When it comes to product management, the term pivot refers to a strategic change in direction that a company takes in response to market feedback. This change could be in the product itself, the target market, or the business model. Pivoting is a common practice in startups and early-stage companies that are still trying to find their footing in the market.
There are several reasons why a company might choose to pivot:
Whatever the reason, pivoting allows a company to make a strategic change in direction that can help it achieve its goals and become more successful.
There are several types of pivot that a company can make:
Pivoting is not something that should be taken lightly. It requires careful consideration and analysis to determine whether a pivot is the right move for the company. Here are some signs that it might be time to pivot:
If any of these signs are present, it may be time to consider a pivot. However, it's important to remember that pivoting is not a guaranteed solution to these problems. It's important to carefully evaluate the situation and make an informed decision.
While pivoting can be a difficult and sometimes painful process, it can also have significant benefits for a company:
Overall, pivoting is an important tool in the product manager's toolbox. It allows companies to adapt to changing market conditions and stay competitive in a rapidly evolving landscape.