Last week I had a great opportunity to hang out with the guys from Picatic, and the CEO Jayesh Parmar. It was a great night hearing about the journey and steps they took to achieve what they have already achieved. They are fellow entrepreneurs who are focused and motivated on being the website people turn to for Event Crowd Funding.
I gleaned much knowledge from the evening, but one word stuck in my head more than the others; that word was PIVOT. Until that evening I had never heard the term “pivot” in regards to business. I was reminded of high school basketball where pivoting means to keep one leg stationery while turning the other one, thus causing the body to change direction. In business, pivoting is the act of changing your business strategy in order to reach the broader market.
Although the business world considers a simple change of strategy to be called a pivot, it is probably better termed as an alignment. Business pivoting does happen, as it did in the case of Picatic, but most businesses actually align. They align and re-align, often through client feedback, investor advice or simply brainstorming at a company meeting. Alignment occurs when a business understands what the client and market dictates and they re-align their product to it. This may be as simple as a price change or new feature that improves the product.
They key to business growth is learning your market and what your clients want.
Picatic was a true business pivot because they had a product and a market, though a small audience, they took the company a completely different direction with a brand new idea. Their audience grew dramatically and their product had traction. They are now leading the industry with great plans for future growth.
If things are slowing down in your business, it may be time to realign your products or take a more drastic approach and pivot. They key to business growth is learning your market and what your clients want. Take some time in the coming weeks to review your goals, products and take into consideration what your clients are saying. You may need to send out an email survey, a personalized letter or even do the old fashioned thing and get on the phone. In the great words of Red Green, “Remember, I’m pulling for you. We’re all in this together.”