Pivoting a Failing Product: How to Save Your Sinking Ship?

Introduction

Every entrepreneur dreams of creating a successful product that changes the world. But the reality is, most products fail. The failure rate for new businesses is estimated to be between 70% and 90%.

There are many reasons why products fail. Sometimes, the market simply isn't there. Other times, the product is not well-differentiated from the competition. And still other times, the product is simply not executed well.

No matter the reason for failure, it can be a devastating experience for entrepreneurs. It can be tempting to give up and move on to the next idea. But before you do, it's important to consider pivoting your product.

Pivoting is a strategic change in the direction of a product or business. It can involve changing the target market, the product features, or the marketing strategy. Pivoting is not always easy, but it can be a way to save a failing product and give it a second chance at success.

How to Pivot a Failing Product?

There are a few key steps involved in pivoting a failing product.

1. Do a post-mortem. The first step is to understand why your product is failing. This involves gathering data on your sales, marketing, and customer feedback. Once you have a good understanding of the problem, you can start to brainstorm solutions.
2. Choose a pivot strategy. There are many different ways to pivot a product. The best strategy for you will depend on the specific reasons for your product's failure. Some common pivot strategies include: Changing the target market's new features Changing pricing repositioning the product Changing the marketing strategy.
3. Experiment and iterate. Once you have chosen a pivot strategy, it's important to experiment and iterate. This means testing different ideas and seeing what works best. Don't be afraid to fail a few times. Failure is a part of the learning process.
4. Be patient. Pivoting a product takes time and effort. Don't expect to see results overnight. Be patient and persistent, and you will eventually find a way to turn your failing product around.

How Pivoting Can Transform Your E-commerce or Customer-Centric Business?

Pivoting can be a powerful tool for transforming your e-commerce or customer-centric business. By pivoting, you can:

• Reach a new target market
• Expand your product offerings
• Improve your customer experience
• Stay ahead of the competition

Pivoting can be a daunting task, but it is essential for any business that wants to succeed in the long run. If you are facing a failing product, don't give up. Pivoting can give you a second chance at success.

How Cracode Can Help You Pivot Your Sinking Ship?

Cracode is a product development agency that helps businesses pivot their failing products. We have a proven track record of success, and we can help you every step of the way.

Our team of experts will work with you to understand the reasons for your product's failure. We will then develop a pivot strategy that is tailored to your specific needs. We will also help you test and iterate your product until you find a winning formula.

If you are ready to pivot your sinking ship, contact Cracode today. We can help you save your product and give it a second chance at success.

Conclusion

Pivoting is a powerful tool that can help you save a failing product. By following the steps outlined in this article, you can increase your chances of success. If you are facing a failing product, don't give up. Pivoting can give you a second chance at success.

Here are some additional tips for pivoting a failing product:

• Be open to feedback from your customers.
• Be willing to change your mind.
• Don't be afraid to experiment.
• Be patient and persistent.

Pivoting is not always easy, but it can be a rewarding experience. By following these tips, you can increase your chances of success.