How do you use your current resources to pivot?

2 Define your goals

Once you have assessed your situation, you need to define your goals for the pivot. What are the specific outcomes and benefits you expect from the pivot? How will you measure and evaluate them? What are the risks and uncertainties involved in the pivot? How will you mitigate them? What are the assumptions and hypotheses behind your new or modified product or service, and how will you test them? What are the key features and functionalities that you need to deliver to your customers? What are the resources and capabilities that you need to execute the pivot? By defining your goals, you can set a clear direction and scope for the pivot, and align your team and stakeholders around a common vision.

3 Leverage your assets

One of the most important aspects of pivoting is to leverage your existing assets and resources, and avoid wasting time and money on building something from scratch. Your assets can include your team, your technology, your customers, your data, your brand, your network, and your reputation. How can you use these assets to create value for your new or modified product or service? How can you reuse or repurpose them to fit your new or modified value proposition, business model, and competitive advantage? How can you optimize or improve them to enhance your performance and efficiency? By leveraging your assets, you can reduce the cost and complexity of the pivot, and increase the chances of success.

4 Experiment and iterate

The pivot is not a one-time event, but a continuous process of experimentation and iteration. You need to test your assumptions and hypotheses, validate your product-market fit, and learn from your feedback and results. How can you design and run experiments that are fast, cheap, and reliable? How can you collect and analyze data that are relevant, accurate, and actionable? How can you incorporate and implement the insights and learnings from your experiments? How can you iterate and improve your product or service based on your data and feedback? By experimenting and iterating, you can refine and optimize your pivot, and discover new opportunities and solutions.

5 Communicate and engage

The pivot is not only about changing your product or service, but also about changing your relationship with your customers, your stakeholders, and your market. You need to communicate and engage with them throughout the pivot process, and get their input, support, and feedback. How can you inform and educate them about the reasons and benefits of the pivot? How can you involve and co-create with them to generate ideas and solutions? How can you solicit and respond to their feedback and suggestions? How can you build and maintain trust and loyalty with them during and after the pivot? By communicating and engaging, you can create and deliver value for your customers, your stakeholders, and your market, and achieve your goals.