Going into business for the first time is a tricky en devour, no matter how much market research you do just isn’t enough and the market can just chew you up and spit you out, when moments like this happen you have two options as a business, either you can carry on and hope that the market changes or you can do what we believe is the most important thing, and that is to pivot.
Pivoting is a method where the business changes the angle in which it goes about business, maybe the product market fit just isn’t right and customers don’t want what you offer, so you anaylse what you know and approach the market in a new way. Pivoting is proven to be much more successful than sticking it out in the market for the following reasons:
- 1) You now know what the market doesn’t need
- 2) You have learnt through feedback what the customer wants
- 3) You have developed further business knowledge which you can take with you
We have replicated this in one of our other businesses, (we branch out into other fields to utilise our Imps marketing prowess) JustSimpleTips initially was a platform to show users how to complete car audio repairs and the revenue stream was focused on advertising revenue, we found out the hard way that we weren’t getting enough traffic to the content to warrant this as a stand alone business, so we utilised the pivot, we analysed our traffic, the demographic and where the users were going after the site and we found that 15% of users then went on to purchase a good to complete the repair.
So we launched JustAudioShop – a car audio shop specialising in the start to end service for users who wanted to complete the repair themselves. The shop in it self was a huge success, with revenue growing more than we could ever imagine, JustAudioShop is now a stand alone brand and has been recommended by the Sunday Times.
Never give up, always trust the pivot.