Description
The purpose of a Pivot or Persevere Framework is to help determine how you will potentially adjust your marketing program based on performance results at a specific time. The pivot concept was popularized by Eric Reis in his book The Lean Startup. Pivoting refers to a course correction designed to test a new fundamental hypothesis about a product. The concept can also be applied to large and long-term marketing programs where marketers have the opportunity to make adjustments. The framework is based on the scientific method of hypothesis testing, and it helps marketing teams to bring more structure and data to decision making. This framework is designed for the Pivot or Persevere Meeting, it assumes that you have identified your hypothesis and targets first.
Question
Do we need to adjust our approach based on the results we are seeing?
Steps
Identify the hypotheses that underpin your marketing strategy. These are the assumptions that you are making that are reflected in your plans and expected results. What do you expect to happen?
Determine how you will test your hypotheses and collect the necessary performance data or feedback as part of your marketing program. How will you test and measure if your hypotheses are correct?
Identify the date or milestone that you will use to schedule or trigger your Pivot or Persevere Meeting. Determine the specific targets or feedback you will use at this point to evaluate performance.
During your Pivot or Persevere meeting, review your original hypothesis and targets compared to the actual results. Discuss your learnings and decide if you will adjust (Pivot) or stay the course (Persevere).
If you plan to Pivot, capture the actions that you will take to adjust the marketing program. These actions may include pausing or stopping the program, or changing direction based on a revised hypothesis.
Considerations
Make sure you schedule your meetings far enough out so that you have statistically significant results
Only use this approach for marketing programs where you have enough time and resources to make adjustments
Make sure that your team is committed to the results and the process, even if original hypotheses are not supported.