When to Pivot Your Marketing Plan: Knowing When to Cut Your Losses

When to Pivot Your Marketing Plan: Knowing When to Cut Your Losses

Getting caught up in a plan or campaign that you and your team poured heart, soul, and budget into is easy. But what happens when it’s not delivering the results you had hoped for? Do you stick with it and hope for the best, or cut your losses and pivot to something new? It’s a tough call to make, but when the going gets tough, the tough get going.

Check Your Objectives:

Let’s revisit the plan and objectives you initially set. Are they still aligned with the budget you’ve allocated? And be honest with yourself – are those objectives achievable within the given timeframe? The world is constantly changing, so look around and see if any industry shifts have impacted your campaign. Once you’ve done your due diligence, you may find that the issue wasn’t with your campaign at all – it just needed a little bit more fuel to stay in flight! It’s crucial to make sure your budget and timeline have enough runway to make your plan and campaign a success.

Define Your KPIs:

Understanding your key performance indicators (KPIs) is like knowing the lay of the land. It’s the map that guides your marketing decisions. These metrics, from lead conversions to website visits to social media engagement, can tell you if your marketing efforts are on track or if it’s time to switch things up. But before you jump ship and make a break for it, give it time to see if your efforts are gaining traction. Marketing is a marathon, not a sprint, and true success takes a little patience. Dive into reports to identify where and how KPIs are being impacted. Check to make sure proper tagging and tracking are installed correctly. Analyzing the performance of your KPIs will help give a clearer picture of what’s to come.

Analyze Conversion Rates:

It’s easy to get sucked into watching website traffic numbers or social media engagement rates, but let’s not forget that the end game is conversions. After all, what’s the point in having a lot of traffic if nobody is sticking around to buy your product or service? So, if you find yourself not seeing the conversion rates you desire, it may be time to reevaluate your strategy. Dive into your attribution reports and see which touchpoints are contributing to conversions. This can help guide you on which channels and budget allocations need to be adjusted to increase your conversion rate.

Stay Open to Feedback:

Your customers hold the keys to your marketing kingdom. How? Well, think about it. They’re the ones receiving your emails, scrolling through your social media feeds, and clicking on your ads. They’re the ones who ultimately decide if your efforts are working or not. It’s not about what you think – it’s about what they think. So, take a step back and listen to their feedback. Does your messaging and content resonate with them? How about the process to convert? Are there too many steps or a poor experience?

Build for the Buyer:

If you’re not seeing the conversions that you were hoping for, it’s time to reassess your approach. Start with the buyer’s journey and the channels that align with each stage of the journey. You need to ask yourself, “Are my channels appropriate for the audience, and how can they help influence conversions?” And let’s talk about messaging and creative for a hot second. Are you appealing to your audience’s needs, wants, and desires? Take a quick audit of your game plan to see if you’re building enough awareness to drive conversions.

Phone a Friend:

Marketing can feel like juggling a million balls at once. Even the most talented marketing teams can be spread thin, wearing too many hats to keep up with the demands of promoting a brand effectively. If you’re feeling stretched thin and don’t have all the resources you need, don’t worry – there’s a solution. Working with a marketing consultant or agency can give your team the support they need to drive conversions and meet your organization’s objectives. Think of it as having an extra set of hands (and a whole lot of expertise) at your disposal to help support you and your team.

As much as we’d all like to see our campaigns take off like a rocket and soar into the stratosphere of success, that’s not always the case. Often, we need to take a step back and reassess before deciding to pivot or pull the plug entirely. It’s important to remember that progress isn’t always immediate; it takes time to build momentum. That being said, there may be areas where you can make adjustments that will help move the needle in the right direction. So, take a deep breath, sit down with your team, and take a pulse of your efforts then take action from there.

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