What is a pivot and when is it used?

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Even the most successful startups and companies can face problems. The interests and needs of customers change, competitors and new trends appear on the market. When a business loses money and customers, you need to be ready to pivot — change the course of business development. In this article, we tell you how to do this. We share examples of Russian and foreign companies that have pivoted.

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Pivot is a term that denotes a change in a company's business model portugal phone number list or development strategy. From English, pivot is translated as a turn, a reversal, or a rotation.

During the pivot process, the product, business model, project development strategy or company promotion are changed. The main goal of the pivot is to avoid having to close the business. Therefore, the pivot is made when the business starts losing customers or profits, and not when the company is on the verge of bankruptcy.

For example, X, aka Twitter, was originally conceived as a communication platform where users could exchange short messages. Over time, the creators turned the product into a social network that allows sharing news and participating in discussions.