WHAT IS A PIVOT?
A pivot is: a structured course correction designed to test a new hypothesis about the product and business model. When we begin a new product or service, we make an assumption (or make a hypothesis) that this product and business model is something that customers will be delighted by and that the business can reach its objectives by building this product. But that isn’t always the case. Few companies ever create successful plans from the beginning and may go through a series of “course corrections” before finally emerging as a success. A pivot is making a change in strategy, without a change in vision. A pivot, then, could be defined as changing the process a company uses to accomplish the same goal.
We may run several experiments and never get results that back up this hypothesis. For example, imagine we try to acquire traffic profitably through Facebook, Twitter, Google Ads, blogging, direct sales, events etc. but we still cannot achieve the desired results. We have two choices: pivot or persevere. ...read full article HERE.