You're facing a product pivot due to market trends. How do you keep stakeholders on board?
Dive into the pivot conversation! Share your strategies for keeping stakeholders aligned during market shifts.
You're facing a product pivot due to market trends. How do you keep stakeholders on board?
Dive into the pivot conversation! Share your strategies for keeping stakeholders aligned during market shifts.
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Stakeholders can be resistant to a product pivot driven by market shifts. In order to show they still have your support, it is essential that you communicate in a clear and transparent manner. Start explaining why you are pivoting some of the market trends that have pushed the product to this new point. Highlight the pivot in the context of the long-term vision and goals for your product. Anticipate potential objections and come prepared with the data to support why this new way is the better way. Include them in your decision-making processes, take their opinions and consider their feedback.
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In my experience, to navigating a pivot, involve stakeholders early to create a shared understanding of the market shift and realign expectations.
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Metrics tracking and proactive customer and sales feedback after launch help assess if a feature or product landed as expected. Not every launch goes as planned; some may need a pivot. In such cases, document: - Why previous decisions were made, - What the outcomes have been, - The goal you aimed to achieve, and - How the pivot helps achieve that goal quicker. After documenting, gather key stakeholders—design, engineering, sales, and PMMs—to discuss context, get their thoughts, align on understanding of market shift and refine the pivot. Once aligned, run it by legal and compliance to ensure proper steps are taken and proceed accordingly.
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Firstly, many prayers for those impacted by Hurricanes Helene and Milton. Now, shifts in markets, technologies, and customer needs can force a product to pivot, sometimes dramatically. Companies do not like to shift strategy midcourse; thus, the product leader needs to gather, justify, and verify evidence and data from primary and secondary sources. Then they must present these findings to stakeholders as they become substantial in order to paint a picture of a meaningful product strategy mismatch. For example, generative AI has shifted many products' direction. Then, with a new compelling story, evidence, and new strategy, start shifting stakeholders to your vision. Be persistent, the shift may be approved later than anticipated.
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In my experience, managing a product pivot requires strong alignment and transparent communication to keep stakeholders engaged. Start with the 'why' – Clearly explain the market trends driving the pivot and how it aligns with long-term goals. Show data – Back the pivot with compelling market insights and customer feedback to build confidence in the decision. Address concerns – Anticipate potential worries from stakeholders and provide clear strategies for mitigating risks. Emphasize opportunity – Highlight the new growth opportunities this shift presents, ensuring the focus is on future success. Frequent updates – Keep stakeholders informed throughout the process to maintain trust and buy-in.