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The benefits of Closed-Loop Reporting

By Margot Meert

The benefits of Closed-Loop Reporting

In today’s fast-paced business world, staying ahead of the competition is critical. That’s why savvy businesses are turning to closed-loop reporting systems to help them maximize their resources and achieve their goals. With a closed-loop reporting system, you can track your progress, identify areas for improvement, and make data-driven decisions that keep you ahead of the curve. Whether you’re looking to increase sales, improve customer satisfaction, or streamline your operations, a closed-loop reporting system can help you get there. 

First things first, “what is closed-loop reporting”? 

Think of closed-loop reporting as a secret weapon for companies looking to enhance collaboration between marketing and sales! By exchanging data and insights, they can make informed decisions and optimize their resources. The ultimate aim is to bridge the gap between marketing-qualified leads (MQLs) and sales-qualified leads (SQLs), generating leads that actually result in sales. With closed-loop reporting, you get clear and concise ROI contributions, providing both marketing and sales teams with valuable knowledge about what works and what doesn’t. It’s like having an extra pair of eyes that ensures you’re getting the maximum value out of your marketing and sales efforts! 

The benefits of closed-loop reporting 

MQLs and SQL’s; close that gap! 

Bridging the gap between MQLs and SQLs is no easy feat. Luckily, marketers can rely on a powerful tool to get the job done – examining demographic information and customer interactions with the website. By doing so, they can deliver top-notch leads to sales reps, who can then work their magic and close the deal. With this approach, marketers can gain a better understanding of where leads are in the sales cycle and adjust their efforts to guide them towards the bottom of the funnel. Keep ’em moving down! 

Optimize results from the channels that impact your organization the most 

Oh, the power of data! Closed-loop reporting is a game-changer for businesses that want to optimize their marketing efforts. By analyzing the data provided by the sales department, you can easily identify the channels that generate high-quality leads. This valuable information allows you to focus your efforts and allocate your resources towards those channels that produce the most ROI. The result? More conversions and a bigger return on your investment.  

Sharpen the ROI contributions from both the marketing and sales functions 

Closed-loop reporting is the ultimate tag-team between sales and marketing departments. By sharing data and insights throughout the sales funnel, they can create a system that maximizes ROI contributions for both teams. It’s like having a well-oiled machine that delivers optimal results. 

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

Are you tired of wasting time on leads that never go anywhere? Closed-loop rersolves this problem by giving you valuable insight into which leads are the most promising. You can concentrate your efforts on those that are most likely to result in closed deals. With this powerful tool at your disposal, you can efficiently and effectively connect with customers who are the perfect fit for your products or services. Don’t let valuable leads slip through the cracks. 

Acquire better data concerning your specific prospects with closed-loop reporting 

Closed-loop reporting has some serious perks. It gives you a detailed understanding of your prospects and their journey through the sales funnel. This is crucial information that you can use to identify which channels are bringing in the most conversions and which ones need some TLC. You can also see which leads are taking a little longer to convert, and make adjustments to your marketing and sales tactics to keep things moving along smoothly. 

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 visitors browse your website, their cookies act like curious detectives, tracking and gathering valuable data on their every move. With this data, both marketing and sales teams can gain a comprehensive understanding of visitors’ behavior and engagement with your content. This can be incredibly valuable in shaping your approach to converting leads and ultimately closing deals. 

Step 3: The visitor converts into a lead by completing and submitting a lead-capture form

If you want to get the most out of your lead generation efforts, having a landing page where visitors can leave their details is a must! By filling out a form, you can easily link a lead’s referral link to their online behavior. This is critical because without this step, you would be stuck with two separate databases – one with anonymous visitor history and another with lead information. This means that you would never be able to trace leads back to their marketing sources and understand what’s working best. 

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. 

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