Is your SaaS strategy like a Rocket Launch or a Ship Voyage?

Do you know how a rocket gets to the moon?

It follows a preset course, and its trajectory is controlled by a series of navigational systems. The trajectory is so rigidly set, in fact, it can't be touched or changed after launch.

A ship voyage on the other hand, takes place in an open environment, where the captain is free to make any navigational course changes necessary. It still needs a destination and some sort of map or plan for how to get there.

This is true whether we're talking about your business strategy as well.

A strategy that looks like a rocket launch is unchanging, rigid and will not adapt to changing circumstances. If something unexpected happens, your business is not set to handle these circumstances and you'll need to do a whole lot of work to recalibrate.

A strategy that functions more like a ship voyage is set for the right destination, but will adjust to changes as necessary. It's a flexible system, one that can handle the unexpected or unknown - and with continued effort, it will get you to your destination.

Adapting to the unknown is what we call Pivoting.

What is Pivoting?

A pivot means fundamentally changing the direction of a business when you realize the current products or services aren't meeting the needs of the market.

Pivoting may be necessary for a number of different reasons. Often it's because your business has reached an impasse and needs more creative thinking in order to progress further. The decision may also come from something as simple as doing what other successful

When to Pivot?

Every business owner needs to know when it's time for Pivoting. There are a few things you should pay close attention to in order to know:

• Are your current products, services or even the way they're being marketed not meeting customer demand?

• Is there another company out there doing something similar and better than what you're offering?

• Is the competition taking away your customers, and you're not able to make any changes that will stop it?

If these things are happening, then it's time for a pivot.

How to Pivot?

So you've figured out that it's time for a pivot. Now, how do you get started?

The most important thing is not to panic and not making rash decisions. Take the time to really think about the problem your business is facing in order to come up with solutions that will work better than what has been done before.

If the problem is still unclear or there are too many possible solutions, it's time to do some research. Conduct market and customer surveys in order to find out what customers want. This will help you know where your business should be heading.

Once you've thought about the problem, talk it over with your team and see what they have to say. The input of others is important because their perspectives may offer new solutions that were not considered before.

A pivot is not a one-time thing; it's an ongoing process, so be prepared to do this more than once in order to get the most out of your business strategy.

Once you've figured out your new direction and want to discuss it with a technical partner, reach out to us by booking a discovery call.