This closed loop reporting guide is for anyone who wants to improve their sales this year.
Closed Loop Reporting Guide
We’re seeing a trend where businesses are adapting new ways of marketing their products and service to beat the competition. Marketing is now geared towards understanding the consumer’s wants and behavior, and this is where closed loop reporting is coming in. It mainly depends on crucial data and insights, to create and successfully sell products to consumers.
Ideally, this type of reporting focuses on gathering key information from your leads, then reporting it to the marketing team so they can work on it accordingly. This information is also used by your marketing team to establish what’s the best and worst lead sources. It closes the loop that exists between marketing and sales, hence the phrase ”closed loop”.
Concentrating on the Source
It initially begins by paying attention to the things that attract leads, prospects or buyers to the business. In doing this, the marketing team is able to identify which source converts to the highest number of quality leads and which one doesn’t. Once this source is identified, the people responsible will focus on those channels, with the intent of engaging those quality leads so they can move up the sales funnel.
As we speak, there are various tools in the market geared towards helping the marketing department gauge the different sales channels and their acquisition rate. It’s true that you may be attracting lots of quality leads in your social media page while your email marketing is lagging behind.
With a good reporting tool, you’ll be able to identify which channels are performing well so that you can optimize them to perform even better. Then you can also work on the channels that don’t perform to make them better too.
The same reporting tools will help you identify the kind of offers that bring in the most traffic. And by doing so, you are able to get useful insights into the type of information or product your audience is interested in. Once you get hold of the secret, it’s time to create campaigns around these topics so you can boost traffic. You can even edit existing content in a way that it relates to offers that bring in more traffic.
Time to Analyze and Plan for Success
When you’re creating new marketing materials, you don’t want to provide room for mistakes, because marketing is costly anyway. You want to eliminate chances of errors occurring, and you also want to be sure of the direction your future campaigns will take. In other words, you want a plan that is based on consumer insights and not guesswork.
This calls for facts and statistics that are in light with your consumer’s needs. Then you can base your campaigns around them. Closed-loop reporting will collect this information for you. Then you’ll gather this crucial data and present it to your team. Together, you can draft a well-laid out plan that will help you move forward.
Maybe your social media has a high lead to customer rate than your email marketing efforts. No problem — with the reporting you gather from this technique, you and your team can now plan for a strategy that will help you step up your email marketing efforts in a way that improves conversion rates. Working with numbers simply let you know the loopholes existing in areas you didn’t know they could exist.
And the best thing about closed-loop reporting is that it gives you the chance to know how the future will look like. You will be able to examine both past and present conversion rates. This will help you look into patterns that occur with your leads so you can come up with an effective campaign in the future. With these tools, you are essentially directing your business in the right path.
The Relationship Between Closed-loop Reporting and Your Audience
Basically, you are watching what your audience is doing with content. You want to see their behaviors and also try to understand why they are behaving so. Then you want to concentrate on topics that bring results only.
It is upon this principle that inbound marketing was developed. It focuses on understanding the customer’s persona. In fact, in this marketing technique, people always target their buyers first, before identifying challenges they may face and how they may solve the need of the customer in question.
However, as time go by, the consumer’s persona might change. Consequently, this presents a new set of challenges to deal with. This calls for re-visiting their persona — which can be a big waste of opportunity in this competitive business arena. That’s the reason why closed-loop reporting technique was developed — to offer insights into these changes over time.
You might even take a look into the history of your prospects. You’ll be surprised that they’ve changed their behaviors in a way that poses a great challenge for you. You want to understand what kind of blog posts they are interested in, what whitepapers they are downloading and so forth.
Another aspect of closed-loop reporting is that it lets you closely monitor the behavior of a prospect, up to the point in which they purchase. Consequently, this information helps you to improve your lead-nurturing tactics so you can even win more sales. You should even decide that your sales team is not doing enough in certain areas, so they can improve in those areas too.
So our main goal is to leverage closed-loop reporting and data so we are able to effectively use it to improve sales. Practically, no business can do without this kind of data reporting. It’s as crucial for a business as the oxygen we breath. Therefore, implement this closed loop reporting and reap the benefits.