Closed-Loop Reports and Why You Need Them
The easiest way to succeed as a business in 2019 is to acquire valuable customers at a low cost. That’s much easier said than done without much market research and testing however.
So is there a solution to the problem of throwing marketing money at a varied and diverse market without seeing much return? If your marketing team isn’t using Closed-Loop Reports to solve this problem yet, now is the time.
What is a Closed-Loop Report?
A closed-loop report uses the analytics gathered through your bespoke CRM and marketing tools to improve your marketing strategy – that’s the simple way of putting it.
Closed-loop reporting takes a holistic view of your audience acquisition, not just looking at conversions but also initial lead generation, interaction and time fame, to name a few factors. By taking a deep dive in to analytics with a closed-loop report, you marketing team can follow each acquisition right down to which marketing material or tool got them on board in the first place.
Your marketing team can make use of closed-loop reports to see which of your marketing efforts is leading to the best ROI. By compiling all your marketing materials in to one place with CRM integration, including social media tools, e-mail marketing, SEO data, blogs, your website and more, your marketing team will have the tools to compare each campaign and see what’s working.
Ultimately, a closed-loop report boils down to three major points:
- Ad campaigns – using your bespoke CRM’s marketing integration, to consolidate all your ad data across all platforms to get a holistic view of ad performance.
- Conversions – track conversion data back to ad campaigns. Analyse how people are finding you, whether that’s through ads or manual searching (and if it’s the latter, what are they searching for – this will inform your SEO strategy).
- ROI – are your paid campaigns bringing in more value than you’re spending on them? Measure the impact of your campaigns on your business.
From the final step, the “loop” of your closed-loop report closes, feeding the data from conversions and ROI in to your next ad campaigns.
So what does the data tell you, and ultimately, why do you and your marketing team need to be using closed-loop repots to inform your marketing?
Focus On What Matters
See which marketing tools are working, and which audience demographics are giving the best ROI. Rather than guessing at what’s working for your business, the data you gather will tell you for certain and you can focus your marketing efforts accordingly.
Help Set Your Goals
Don’t just set arbitrary numbers as your goals, like “generate X leads” or “gain X social media followers”. Instead you can use your marketing data to figure out realistic and appropriate targets that actually lead to conversions.
Save Money per Lead
Because you know what works best with your marketing, you can put your money where your leads are. No more throwing money at vague statistics. You can spend less money by targeting the people you know will convert.
Convert Leads Faster
Closed-loop reports will help your figure out which interactions in your sales funnel are pivotal in converting a lead. Minimize distractions and focus conversations into conversions.
Get to Know Your Audience
Ultimately you’ll learn more about who is interested in your product/service. By verifying who your audience is with closed-loop reporting, you can focus more on what converts them.
Using closed-loop reports will ultimately help you figure out who your audience is, how to attract more people, where they’re coming from and finally how to convert leads in to sales. Integrating your marketing tools with your bespoke CRM will help you keep everything in one place and make your reports building process much more streamlined.