How to Pivot a business?
I am looking for some useful tips on how to Pivot a business. My friend has been in business since 2008, however, she never had a true paying customer. Most employers that she pitched her business to finds her idea brilliant for small business owners but they often asked her to implement her system for free. My friend is not a sales person and she is having a very difficult time pivoting her business. She has a business plan, however, she doesn't have the money to hire a sales person.1 year ago - 1 answers
five tips on performing a pivot a business:
1. Be open to change:
While a company may feel it has a great idea and be naturally protective over it, successful companies need to be flexible in what they are doing.
"It's important to embrace change," said Leiden. "The chances of someone coming up with the perfect product from the outset is slim. You need to be willing to change your product based on feedback. It is about fixing a customers problem, not about building a product you would like to build."
2. Talk to potential customers:
While it may seem natural to focus on getting your product done before revealing it to the world, too often an entrepreneur will build what they think is the market requirement, often at great cost, only to learn that it is not what enough customers want.
"What you are trying to do is take as much risk as possible out of it," said Leiden. "The biggest risk is whether a customer will ever buy what you are building. There are an awful lot of things you can do before you even build anything."
"With the web you can virtually launch a product without building it," said Leiden. "Set up a landing page and run a Google ad words campaign, see if you can get people to come and show an interest in a product."
3. Get your product out early:
Product development can be an arduous process but it is important to get something out as quickly as possible. If a company can build with the least amount possible, a minimum viable product, it can help improve later versions, not to mention interest investors.
"Get it out as early as possible," said Leiden. "When we talk about building something to get out early, it doesn't necessarily mean a working product. It is about triggering a conversation with a prospective customer. They need to visualize what it can do for them, so you need to ask what is the bare amount you need to start that conversation. They you can build it up to something more sophisticated."
4. Listen to feedback:
As the old adage goes, the customer is always right. While it may be your idea, it is vital to listen to the feedback early users have about a product to make it as relevant as possible to the problem your customer actually want to be fix. According to Leiden, most companies are becoming more open to feedback.
5. Use what you have learned:
Change may be good but be careful not to throw the baby out with the bathwater. To pivot is not to throw out all that came before and change dramatically.
"If you adopt the process correctly, it won't be a massive change. "It should just be a tweak in direction. You should always be building, not undoing anything but layering something on top and changing the focus."
Source(s):1 year ago