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What's the most impactful pivot you've made in your startup?
Hey everyone đ
I've been running an online learning platform in Denmark with some co-founders for the past two years. We've grown to over 3,000 students and 200 content creators, and we've sold almost $100,000 in content. Despite these numbers, we're still barely breaking even.
We're bootstrapping everything without any VC backing, and I've realized that our transaction-based model needs significant cash flow to be truly effectiveâsomething we currently don't have. So, we recently decided to pivot to a subscription-based model, charging content creators to sell their content on our platform. Students will still only pay for the content they want, with no extra fees.
This change has already started to show promise, allowing us to build more revenue to reinvest in the business.
I'm curiousâwhat was the game-changing moment in your business? Looking forward to hearing your experiences!
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Sree
Making a pivot like that is truly challenging. I've seen many startups fail after changing their pricing model in this way. I'm glad to hear it worked out for you!
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@sreenington We have yet to see if it actually works, since we effectively started our business from scratch (by whiping the old model and using subscriptions instead).
BUT we know our customers is paying more for less, so we have a good idea about why it will work!
@elaineluyi i get this shift, it makes sense. I also always hear âthere is more money in B2Bâ.
Was this why you shifted?
@elaineluyi Nice! What product were you working on that allowed you to shift from B2C to B2B?
You wouldn't believe but I did 2 pivots with my product, Selftalk.ing. I even wrote about it here - https://www.thevediwho.me/blog/b...
@vaibhavdwivedi I really like the retrospective part!
This post is super usefull for other people đđȘ
One of the most impactful pivots we made was transitioning to a subscription-based model, which allowed us to increase revenue and reinvest in our business.
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For me it was positioning and in general we changed a lot in the product that it can no longer be called notes.
My most impactful turnaround has been the ability to recognize and adapt to needs. For example, shifting the focus from product-centric to customer-centric can significantly improve customer satisfaction and retention. This involves understanding customer pain points, needs and preferences and designing or modifying products/services accordingly. Such a shift can improve market adaptability and drive business growth.
@jackeye This is also our primary superpowers.
We changed our business model 3-4 times over the past 2 years, every time we saw a chance to improve our offering.
Same goes for features, we only develop what the users ask for, this makes everybody love us because âwe are just what they needâ đŹ
Ah, the classic pivot dance! Switching from transactional to subscription-basedâsounds like your startup is doing the revenue cha-cha now! Have you strapped on your dancing shoes for this new model?