In this video & article, we are going to explain exactly what Closed Loop Marketing is and why closed loop marketing is important to your company.
Let’s start at the beginning with a closed loop marketing definition.
This marketing strategy relies on data and insights from closed-loop reporting. “Closing the loop” just means that sales teams report to marketing about what happened to the leads they got from marketing, so everyone is on the same page.
Why is closed-loop marketing important for your company?
No more guessing! That’s right, guessing at your business strategy is always a losing proposition.
Closed-loop marketing helps you focus on the channels and campaigns that matter most. Plus it minimizes the cost-per-lead. When you know what channels and campaigns close the most sales, you can stop wasting efforts on those that don’t. BOOM… Cost savings! There are more reasons… but those alone make it clear that closing the loop is good for business.
How Can Your Company Use Closed Loop Marketing?
Basically, you just need good communication between sales and marketing. Have someone take ownership of the process. Of course, there are closed-loop marketing software solutions, too.
Connect your teams and efforts with tools that bring marketing, CRM, social media, email and everything else together. That might be HubSpot, Marketo, Salesforce… there are more than 7-thousand marketing tech solutions out there.
Yep, you heard right, seven-thousand!
Are you ready for the knowledge bombs? Buckle up, here are three ways closed-loop marketing can impact your business.
Lock Your Buyer Personas In With Closed Loop Marketing!
You can use closed-loop marketing to make sure your buyer personas are locked in. The insights you gain from closing your loop between marketing and sales will give you the most comprehensive view of your leads and customers.
Most companies assume they know their audience. With closed-loop marketing, you’ll really know them by dashing assumptions and using data!
Shorten Your Sales Cycle With Closed Loop Marketing!
You can use closed-loop marketing to shorten the sales cycle. Identify the pivotal touch points along your buyer’s journey.
Lean into those, improve them, put resources like automation into play and help shorten the sales cycle.You’ll remove the noise that may distract or slow down the funnel.
See Tangible Results With Closed Loop Marketing!
Leadership will see tangible results of marketing efforts. This new way helps to see how marketing’s efforts truly impact the company because it shows which channels help make the most profit.
Now that you know what closed loop marketing is and why closed loop marketing is important, make sure you are implementing it for your company’s growth success.
Make sure you're being happy and helpful, human along the way and, we will see you on the next What Is article!