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Definition
A startup or firm that decides to shift its business strategy or product offerings is termed a pivot. Customers' expectations or developments in the sector could be the cause. The product's key component can alter. Startups may take this decision if they realize they have been concentrating in the wrong direction.
How is it useful?
Undergoing a pivot could be for various reasons. From a shift in target group preferences to a change in economic conditions, & everything in between. A pivot could be for a small change in any feature or could be as large as revolutionizing the entire product offering.
Example
Pinterest was earlier known as “Tote”. It was a tool to find products on the internet from various online sellers & save it in one place. Similar to a bookmark. They observed most users loved to save stuff in collections & later share it with others. Hence, they pivoted by changing their core value proposition to enter a bigger user base & market.
