.

It is one more step toward running a successful startup.

That being said.

What are you waiting for?

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