What is Pivot?

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.

Why Pivot?

There are several reasons why a company might choose to pivot:

• The product is not gaining traction in the market
• The target market is not responding as expected
• The business model is not sustainable
• New opportunities have emerged that the company wants to pursue

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.

Types of Pivot

There are several types of pivot that a company can make:

• Product Pivot: This involves changing the product itself. For example, a company might change the features, functionality, or design of the product to better meet the needs of the market.
• Market Pivot: This involves changing the target market. For example, a company might shift from targeting consumers to targeting businesses, or vice versa.
• Business Model Pivot: This involves changing the way the company generates revenue. For example, a company might switch from a subscription-based model to an advertising-based model.
• Platform Pivot: This involves changing the underlying technology platform that the product is built on. For example, a company might switch from a web-based platform to a mobile app.

When to Pivot?

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:

• The product is not gaining traction in the market
• The company is running out of funding
• The competition is gaining ground
• The market has shifted

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.

The Benefits of Pivot

While pivoting can be a difficult and sometimes painful process, it can also have significant benefits for a company:

• It can help the company stay relevant in a changing market
• It can help the company find a new, more profitable niche
• It can help the company attract new customers and investors
• It can help the company achieve long-term success

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.