The Power of Closed Loop Marketing
If you have a desire to grow your business by attracting more customers and spending LESS time and money to do so, than I strongly suggest you explore closed loop marketing.
Closed loop marketing is a form of marketing that is dependent on closed loop reporting. Closed loop reporting is a powerful tool to allow you to more effectively and efficiently move visitors through the buyers journey to purchase.
The idea of ‘closing the loop’ is simply referring to connecting the information from Sales and the analytics from Marketing to determine the steps an individual took from the very first interaction with your brand until they became a customer. Typically this type of communication would require a software that connects your customer relationship management (CRM) tool to your marketing analytics.
The data gleaned from this type of reporting will help you significantly increase the effectiveness of your marketing efforts. While successfully tracking ROI of marketing efforts is something most marketers struggle with, those who have a document strategy find themselves to be more successful.
So when it boils down to it, what are the benefits of closed loop marketing?
Focus on the channels that convert
If you’re tracking which channels and offers are not only driving the most traffic, but also driving the most customers, you’re golden! Understanding your conversion rates by channel and offer will help you determine where your business should be spending your time and money. If you know a certain piece of content outperforms another, you can use this informaiton to structure your lead nurturing and future campaigns to include the CTA for that content over a competing piece. If you uncover that your email contacts are converting at a higher rate than your social media contacts, than you can adjust your approach to ensure you’re nurturing your social media contacts with email marketing.
Gain insights about your target audience & shorten your sales cycle
By monitoring the activity of your contacts and customers with closed loop reporting, you are able to glean important information about the behavior of your target audience. This information can guide future decisions about how to address this audience’s challenges and effectively craft your lead nurturing campaigns. In addition, with this data you will begin to recognize trends in activity and behavior that will allow you to more quickly and seamlessly move leads through to purchase. For example, if you begin to notice that a segment of customers enters your database through a specific offer and then returns to your site a week or so later to view your pricing information, you can update your approach to ensure you’re proactively sending this segment pricing information in a follow up lead nurturing sequence a few days after they download your content offer.
Set realistic goals
Now that you have a better understanding of your visitor-to-lead and lead-to-customer conversion rates, you can set realistic goals and expectations for your team each month.