B2B Articles - June 27, 2016
Business decision makers have to keep an eye on the bottom line. With marketing and sales so essential to revenue generation, closed loop marketing represents one way to effectively impact B2B marketing and sales ROI.
Above: A depiction of the bi-direction information and insights feedback loop that can exist between marketing and sales to drive more effective efforts.
Before going into greater detail about a closed loop relationship’s advantages. Let’s first answer the question: what is closed loop marketing?
This approach typically involves four steps based on employing closed loop analytics in connection with website traffic and activity:
Close the loop by analyzing which marketing channels contribute the most sales qualified leads and sales opportunities. This will be easier when your customer relationship management (CRM) software speaks to your marketing software. (We use Hubspot for this.) Use the insights drawn from this data to optimize other marketing channels. Then, continue to analyze progress and keep an eye out for trends as email, social media or referrals may all crest and fall at different points.
It’s easy to accept that closed loop reporting can help marketing prove its efficacy. However, the benefits extend beyond that department alone.
Closed loop marketing also:
Cuts cost per lead by:
Not to mention that closed loop marketing improves the customer experience as well. After all, they are now being met throughout the process with more targeted information that has been continually honed to accurately address where leads are in the buyer’s journey. Additionally, the sales team can use lead acquisition data and lead browsing data to inform their sales pitch strategy and sales nurturing efforts.
Data insights are the new currency of business. A business that cares about outcomes can better harness its data and its sales and marketing resources with closed loop reporting.
Georgieva, M. (2012). Why Every Marketer Needs Closed-Loop Reporting. https://blog.hubspot.com/blog/tabid/6307/bid/32019/Why-Every-Marketer-Needs-Closed-Loop-Reporting.aspx#sm.00012g66czam8e61x1p1jlvdtvz6t
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