What do you do if your entrepreneurial strategy needs adapting and pivoting based on feedback?

You don’t need to be an “expert” to answer this ridiculous question. You change. End of story. And the fact I need to give a 125 character answer is also absurd!

This is a difficult call. A inadequate solution will generate negative feedback, in which case you should change it or find another segment. But an innovative solution will also generate negative feedback, because customers dont recognize it and fail to realize its value. The call must be based on a solid value analysis because customers dont know what they want or need. If it has higher value than alternatives but doesent sell, you need to find early adopters and work on educating the market. It will take time. Be patient.

When entrepreneurial strategy necessitates adaptation and pivoting, prioritize listening closely to feedback. For example, if customers express dissatisfaction with a product's features, engage in active dialogue to understand their specific concerns. By attentively listening to customer feedback, such as suggestions for improvements or new features, entrepreneurs can iterate on their offerings effectively. This might involve modifying product specifications, refining marketing messaging, or exploring new market segments based on insights gathered from customer interactions. Through attentive listening and responsiveness to feedback, entrepreneurs can refine their strategies, enhance product-market fit, and drive business growth.

Listening closely to feedback is crucial when your entrepreneurial strategy requires adaptation and pivoting. Actively seek input from customers, stakeholders, and industry experts to gain valuable insights into market trends, customer preferences, and emerging opportunities. Pay attention to both qualitative and quantitative feedback, identifying recurring themes, pain points, and areas for improvement. Engage in open and transparent communication with your team, fostering a culture of collaboration and innovation. By listening closely to feedback, you can make informed decisions and pivot your entrepreneurial strategy effectively to better meet the needs of your target audience and drive business growth.

When you need to pivot, it is important to have a process mapped out to make the pivot as successful as possible. Here are some steps to consider: 1.) Seek feedback and listen closely to what is being said, particularly by your customers and prospects. They will tell you what they want and how to sell them. Also seek feedback from the team. What do they see that your current strategy may be missing? 2.) Analyze the data you have gathered. 3.) Create a new strategic plan based on the data & feedback 4.) Gather new feedback from customers by engaging with them on the new strategy/pivot. 5.) Launch the new strategy. 6.) Monitor the success of the pivot by comparing comps of pre and post-pivot. 7.) Continue to iterate as needed.

When an entrepreneurial strategy requires adaptation and pivoting based on feedback, it's essential to analyze deeply to understand the underlying reasons for the adjustment. For example, if customer feedback indicates dissatisfaction with a product feature, conduct thorough market research to identify specific pain points and preferences. Dive into customer reviews, conduct surveys, and analyze competitor offerings to gain comprehensive insights. Once the data is collected, assess patterns and trends to pinpoint areas for improvement or potential new directions. By analyzing feedback deeply, entrepreneurs can make informed decisions to pivot their strategy effectively, ensuring alignment with customer needs and market dynamics.

Once you've gathered feedback, it's essential to analyze it deeply to extract meaningful insights. Dive into the data to understand the root causes behind the feedback and identify patterns or trends that may emerge. Look for both strengths and weaknesses in your current strategy, considering how they align with your overarching goals and objectives. Take a holistic view of your business, considering factors such as market dynamics, competitive landscape, and industry trends. By analyzing feedback deeply, you can uncover valuable opportunities for improvement and make strategic decisions to pivot your entrepreneurial strategy effectively.

When feedback forces you to adapt and pivot your entrepreneurial strategy, investigate it thoroughly. Identify structures, assess market dynamics, evaluate competitors, and remain adaptable to make well-informed choices that are consistent with your long-term vision.

Dive into the feedback to understand the underlying trends and patterns. Identify areas where your strategy may need adjustment.

Strategic pivoting based on feedback is crucial for staying relevant and competitive in a dynamic market. Setting new goals aligned with insights gained allows for focused and intentional adjustments, whether it involves refining products, reimagining marketing strategies, or restructuring business models. Ensuring feasibility and establishing a clear timeline for implementation helps maintain momentum and measure progress effectively. Adapting your entrepreneurial strategy strategically ensures agility and resilience in the face of changing circumstances. ??

Develop a well-thought-out plan for adapting your strategy. Consider the potential impact on different aspects of your business.

Imagine you're planning a trip where you need to get to a destination. Sometimes, the way you planned to go isn't the best way. So, you adapt and change your route based on feedback from others or what you see around you. In business, this is called "Plan Strategically." You make a plan but stay open to changing it if you get new information that says a different approach might work better. It's like being flexible and smart to reach your goals faster and better!

Here are some tips for a smooth strategic pivot: Communicate clearly: Be transparent with your team, customers, and investors about the reasons for the pivot and the direction you're taking. Open communication builds trust and avoids confusion. Focus on value: Ensure any changes demonstrably improve the value proposition for your customers. This will help maintain their loyalty during the transition. Start small, scale smart: Don't try to overhaul everything at once. Begin with a pilot project or Minimum Viable Product (MVP) to test the effectiveness of your new approach before full-scale implementation.

Involve your customers in the process. Seek their input and collaboration to ensure that changes align with their needs and preferences.

Engaging customers feedback and potential customer comments are likely the single most important thing you consider when planning your start up. As well as the usual surveys etc, consider spending 80% of your time with customers once your product hits the market. See their reactions, hear their reactions, go on the customet journey with them is gold dust when it comes to feedback

It would be too easy to adapt exactly to feedback to be a successful entrepreneur. Instead, you must listen to all feedback, and then the difficult part is deciding what to do with each. Both ignoring all feedback and blindly doing all as demanded may lead to failure. Think: from whom and where is feedback coming from? For what reason was feedback given? Are there many others who didn't give feedback but think the opposite?

Take decisive action to implement necessary changes to your strategy. Be agile and flexible in your approach to experimentation.

I found in my experiences when it comes to implementing changes, strategy and approach is key. Below I have listed the actions and steps I followed that helped me the most when it came to implementing needed changes: - Prioritize changes - Develop an action plan - Allocate resources - Communicate clearly - Provide training and support - Test and iterate - Address resistance and challenges - Celebrate milestones and successes - Monitor performance and adjustments - Document lessons learned By following these steps and focusing on the effective implementation of changes, you can adapt and pivot your entrepreneurial strategy based on feedback with greater success and agility.

Continuously track the impact of the changes you've made. Stay vigilant for new feedback and adjust your strategy accordingly.

Dont be afraid to experiment, enbrace failour as a learning opportunity and dont surround yourself with cheerleaders. Have critial friends, who both have your best interests at heart and ideally who have walked in your shoes

One aspect that's often overlooked but essential for entrepreneurial success is the power of networking and building meaningful connections. Engaging with fellow entrepreneurs, industry experts, mentors, and potential customers can provide valuable insights, support, and opportunities for collaboration. Whether it's attending networking events, joining industry groups, or leveraging online platforms, cultivating a strong network can open doors to new partnerships, valuable advice, and even potential investors. Building and nurturing these relationships can be instrumental in overcoming challenges, seizing opportunities, and ultimately, achieving long-term success in your entrepreneurial journey.

From the Author of the Book, “What Not To Do in Entrepreneurship”. First you must ask the question is my product or service addressing an existing problem or is it a solution looking for a PROBLEM. Pivoting is just a fancy word for misalignment of your offering with the market place. Only a committed and knowledgeable customer can help solve this Dilemma. Then see how big is the market if you aligned your offering with the market place. If this is a relevant size then .. 1. See the uniqueness your modified offering delivers to an established or a confused market solution 2. Ensure you have the resources of team and money to fix it 3. Lay out a Path of Least Addressable Resistance (PoLAR) to sell / market your product .