pivot-strategy

Vocabulary Word

Definition

A 'pivot strategy' is when a business or individual changes their plan or direction because the current one is not successful. It's like when a sports team changes tactics during a match to win.

Examples in Different Contexts

In startup environments, 'pivot strategy' can mean a fundamental change in business direction to find a successful path. A startup advisor might state, 'The best startups are those that pivot their strategy effectively when they encounter roadblocks.'

Practice Scenarios

Business

Scenario:

Our current business model hasn't delivered the growth we expected. We need to rethink our approach moving forward.

Response:

You're right, I propose we design a pivot strategy to adapt our business model better on market needs.

Marketing

Scenario:

Our SMM efforts have showed minimal impact on sales. Our team should stimulate new content ideas that resonate with our audience.

Response:

I agree, implementing a pivot strategy for our social media marketing could make it more engaging and effective.