Get ready to pivot
The word pivot feels like another of those buzzwords that’s creeping into our language, however, it’s just a new word for adaptability. In much the same way as I talk about Profitability as the ability of a company to consistently increase profits over time, the ability of a company to adapt to internal and external influences can be summed up in the word pivot. The ability to pivot, a fundamental shift in strategy without abandoning your vision, can be the defining factor between failure and triumph. This is the essence of the next idea I’d like to share with you; Getting ready to pivot.
The path to success is rarely a straight line, and companies that thrive are those that can recalibrate with agility and confidence whilst staying true to their vision and purpose.
What does It mean to pivot?
Pivoting isn’t a concession of defeat. Instead, it’s a proactive decision to adjust to new realities while keeping your ultimate goal in sight. It often involves reimagining products, markets, or business models in response to customer needs, technological advancements, or unforeseen disruptions. I think originally the term came from the world of startups, but is now used more widely across most industries.
Now we have a good idea of what pivoting actually means, let’s get started with an example.
You may or may not have heard of BrewDog, the iconic UK based craft beer company. In 2020, as COVID-19 upended businesses globally, BrewDog faced a dilemma – pubs were closed and demand for their core product plummeted. Rather than accepting their fate, they pivoted. Using their existing facilities in Scotland, they began producing hand sanitiser (Punk Sanitiser), donating thousands of bottles to frontline workers, NHS and local charities. Simultaneously, they ramped up direct-to-consumer sales, creating a “BrewDog at Home” experience that included online beer tastings and pub quizzes. They adapted (pivoted) quickly which meant that BrewDog could maintain customer engagement and expand their brand’s relevance. Of course. they took a hit financially but it could have been so much worse in an industry challenged more than many during the early 2020’s.
The art of listening and acting
A successful pivot begins with active listening. Staying close to your customers ensures you understand their evolving challenges and desires. Think of Dyson, the UK-based innovator in household appliances. When the pandemic created a sudden demand for ventilators, Dyson leveraged their expertise in engineering to design a prototype in just 10 days. Although the product wasn’t ultimately required by the NHS, the company demonstrated how listening to the needs of others in the marketplace could drive rapid innovation.
In my own journey early in the 2010’s, the idea of a digital workplace was beginning to gain traction with software like Go To Meeting. I could see how using a virtual meeting platform could make meetings more accessible and efficient, and a much better use of time without the need for my leaderships teams to book a half day in their diaries just for a 60min meeting. So I made the decision to embrace this emerging technology and make it work for us. Of course there were teething troubles but by making this conscious decision, we as a larger team, became more productive, inclusive and efficient.
You may think that’s obvious, but looking back it was an unknown in much the same way as AI is today. You may also think that adapting to emerging technologies and other opportunities is part of what it means to be a growing business, and to a certain extent, you’re right. Here’s what I believe to be the difference: Reacting to and adopting an opportunity after the fact is not pivoting. Pivoting mean you embrace an ‘early adopter’ mindset to explore and create every opportunity for your company.
Timing is everything
While pivoting can be transformational, timing is crucial. Wait too long, and you risk missing opportunities, realising someone else has done it already or exhausting resources. Move too early, and you might overlook valuable experience or insights. Airbnb offers a textbook case of timely pivoting. During its early days, the platform struggled to get started. Recognising the challenge, the founders pivoted from their initial idea – a targeted focus on events and conferences – to a broader marketplace for everyday travellers. Their timing coincided perfectly with the rise of the sharing economy, propelling Airbnb into a global powerhouse.
With an ‘early adopter’ mindset you will be able to pivot quickly when circumstance change and opportunities present themselves. Remember to use the ‘What If’ approach I shared here: Innovation Part 1
Bold moves and clear communication
Pivoting requires boldness. It’s not for the faint-hearted because it can mean abandoning a current strategy and investments of time, money, and pride. When Netflix transitioned from DVD rentals to streaming, the move was bold, controversial, and risky. Yet, their decisive action positioned them as a leader in digital entertainment. The company communicated the change clearly to stakeholders, ensuring continued trust and support.
Similarly, when Monzo, the UK-based digital bank, realised they needed to transition from niche to mainstream, they rebranded and revamped their marketing strategy. They transparently communicated these shifts, reassuring their loyal customer base while appealing to a broader audience. The result? Monzo grew into one of the most recognised fintech brands in the UK.
Of course, there are many examples of poorly communicated or poorly thought out repositioning or rebranding, British Airways, The Post Office, and more recently the Jaguar Cars brand – I did chuckle slightly when they recently said their rebrand was meant to be a joke – time will tell. Coca-Cola is another interesting example, they remain true to their red and white brand colours but have introduced over the years, different colours for different flavours, partly to test new marketing opportunities and customer reaction, but also to drive their industry forward. If you are going to test a new market remember to use my Minimum Viable Product method
The emotional side of pivoting
A pivot isn’t just a strategic manoeuvre; it’s an emotional journey. You’ll need to confront doubts, silence critics, and navigate uncertainty. It’s also important to remember the emotional impact of pivoting on founders and directors, that’s where I’ve found the support of others with experience, gave me the confidence and certainty I needed. I recall the anxiety in some of my national team during my transition to on-line meetings described above. Some questioned the decision, while others feared losing the in-person focus. To overcome this, I emphasised the shared vision and rallied everyone around the bigger picture. Open and inclusive communication, and small quick wins helped build confidence in this new direction.
Now we’ve explored some of the facets of pivoting, let’s look at what you can do to get started.
How to master the pivot
- Know when to pivot
Monitor key performance indicators and listen to market feedback. If growth stagnates or customer needs shift dramatically, it might be time to consider a pivot. - Align the team
A pivot demands a collective and inclusive effort. Clearly articulate the reasons for the change and ensure everyone understands their role in the new strategy. - Test quickly and learn
Before committing fully, test your new direction. Use prototypes, the MVP concept described in Part 2, pilot programs or soft launches to validate the pivot’s potential. - Stay true to your vision
While the tactics may change, your overarching mission should remain constant. A successful pivot redefines the ‘how’ without losing sight of the ‘why’.
Thriving through change
Pivoting isn’t about changing to survive, it’s about embracing a change mindset to thrive in a dynamic world. By embracing this principle, you position yourself to seize opportunities, even in the face of adversity. Whether it’s responding to a crisis, uncovering untapped markets, or simply improving your product, the ability to pivot is an invaluable skill in the innovator’s toolkit.
Let me leave you with this: innovation is rarely a straight road. Sometimes, the greatest breakthroughs come from taking an unexpected turn. So, when the time comes, be ready to pivot. Not as a last resort, but as a deliberate step toward greater success.
Work with me:
I help owners, founders and leaders create a scalable business that works without them, build a world-class team, and 10x profitability. Book a call with me here to see if we could work together.
Remember, there are only three types of people – those who make things happen, those who wait for things to happen, and those who talk about why things don’t happen for them. Which one are you?
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