Closed Loop marketing is one of the most important terminology in marketing space that incorporates the three valuable aspects – marketing, sales and analysis. Almost a century before John Wanamaker spoke “Half the money I spend on advertising is wasted but the trouble is I don’t know which half. Today most online marketers would feel his pain and the irony here is that when most marketer do have the technology that is required to “close the loop” between marketing and revenue, few are actually taking advantage of it.
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What is Closed Loop Marketing?
Closed Loop Marketing is marketing that relies on data and insights from closed loop reporting. “Closing the loop” just means that sales team report to marketing about what has happened to the leads that they received, which in turn helps Marketing to understand the best and worst of their leads.
Setting up Closed Loop Marketing:
The secret behind this is information, concrete focused information that generates qualified leads and passes them onto sales team in the knowledge that a customer has been created. The first stage to implementing closed loop marketing is to perfect company’s inbound marketing strategies.
When inbound marketing is delivering results that means company website is ranked high on search engine and can easily be found. It also means that blogs and social media are utilized to the core and are successful in drawing traffic.
It is also crucial to have website landing pages and call to actions that further motivate the prospect, taking him to the next level of sales cycle. Closed Loop Marketing can track the process and send valuable information to the sales team. This age of intelligence marketing is inspired from internet-way of doing business that in-turn allow marketers to manage budgets more effectively and focus on campaign that produce results.
CLM will track which inquiries are tracking most attention and generating traffic and which landing page offers are capturing customers. Including that information factors including where the customers are coming from and in what numbers, to better plan future marketing campaigns.