How Will Closed Loop Reporting Benefit My Business?
Business people discussing charts and graphs hanging in office
Being one of the important instruments used in inbound marketing, it is essential to know the closed loop reporting benefit. If you’re wondering as to what is involved in this type of reporting, it is basically the means of closing the gap that exists between your sales and marketing teams. While on the surface, the two teams may appear to be working on the same things, there are times when their goals will overlap and times when they will diverge.
Know the Closed Loop Reporting Benefit!
Our marketers at Enfusen know how to bridge those gaps and communicate effectively with their sales team. This is when there is established communication channels between the two teams so that the business is better able to understand the effectiveness of their marketing campaign.
Improve Your Marketing Strategy
One of the most obvious benefits of this type of reporting is a heightened awareness of your business’ performance and the effectiveness of your marketing strategies. When you can fully understand how your leads are generated and how they are being turned into sales, you’re in a better position to fine-tune your marketing efforts.
By being able to identify which methods are working well and which ones need improvement, you’re able to eliminate the strategies that put a drain on your marketing budget and boost up those that have been proven to be effective.
Understand Your Costs Per Lead
With the closed loop, you can cut down on your sales cycle, which can save your company both time and money. By identifying and eliminating the strategies that are low producers, you reduce or get rid of those that are simply costing your company money without providing any returns. And by effectively communicating with your sales team, you’ll be able to better identify which target markets you’re reaching and which ones you’re not.
Clearly, by using this strategy, you’ll be better equipped to build up stronger customer relationships. With the sales team tracking the actions of leads to your site, you can find out more about your customers’ interests. With the information you have, you can build up a customer’s persona with a full background story and use it to provide more attractive methods to your marketing strategies. When you know about their individual interests, you’ll know exactly how to appeal to them to make sure that your relationship stays solid.
