Here's how closed-loop reporting for MARKETING & SALES works.
Businesses face many challenges on a daily basis. However, three common challenges—uniting marketing and sales efforts, tracking customer lifecycle stages, and measuring marketing ROI—can all be addressed by implementing closed-loop reporting.
So, what is it and how can it surmount these challenges?
What is closed-loop reporting and how does it work?
Closed-loop reporting is the process by which marketers can tie every single lead, customer, and money spent back to a specific marketing initiative.
How closed-loop reporting unites marketing and sales efforts
Sales and marketing go hand in hand. Without marketing, there are no prospects to whom products or services can be sold. Without sales efforts to convert prospects into customers, marketing endeavors are wasted. Closed-loop reporting shows how one directly affects the other.
For instance, when the marketing team can follow leads as they move through the sales funnel, the information gleaned can be strategy-changing. They can learn the best and worst lead sources (organic search, referrals, social media, etc.), how many customers are which lifecycle stage (visits vs. contacts vs. customers), which pages are capturing the most leads, and more. Without closing the loop, your marketing team will miss out on crucial insights as to whether or not their efforts actually worked.
How closed-loop reporting tracks lifecycle stages of customers
Closed-loop reporting shows how many website visitors have become contacts, how many contacts have developed into leads, and how many leads have converted into customers. With this information, you can engage in email marketing efforts geared towards specific lifecycle stages, build relationships, and more. If you know the typical lifecycle or pattern of your customers, you can optimize communications and strengthen marketing strategies.
How closed-loop reporting measures marketing ROI
Closed-loop reporting links specific sales to specific marketing referrals, showing direct correlations between money spent, the method used, and sales won. By leveraging closed-loop reporting data, you can identify which channels are generating the best results and which are not. This information will help you to determine the best ROI. No more wasting time or money!
In order for closed-loop reporting to work...
In order for closed-loop reporting to work, everything must be tracked - from the first touch through ongoing customer delight. In theory, closed-loop reporting could involve joint sales and marketing team meetings and an a la carte marketing stack, but it is most efficiently and effectively accomplished when all the elements are found in a single SaaS tool like HubSpot. Convenience along with tracking and measurement capabilities are just two reasons why we love using HubSpot. We believe it's the best tool for executing marketing, tracking leads and sales, and generating closed-loop reports.
Learn more about closed-loop reporting
This article merely introduces the concept of closed-loop reporting and how it can be used to unite marketing and sales efforts, track customer lifecycle stages, and measure marketing ROI. To dive in deeper, read the articles below.
- How Closed-Loop Marketing Works by HubSpot
- Why Every Marketer Needs Closed-Loop Reporting by HubSpot
- Closed-Loop Reporting: A Predictor of Successful Customer Journeys by HubSpot
- How Closed-Loop ROI Reporting Works by Pardot
- A Beginner's Guide to Closed-Loop Reporting by Impact Branding & Design
- The Basics of Closed-Loop Reporting by New Breed Unified Marketing & Sales
- Measuring Marketing ROI - How To Get Your Best Return on Investment by Bonifide
If you see the value in closed-loop reporting, but don't have the power in-house to make it happen, we can help! Feel free to contact us to get the conversation started. If you'd like an overall marketing assessment, we can help you with that, too. Simply sign up for our free assessment - no strings attached.