Structural pivots refer to significant changes made to the
fundamental aspects of a business or organization. These changes
typically involve altering the core elements of the business model, operations, or strategy. Structural pivots are not minor adjustments; they are strategic decisions made in response to changing market conditions, technological advancements, or other external factors that necessitate a fundamental shift in direction.
Here are a few examples of structural pivots:
1. **Business Model Pivot**: This involves changing the way a
company creates, delivers, and captures value. For example, a company might transition from a traditional retail model to an e-commerce model to adapt to changing consumer preferences and behaviors.
2. **Product Pivot**: This involves changing the core product or
service offered by a company. This could mean adding new features, targeting a different market segment, or even completely changing the product to better meet customer needs. For instance, a software company might pivot from offering on-premises software to a cloud-based subscription model.
3. **Market Pivot**: This involves shifting the target market for
a product or service. This could mean targeting a different demographic, geographic region, or industry vertical. For example, a food delivery service might pivot from serving individual consumers to focusing on providing catering services for businesses.