Have you ever been asked if you’ve pivoted? Is it a good thing? Or a bad thing? Do you even know if you have pivoted? Or is it just jargon designed to confuse?
Would it surprise you to know that large and small companies pivot all the time? And that there are ten types of pivot? Let me explain.
I define a pivot as:
When your business model isn’t working, change to Plan B.
You can see this makes perfect sense. Your business model may not work or can even stop working for a number of reasons. Think of Encyclopedia Britannica – it had to change its business model from selling books door to door to a subscription model. And Kodak failed to find a new business model and that was terminal.
It’s important to understand the ten different types of pivot in some detail because it helps us verify we have the right Business Model to go forward.
Here are the ten types of pivot. To take one as an example, a “Zoom In” is where you discover that a small subset of your product is all that customers are interested in. So, you abandon the rest of the product.