Meaning of Pivoting and Why Do We Pivot

Lean Strategies for Startups and Innovative Ideas Fundamentals of Lean Strategies for Business
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Transcript

Done the assumptions we have done the experiments we build our product will the testing, we measure the reserves. Finally, we have seen that all our hypothesis are invalidated. So what we're going to do now, so, what we do is by word by word from the hypothesis, so, we are not changing our vision, our vision, we believe in our vision, we just change the strategies sometimes when you burn the product for certain things, it may not be working for the same way some it can work into another way. So, you are changing your strategies instead of changing the vision. So, that is called private, there are different kind of private industry entities, the some of them are zooming by what means you are instead of developing the whole product, you are making one feature as the entire project itself. So you are forgetting about the other features.

So that is means the one specific feature becomes an entire project that is called zoo in Project I would assume all power these maybe the the project that you were building is not sufficient for the customer satisfaction. So, you may have to add out more features into the project means you're zooming out. So, that particular project becomes only a one small feature of your entire project or you're joining become another project. So, another way is customer segments. So, maybe we have intended to certain customers, which are not relevant anymore because they either they are not buying or they are not interested in the search segment, you are changing the segments instead of b2c you may go to b2b. So that is one way of doing the customer segment we are going to understand it by way of study and then customer need by wire.

So you are changing the needs, you're not changing the needs, but you are changing the different needs, you are changing the product. So maybe sometime you may serve different needs of the customers. Because the original assumptions were not sustainable anymore, then you are changing the pilot instead of manual, you're doing automatic instead of platform you're doing the application application to platform so you can do vice versa. So that is another way of IoT. The other way of IoT is the business architecture means b2b b2c volume value versus volume so you're gonna attract the value or means you're me low value volume but charging higher prices or you are charging very low price but playing on the volume of the business. And you have value capture how you are capturing the value, how you How is your engine of the growth means you are going to do the sticky growth, you're gonna do viral growth you are to, you're going how you're going to get the new customers how much you are, you're going to pay for getting the customers so that is another way and then how we are going to deliver our channel deliver our value that is called channels, why would we meet The delivery of our products and services, maybe you instead of manual delivery you can partner with somebody else or you can develop in you can sell into the stores, there are different way of you can channel out a pilot out to save the cost technology pilot also you can change for the specially for the established companies, which I have been working on the old technologies but now because of the need because of the product market change, you are changing the technology of your of your business.

That is called technology IoT. So let's now try

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