How can you use data to inform your decision-making when pivoting your business idea?

Data is the raw material of information—a versatile resource sourced from customer feedback, surveys, interviews, reviews, analytics, experiments, or benchmarks. Its significance lies in its capacity to be collected, analyzed, and leveraged for decision-making. By reducing uncertainty, identifying problems, and revealing opportunities, data becomes an invaluable tool in strategic planning and problem-solving. Moreover, it serves as a compass, helping navigate away from the pitfalls of decision-making based on gut feelings, trends, or competitor emulation. In essence, data empowers informed choices, offering a foundation for precision and effectiveness in various domains.

On sous-estime beaucoup le pouvoir des données organisées. Les entreprises gagnent à bien utiliser leurs propres données afin d'orienter leurs décisions et partager avec leurs équipes. Le pouvoir d'une information de qualité mènera à des choix éclairés qui seront gages de succès.

Uno de los elementos fundamentales en mi trabajo es el uso de la inteligencia política. Si bien hay mucha información cualitativa, son importantes los datos, como por ejemplo las interacciones en el Congreso, el comportamiento de votaciones de parlamentarios, la cantidad de mociones que hay, entre otras cosas. También los análisis de stakeholders, donde se recopilan todas las interacciones que pueden tener efecto en el proyecto de un cliente de Qualiz. La IA es un gran aporte, pero el ojo del experto sigue siendo importante.

Data is the bedrock of insight, it’s an old message, but if you can’t measure it, you can’t manage it. Like it or hate it, the Brexit battle was won because the Brexiteers knew who and where their voters were, it’s the same with customers. Data won’t solve your problem, but it will tell you what and where your problem is.

We do country market research for the franchisor clients we take into new countries. Demographics, GDP and GDP/capita, consumer trends, competitor analysis. And many more parameters necessary to determine if a country is a place where our clients can get a good ROI over time. All of this is data which is needed to compare countries.

Collecting data for a business pivot as an entrepreneur involves a strategic and focused approach: Define Objectives: Clearly articulate your pivot objectives to guide the data collection process. Utilize Existing Data: Analyze past sales data, customer feedback, and operational metrics for insights. Competitor Analysis: Study competitors to identify market gaps and potential opportunities. Industry Reports: Explore industry reports and publications for broader market insights. Website and Social Media Analytics: A/B Testing: Implement A/B testing to gather quantitative data on customer preferences. Technology and Analytics Tools: Leverage technology and analytics tools for automated data collection and analysis.

Before you even START to consider pivoting, you should take a look at what your customer wants, and what they're not receiving. Two things will happen; either your product can deliver what they want but you're not MAKING IT EASY for them to get it (in which case a pivot isn't necessary, you just need to DELIVER on your value prop). OR you'll need to pivot your solution to what they REALLY need. I highly suggest before pivoting you do a very simple experiment to see if you can deliver on what their real need is, before completing the actual pivot.

One thing I've found helpful is utilizing a mix of internal and external data sources. For collecting relevant data, tools like Microsoft Fabric, Power BI, and Tableau are invaluable. They enable the integration and analysis of diverse data sets, offering a comprehensive view of the business environment. Moreover, adhering to standards like the Jamaica Data Protection Act ensures that data collection respects privacy and ethical guidelines.

Successful business pivots demand a critical mass of diverse data. To steer your ship towards success, gather insights from various channels: initial interviews, design partner input, prospect feedback, analyst advice, competitor intel, and sales data. But don't stop there. Leverage anonymous surveys and interviews with external voices. Why? To combat the sneaky cognitive bias that often clouds our vision. Collecting data from your network can be like hearing echoes in a tunnel. Valuable, but not always the unfiltered truth. Anonymous feedback is key. By weaving insights from various threads, prioritizing anonymous voices, and mastering cognitive bias, you are in a better position to answer: what problem do you really need to solve?

To collect data for pivoting, it's crucial to have a clear objective and specific question in mind. For instance, you might want to know if your target market is big enough, if your value proposition is compelling, or if your pricing strategy is optimal. The types of data needed, whether quantitative or qualitative, primary or secondary, exploratory or confirmatory, depend on your specific question. Choosing the right methods and tools for data collection is key. This could include surveys, interviews, focus groups, observation, analysis, or experiments. It's about strategically gathering and using data to make informed decisions, improve your offerings, and adapt to market needs.

To truly dissect your data for strategic pivots, it's more than just crunching numbers; it's an intricate surgery requiring precision and nuanced understanding. Here's how to wield your data scalpel like a pro: 1. Diagnose the problem: Identify the symptoms of stagnation. Is it declining revenue, shrinking customer base, or evaporating engagement? Pinpoint the core issue before diving into the data ocean. 2. Gather your instruments: Choose the right analytical tools for the job. Customer surveys are like stethoscopes, revealing internal murmurs. A/B testing acts as an X-ray, exposing hidden fractures in your strategy. 3. Don't just skim the surface. Slice and dice your data by demographics, behavior, and customer segments.

Being ‘data-influenced’—a concept highlighted by Brené Brown and Dr. Linda Hill—is key. It involves a balanced approach where data collection and analysis are blended with human judgment and intuition. This process starts with gathering both quantitative and qualitative data, interpreting , and integrating emotional intelligence to understand the human elements behind the data. Adaptability, based on new data or insights, is essential, ensuring decisions are not just data-driven but also aligned with the business vision and values.

Para analizar datos y poder pivotarlos adecuadamente, desde mi experiencia, es crucial un enfoque estratégico y crítico. Busco patrones y respuestas en los datos recogidos, utilizando técnicas como estadística descriptiva e inferencial, visualización, correlación, regresión y segmentación. Es esencial reconocer limitaciones y sesgos en el análisis, como errores de muestreo y sesgos de confirmación. Verifico siempre la validez, fiabilidad y relevancia de los datos, evitando trampas como el sobreajuste. Este método riguroso asegura decisiones de pivote basadas en una comprensión objetiva de los datos.

Analysing data helps in deriving insights based on patterns and behaviour of the data. After collecting data, it should be processed using editing, coding, tabulation and cross tabulation. The processed data should be analysed using the appropriate data analytical tools to draw inferences for effective decision making.

Remove your emotions and don't project your bias on the analysis process! Pivoting needs clear-headed analysis, not emotional attachment. - Focus on the trend from the data and not just anecdotes. Look for hard-to-deny patterns and stop chasing individual stories. One swallow doesn't make spring! - Conduct an A/B test rather than jump into a new market with both feet, try to launch a new product line in the new market, gauge the appetite, review performance and make informed decisions. - Avoid groupthink. Actively seek out diverse opinions to check your subconscious bias and refrain from OF & UF.

To use data for pivoting your business idea, follow these key steps: 1. Market Research: Identify market trends and gaps. 2. Customer Feedback: Gather insights on needs and preferences. 3. Performance Metrics: Evaluate key business indicators. 4. Iterative Testing: Conduct small-scale tests for customer response. 5. Data-driven Decision-making: Base pivots on concrete data. 6. Adaptability: Stay flexible and refine based on ongoing analysis.

Once data analysis is complete, the data can be employed to substantiate or question assumptions, confirm or disprove hypotheses, and gauge and enhance results. Data acts as a tool for comparing various options and prioritizing actions. It's important to keep in mind that data is a guide rather than an absolute rule. Integrating data with intuition, creativity, and experience allows for a more holistic decision-making process.

It's important to validate assumptions before using data to draw conclusions. For example getting feedback on specific questions to the market assumes you already know the pain points... Knowing where you are in the discovery process asking the right broader questions will get better answers and ultimately guide you to what better data models you should be looking for.

Using data effectively is essential for business owners to make well-informed decisions. Especially if you're contemplating a major pivot in business strategy. I start by combining highlights of market and customer insights, financial and operational data, historical performance analysis, and scenario planning all into an easy-to-read one-page summary. If you can't get the idea onto one page, in my opinion, you're setting yourself up for failure. I then get customer feedback on potential options or paths. Call it a quick test or temperature check, but know that asking your current and your potential future customers for their feedback is key. When you're knee-deep in something, you may find you're too close to it to be objective.

Avant de pivoter il faut voir si votre structure et vos équipes sont prêtes et formées. Sans humain accompagnés il n'y a pas de pivotement possible. La transformation d'une entreprise passe par l'accompagnement au changement.

While pivoting into an unexplored yet informed direction does not always lead you to success but what's tangible to success is the constant monitoring of the market trends and data relevant to your venture as well as inside of your business such as sales growth, customer acquisition and retention, etc. Post analysis you can identify the need for adapting with the evolving requirement of the market and customers which will help you stay relevant and scale up your operations eventually!

First look at your data and decide whether or not it is representative of the market that you want to serve. Have you included important stakeholders and customers? What do you sales say and what about social media? Synthesize it and develop a plan to address weaknesses but also areas where you might be expensively over-serving. Make an incremental change and then look at the data again. Did you minimize a problem or deliver a win? Were there unintended consequences or was it a yawn? Fix it and try again. Many incremental changes can lead to the pivot through iteration.

A decis?o de pivotar uma aplica??o ou opera??o deve consistir na análise da jornada do cliente com metrifica??o de cada fase. Dessa forma, é mais fácil entender em qual fase está tendo mais fric??o e entender também qual funcionalidade ou processo tem maior nível de convers?o. Nesse sentido, fica mais fácil a tomada de decis?o para uma mudan?a de trajeto (pivot) da opera??o, que continuamente deve ser metrificada e monitorada, para que sejam feitas constantes melhorias, buscando maior nível de convers?o.

Itérer avec les données est un processus dynamique et continu. Chaque nouvelle donnée apporte des éclairages pour affiner la stratégie, dans un cycle d'apprentissage et d'adaptation constante. Cette approche permet à l'entreprise de rester agile face aux évolutions rapides du marché, en testant et évaluant l'efficacité des nouvelles idées, puis en les ajustant en conséquence. Itérer n'est pas linéaire, c'est un processus flexible de tatonnements et d'ajustements, guidé par des données fra?ches et pertinentes. C'est un engagement envers une adaptation continue, essentielle pour la survie et le succès en affaires.

Pivoting is not an isolated event but an ongoing voyage of learning and adaptation. Continuous vigilance is required, with regular monitoring and evaluation of key metrics, ranging from customer satisfaction and retention to acquisition, revenue, and profit. Simultaneously, the quest for excellence mandates the collection and analysis of fresh data, a perpetual validation exercise testing the endurance of assumptions, hypotheses, and outcomes. An openness to external input in the form of feedback from customers, stakeholders, and mentors serves as an accelerant for refinement. Furthermore, a predisposition towards embracing new ideas, seizing unforeseen opportunities, and confronting unforeseen challenges is paramount.

Effective and regular customer feedback is the cornerstone of validating any business pivot. Too often, founders overlook this crucial input, getting distracted by the allure of an untapped TAM, while the most valuable insights lie with the very people benefiting from their service or product. To ensure learning happens from your pivot, start with a clear hypothesis including the specific questions that need answers. Actively engage with your customer base to gather their POV. This isn't just and done; repeat, repeat and repeat. Importantly, share this feedback across your organization on your corporate wiki, make it easy to access and keep it updated. Your customers are not just your audience; they're your most valuable consultants.

In the fashion industry, using data for pivoting is like having a trend radar, pinpointing what styles will click and what will flop, guiding companies to adapt their lines with the changing tastes. It's a fitting room of insights, reflecting customer preferences and sales trends, helping brands to tailor their strategies stylishly. With data, fashion companies can elegantly navigate market shifts, spotting new opportunities with the keen eye of a trendsetter. In short, in the vogue world of fashion, data is the secret accessory for staying ahead of the next season's trends.

Os dados s?o utilizados como indicadores (n?o decisor) para mapear os pontos de acerto e erros. O erro de muitos empreendedores é tomar decis?es baseado em análises frias sobre os dados, sem de aprofundar na causa deles.

Learning from data for pivoting a business idea involves a systematic process of gathering, analyzing, and interpreting information to make informed decisions about modifying your business model.Remember that learning from data is an ongoing process, and agility is key. Stay open to adapting your business model based on the continuous learning loop, and be willing to iterate and experiment as needed to drive positive outcomes for your business.

Os dados, por mais crus que possam parecer, indicar?o se a empresa está na dire??o correta ou n?o, alinhado com os objetivos tra?ados no planejamento da empresa. Os dados representam a realidade; nosso desafio é identificar as causas e desenvolver a??es para ajustar o curso (ou, em muitos casos, refor?ar as áreas onde estamos obtendo sucesso).

One of my favorite ways to use data is to make the data useful for your audience and capture when they are at their highest level of engagement. For example: When a prospect joins your mailing list, newsletter, or downloads a lead magnet, pipe them to a survey rather than a traditional thank you page. Make the data collection customer-focused rather than "you" focused. Let them know what you're collecting is to make their future interaction with you and your business better. Use the data to pivot accordingly as you learn more about challenges, goals, gaps, etc. Works wonders for my business.

As Simon Sinek says; Start with WHY: Do you really need to PIVOT or SCALE is the option? - If the challenges are INTERNAL, then instead of Pivoting, SCALE is better option. - If the challenges are EXTERNAL, then PIVOT is better option.

Companies sometimes get lost in metrics, searching for precision where it doesn’t exist. When you’re pivoting a business or a product, pick the thing that will give you the best indicator of if it’s working — it might be sessions, it might be GMV increases, it might be CSAT. But pick one master metric and manage to it. Also, give the pivot enough time to work. As the saying goes, “one month does not a trend make”

No mundo dos negócios, onde decis?es e estratégias s?o a linha tênue entre o sucesso e o fracasso, quem n?o mensura, n?o melhora. Deixar-se guiar pela intui??o ou "achismos" é como navegar um oceano sem bússola ou mapa.

When pivoting your business idea, utilize data to identify emerging trends and unmet market needs that align with your business's strengths and capabilities. Monitor customer feedback and sentiment across various channels to gauge the reception of current offerings and detect shifts in customer needs or pain points. Employ predictive analytics to forecast market movements or changes in consumer behavior, helping to inform the timing and direction of your pivot. Also, consider comparative analysis with competitors or similar market segments to understand where opportunities for differentiation or unexplored niches may exist, guiding your pivot towards a more lucrative or less saturated space.