Has an investor ever told you it’s too early and they want to keep watching you for future investment opportunities? Or you need more traction with customers or users? One of the reasons is because companies pivot a lot when they learn their original model doesn’t work well enough and most companies FAIL when they pivot. TURO, on the other hand, didn’t fail! They are now worth over half a billion and recently raised another $100m.
Here is what their CEO shared as the Five pointers for pivoting:
1. Take a good, hard look at your data. In this day and age, that may seem like a no-brainer, but I mean it. Dig in, see what it tells you, and don’t let your emotions get the best of you. If something’s clearly not working — even if it’s something in which you’ve invested a lot, personally and financially — be honest about whether it’s best for the business.
2. Talk to your customers. They’ll give you some of the best insights into your product, especially into areas where you’ve become blind. And become one of your customers — data is only as rich as the experience that drives it.
3. For a pivot to be successful, it’s critical to get buy-in from the entire team. You may need to pitch it, prove it, and really sell it to your colleagues; without their support, there will be mutiny. From well-aligned skillsets to a confluence of purpose and direction, everyone must be aligned.
4. It’s also critical to execute staffing changes with courage, honesty, and humility. Your ego and the egos of your colleagues aren’t as important as the success of the company — which is the reason you all came together in the first place. Pivoting is an exercise in self-effacement that really forces you to separate the self from the company.
5. Stay true to your mission. Tactics come second. The mission is the soul of your business, and it’s important to cultivate an internal and external culture dedicated to the mission. Though we changed the fundamental trajectory of our business over five years ago, we made a herculean effort to keep its soul squarely intact. And what could have been a capsizing moment became a buoyant one that didn’t just gel the team, but charted the course for a new direction!