What is a pivoting strategy?
The dictionary meaning of pivot is 'the axis that holds the center of an object'. It is an expression mainly used in sports. In basketball or handball, one leg is attached to the ground and fixed as an axis, and the other leg is rotated in various directions to prepare for the next movement.
Pivoting refers to a strategy to quickly transform a business in a new direction in response to the changing needs of consumers. " Lean StartupAccording to Eric Ries, author of ”, “a shift in direction in which a founder structurally modifies a path in the course of a business to test new and fundamental hypotheses about products, strategies, and growth engines”, pivoting is a kind of success in startups. The official became famous.
Examples of successful pivoting
" Trend Korea 2021The article quoted in the 'Pivoting without hesitation' chapter of What Netflix, YouTube, and Instagram have in common is a 'pivot' 이다.
It started as an online data video site, but when people did not upload related videos, it was successfully converted into a site where individuals can easily cut and watch videos.
Twitter's predecessor was a podcast platform. However, when Apple offered a free podcast, it succeeded in converting it to a service that delivers short messages to friends.
Originally, the business was a service that combined social games and location-based SNS functions. At that time, users were only interested in sharing their own photos rather than games. Therefore, it succeeded in converting the business to an image-based SNS that can share photos anytime, anywhere.
It started out as a service that delivers videotapes by mail, but has since switched its business to a streaming-based online movie platform and has succeeded.