Here's how you can navigate the decision to pivot or expand your marketing business.

1 Assess Needs

To determine whether to pivot or expand your marketing business, start by assessing your current market needs. Look at your audience demographics, their purchasing behaviors, and feedback. Are they responding to your current offerings, or is there a gap that a pivot could fill? Perhaps the market is saturated, and expansion into new areas or offerings could capitalize on unmet demands. This assessment will help you understand where your business stands and what opportunities or challenges lie ahead.

2 Analyze Data

Data analysis is crucial in guiding your decision to pivot or expand. Dive into your marketing metrics to evaluate the performance of your campaigns. Look at engagement rates, conversion statistics, and customer acquisition costs. If certain strategies or channels are underperforming, it might be time to pivot and try new approaches. Conversely, if data shows a strong performance in a particular area, it could indicate an opportunity for expansion.

3 Consider Resources

Your available resources play a significant role in deciding whether to pivot or expand. Take stock of your financial resources, human capital, and technological assets. Pivoting might require less investment but could mean redirecting resources from proven strategies. Expansion often demands more capital and manpower but can lead to greater market share. Ensure that your resource allocation aligns with your strategic goals and capabilities.

4 Risk Evaluation

Evaluating risks is a step you cannot afford to overlook. Pivoting entails changing your business direction, which can be risky if not executed properly. It might alienate existing customers or fail to attract new ones. Expansion also carries risks, such as overextending your business or diluting your brand. Carefully consider the potential downsides of each option and develop contingency plans to mitigate these risks.

5 Growth Strategy

If you decide to expand, it's imperative to outline a clear growth strategy. Identify new markets or customer segments you aim to reach. Determine whether you'll introduce new products or services and how you'll differentiate them from competitors. Expansion should be methodical and sustainable, with milestones to gauge progress. A well-thought-out growth strategy will serve as a roadmap for your business's development.

6 Pivoting Plan

For those opting to pivot, creating a comprehensive pivoting plan is essential. This plan should detail the new marketing direction and how it will address the needs of your target audience. It must outline the steps for rebranding, if necessary, and how you'll communicate the change to your customers. A successful pivot requires careful planning to ensure a smooth transition and to maintain customer trust and loyalty.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?