Businesses today are always on the hunt for ways to get ahead of the competition and make the most of their resources. A closed-loop reporting system might be the answer! By tracking progress, pinpointing areas for improvement and meeting key company goals, this system can help companies stay on top of their game.
First things first, what is “closed-loop reporting”?
Closed-loop reporting is like having a two-way street between marketing and sales! By sharing data, they can gain insights to help them make better decisions and maximize their budgets. Closing the gap between MQLs and SQLs is the primary goal.
It’s like having an extra set of eyes to ensure they get the most value and create leads that lead to actual sales. With closed-loop reporting, you can get crystalized ROI contributions and give both marketing and sales insight into what works and what doesn’t.
The benefits of closed-loop reporting
MQLs and SQLs; close that gap!
Closing the gap between MQLs and SQLs can be a real challenge. By examining demographic information and customer interactions with the website, marketers can bridge that gap and deliver leads that sales reps can convert. This way, marketers can understand where those leads are in the sales cycle and fine-tune their efforts to send them further down the sales funnel. Way down they go!
Optimize results from the channels that impact your organization the most
The main benefit of closed-loop reporting is that it gives you the power to see which marketing channels are truly delivering the goods. By looking at data from the sales department, you can narrow in on those channels that are consistently producing the best leads. With this insight, you can then redirect your resources to get the most out of your marketing efforts. This results in more conversions and a bigger bang for your buck!
Sharpen the ROI contributions from both the marketing and sales functions
Closed-loop reporting is like having the ultimate sales and marketing dream team. It’s a system in which the two departments can share data and insights throughout the whole sales funnel, so that each team can maximize its ROI contributions!
For example, if the marketing department spends € 100 000 on a campaign that generates 1 000 leads, but the sales department only closes 10 of those leads, the ROI from that marketing campaign is only 1%. However, with closed-loop reporting in place, the sales department provides feedback to the marketing department that only 10% of the leads are qualified. In that case, the marketing department can adjust its criteria for a qualified lead. As a result, the next marketing campaign might only cost € 50 000 and generate 500 leads, of which 50 are qualified. The ROI from that campaign would then be 10%.
Close deals more quickly with customers who fit your company
With closed-loop reporting, you can close deals quickly with customers who are the perfect match for what you have to offer! You’ll know exactly which leads are worth your time and energy. This way you can focus your efforts on those most likely to convert. It’s the perfect way to power up your business and make sure every lead counts.
Acquire better data concerning your specific prospects with closed-loop reporting
One of the perks of closed-loop reporting is that it provides you with an in-depth look at your prospects and their journey through the sales funnel. With this data, you can identify which channels are performing best and which ones could use some improvement.
Plus, you can discover which leads are taking longer to convert so that you can tweak your marketing and sales strategies accordingly.
Closed-loop reporting in reality: a 4 step plan
Step 1: A visitor arrives on your site, and a cookie gets linked to the referral source
The story begins when a visitor arrives on your site from a referral source. A cookie gets set on their browser, which enables you to attribute the lead back to the referral source.
Step 2: The visitor browses your website, and the cookie tracks the visitor’s actions
As the visitor browses your website, the cookie on their browser will act like a detective. It will track their actions and gather all kinds of demographic information. Marketing and sales can then use this information to get a better understanding of the visitor’s behavior on your website and how they interact with your content.
Step 3: The visitor converts into a lead by completing and submitting a lead-capture form
Having a (landing) page where the visitor can leave their details is key! Filling out a form allows you to link the lead’s referral link to their online behavior.
Without this step, you’d be stuck with two separate databases – one with anonymous visitor history and one with lead information. You would never be able to trace leads back to their marketing sources.
Step 4: The lead becomes a customer, and the referral source is credited
Find out what activities bring in the most revenue. Take a deep dive into your sales team’s closed deals and trace them back to their original marketing initiative. With the right setup, it should be easy to uncover which activities are driving the most success.
Interested in learning how closed-loop reporting can help you? Contact us now and we would be happy to answer any questions and help you get started.