Click here for the video: http://www.academybridge.org/videogallery/lean-startup-pivot/
A pivot is a change in strategy without a change in vision.
10 Pivot Options
Zoom-In: A single feature in a product (service) becomes the whole product, thus highlighting the value of “focus” and “minimum viable product” (MVP), which can be delivered quickly and efficiently.
Zoom-Out: What was considered the whole product becomes a single feature of a much larger product.
Customer Segment: The product is positioned for a more appreciative segment, and optimized for that segment.
Customer Need: When the problem solved is not very important, repositioning (or a new product) is required to find a problem worth solving.
Platform: Iterating from an application to a platform (or vice versa) because most customers buy solutions, not platforms.
Architecture: Focusing on one of two business architectures: high margin-low volume (complex systems), or low margin-high volume (volume operations). You can’t do both at the same time.
Value Capture: The “free” model doesn’t capture much value, therefore many startups require a monetization model (revenue model) to capture value. This choise can have far-reaching consequences for the business, product, or marketing strategy.
Engine of Growth: Startups must select one of three growth engines: viral, sticky, or paid growth. Selecting the right model can dramatically affect the speed and profitability of growth.
Channel: Channel pivots require unique pricing, features, and competitive positioning adjustments.This impacts how a startup effectively delivers it product to customers (sales channel or distribution channel).
Technology: The technology pivot can provide superior price and/or performance and improve the startup competitive posture (same solution provided but with a completely different technology.
“The only way to win is to learn faster than anyone else.” - Eric Ries
Watch Eric Ries (The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses) describe the different pivot options:
Lean Startup 10 Pivot Choices