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Big Creek Growth Company Edition #4 ✌️✌️
Big Creek Growth Company
August 30, 2024
Making a Pivot in Your Business
I frequently have a business podcast or audiobook playing while I’m running or walking my dog. The last few weeks I’ve stumbled upon several statements about pivoting that I’ve found intriguing. Pivots are needed in business far more than they happen. There are several reasons for this, but actually pivoting is equally difficult when compared to making that choice.
Making a pivot in your business can be a crucial step in achieving success. If you’re struggling to gain traction, facing significant market shifts or receiving customer feedback that’s not aligning with your current offerings, it may be time to reassess your strategy and/or offerings. As I mentioned, deciding on a pivot is never easy. Here are a few reasons why you should consider a pivot.
Lack of Traction 🚜
Despite your best efforts, you’re not gaining the momentum you expected. This could be measured by slow user acquisition, low sales, or small revenue growth.
Market Changes 📉
The market or industry has shifted, making your original business model less relevant or competitive.
Customer Feedback 🗣️
You’re receiving consistent feedback from customers that your product or serice isn’t meeting their needs or expectations. This is a reason why I feel talking to your customers is such a big deal!
Financial Constraints 💸
You’re running low on funds and the current business model isn’t generating enough revenue to sustain the company.
Competitor Analysis 📊
You’ve noticed competitors making significant gains by pivoting or adjusting their strategy. This is a reason why knowing you competition can be a huge benefit.
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Startup Story
Ever paid for rental car insurance when you really didn’t have to? Or maybe you needed it, but thought about not purchasing it because the price was too high? Or maybe, like the CEO, you rent a car when you need to go somewhere and don’t own one? If this is you, I’m super excited to introduce Bonzah to you!
If you’re anything like me, you’re always on the lookout for innovative solutions that disrupt traditional industries. That's why I’m excited to share the story of Bonzah, a company that's revolutionizing the car rental insurance market. By offering affordable and convenient protection alternatives to rental companies' exorbitant rates, Bonzah is empowering travelers to take control of their insurance needs.
The idea for Bonzah was born out of frustration with the status quo. The CEO, who hasn't owned a car since 2008, was tired of being forced to pay up to $40 a day for insurance every time he rented a car. So, he decided to do something about it. Since 2010, Bonzah has sold thousands of policies to like-minded travelers, streamlining the rental process and saving customers a significant amount of money.
Bonzah's success is a testament to the power of identifying a genuine need in the market and creating a solution that truly resonates with customers. By leveraging technology and innovative thinking, Bonzah has carved out a unique niche in the travel insurance space. As founders, we can learn from Bonzah's example and strive to create our own "Bonzah Moments" - those moments of brilliance and innovation that leave a lasting impact on our customers and industries.
Learn more at Bonzah’s blog!