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Ch 8
Pivot or Persevere (Types of Pivots (Zoom in pivot - refocusing…
Ch 8
Pivot or Persevere
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Pivot demands us to keep one foot in what we've learned so far while making a fundamental change in strategy for greater validated learning
Types of Pivots
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Customer need pivot - the target customer has a problem worth solving - just not the one we had in mind
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Business architecture pivot - Low volume high margin to high margin low vol or vice versa - or smthing similar
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Engine of growth pivot - often happens with value pivot - shifts b/w sticky, viral or paid
Channel pivot - the way a company delivers its product - maybe another - direct / retailers / B2B etc
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Startup Run way left
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Inc by gaining more funds, red expenses and getting to pivot quicker
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Consider regular pivot or persevere meetings (a few weeks apart) - have product development + business and pslby outside advisers as well
Must have product experimentation report + comparison of expected - of over time, not just past period
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After a time - any company may have to do a customer segment pivot from early adopters to the main stream - be prepared for this - it might demand bigger investments