When it comes to marketing, closed-loop solutions form the part of marketing that relies heavily on data and insights. When it comes to excelling with their marketing tactics, many businesses and marketers turn to closed-loop marketing (CLM). This form of marketing helps brands better connect with customers and helps build a brand reputation to drive sales.
Closed-loop marketing (CLM) is dependent entirely on customer data. This form of marketing is entirely dependent upon customers' information and seeks to understand the customer facts first before it aims to provide them with any information to the market.
Closed-loop marketing starts with sales teams who analyze customer behavior and trends first. For instance, if a post about a company's history on Facebook resulted in driving 20% of the customers who viewed the page to purchase on their eCommerce platform, then the marketing team must try to publish similar content.
This is a holistic approach to the marketing funnel wherein the marketing & sales are connected and this allows them to determine and extract the ROI of every marketing action.
A closed-loop marketing strategy starts with the sales teams. Once the customers' behavioral insights are analyzed, & collected, the purchasing actions are determined. This marketing strategy starts with gathering accurate data, the marketers must use relevant tools to make their closed-loop marketing strategy successful.
Some of the tools that the marketers must consider investing in include:
For those still relying on antiquated marketing techniques, switching on to closed-loop marketing can help to increase the number of conversations, build stronger relationships with customers, and to achieve an effective connection between your sales team and the marketing department.
A study published by working planet revealed that the implementation of a CLM strategy optimizes the client conversion rate by 36% and decreased ad spend as a percentage of revenue by 34%.
As the post rightly reveals, closed-loop marketing is a holistic marketing funnel where marketing and sales data are connected, which allows the marketers to determine the exact ROI of each marketing action.
Because of closed-loop marketing, it is now simple for marketers to connect their marketing and sales data, and this allows them to calculate the exact ROI of every marketing action of theirs and keep a track record of every dollar spent. In most businesses, sales and marketing teams are disconnected. Marketing and sales teams have the same end goal of generating sales and revenue. With the proper implementation of closed-loop marketing, your marketing team can double down on traffic sources that bring a lot of unqualified and time-wasting leads that just never convert.
With Valasys Media, being among the top-rated marketing and advertising firms across the globe, we implement closed-loop marketing in a way that allows the marketing teams to see which of their activities have resulted in sales. We provide marketing teams with enough data to execute the targeted marketing campaigns and to generate sales, not just leads. Some of our data-driven services include Lead Management, Data Solutions, Sales Pipeline Management, and Business Intelligence Solutions.
Contact us to design perennially healthy sales pipelines.