10 ways to Pivot an "Ever Given Corporation" like an "Ever Given Startup"

The "Ever Given Corporation" vs the "Ever Given Startup"...if we analyse what happened in the Suez, we can find a lot of similarities between such a 400 square metres ship and that of #corporations with their huge and complex structure...and the difficulties they have to innovate, or pivot to achieve #growth ...

If the ship would be smaller and more #agile, just like a #startup, less work, money and effort would be needed to get the ship floating.

#pivot doesn't mean to transform all the #businessmodel most of the times, might mean just to do modifications in the characteristics of the product, in the features, in the value proposition, or in the channels used to target the customer segment, in the way you monetize, in the tech that you use...to improve your #revenue or #profitability.

#startups often arrive at the #pivotpoint, when they aren´t able to have customers or revenue with the #businessmodel that they envisioned...they #pivot in a few days or weeks and put themselves back sailing headed to product-market-fit...

#corporations can learn a lot from the Lean Startup techniques used by #Startups to pivot and first thing first, talk to your customers:

1) See in your #products what are the characteristics/qualities (physical), or feature (digital)

that your customers love and that are the purchase drivers.

Perfect those characteristics/qualities, or #features in order to improve purchases or

buying intention.

2) After interviewing your #customers see what pains or jobs to be done that your product

physical or digital should do, to improve their buying intention and add those

characteristics/qualities or features, or launch a new product with all of them.

3) Besides the above you might discover that the #customersegment that you are targeting,

might be addressed with a better fit value proposition, pricing strategy, or in other sales

channel.

4) Your product might not address the "job" or "pain" that you envisioned for that customer,

talk to customers and watch the trends, you might have to use that product to address

another "pain" or launch a new one.

5) If you are a tech company, you might have to see if what fits best the customers; is an app

or a platform, and pivot. If you have a physical product this translates, in different packaging, number of units...

6) Look at you business model, and the way you make money, your might have to swift from

a low-margin, high-volume to a high-margin, low volume. This is especially true in #fmcg

businesses affected by the mass customization trend.

7) You might #monetize characteristics or features that are valuable to your customer or earn

more money in the value chain.

8) Look at your ROI, does your marketing investment leads to growth? or you would better

work in customer retention to grow revenue?

9) Analyse your sales channels and how can sell through more, or different channels to

improve your #revenue.

10) You can grow by changing the technology that you are using with impact on your value

chain and customers, either in the supply chain, or other...

Agility was #pivotal last year and will be this year to get many #corporations and also #startups get back floating and thriving!

#Startoutofthebuilding helps you #pivot and find new sources of revenue. Reach out!