Mistakes when performing a pivot

[Joywtome231]

Then you need to somehow minimize the risk, for example:

launch a loyalty program with discounts on travel;
think of a very budget-friendly tariff;
come up with other options for monetizing the product, for example, advertising in the application or in the taxis themselves.
Learn from customer feedback
Customer feedback is key to a successful pivot. Conduct interviews with your customers to understand their needs and challenges. Ask open-ended questions:

What challenges do clients face?
What product features are they missing?
What would they like to see in the future?
Why did they choose your product or service?
What do they like more than your competitors?
The data collected will help determine what changes are needed for the pivot.

Be better than your competitors
Analyze your competitors' business processes, services, products, product sales strategies, and pricing. Find out what makes them successful and what their weaknesses are. Determine in which areas you can offer something better. This could be more convenient use of the product, better service quality, more affordable prices, and other competitive advantages.

Before you pivot, you need to prepare, otherwise you risk making the problems worse. Here are some common mistakes when pivoting.

1. Not researching the market. Sometimes entrepreneurs make decisions based peru phone number list on assumptions. Before making a pivot, it is important to conduct a full market analysis and understand what your customers really want.

2. Ignoring customer feedback. Without customer feedback, it is difficult to understand whether your ideas will actually work, and to what extent they meet the expectations of the target audience. Otherwise, you may lead your business in the wrong direction.

3. Don't set goals. If you don't have a plan, the pivot won't be effective. Set pivot goals, for example, using the SMART methodology . Then the whole team will understand why you are pivoting in business, whether you are moving in the right direction.

4. Incorrectly assess resources. Pivot requires money, time and a team. Therefore, it is important to correctly calculate how much money is needed to attract the required amount of investment. And how much time and employees are needed to accomplish the plan.