By Carly Ries
Before we get into the reasons why inbound marketing is important for your sales and marketing teams, we first need to answer the question, "what the heck is closed loop marketing?" In a nutshell, closed loop marketing tracks marketing channels from the time a visitor lands on your site to the time your sales team closes a new customer. Technology these days allows you to integrate your marketing software with your CRM system and see which marketing channels are working and which aren’t. Because of this, you can strategize for better results and hotter leads for your sales team in the future.
Closed loop marketing works for organizations of all sizes and complexities. Below are six reasons why it is so important for both your sales and marketing teams.
It Gets the Sales and Marketing Teams on the Same Page
Let's face it, your sales and marketing teams aren't always on the same page (it's OK, you can admit it). By creating a holistic approach to the sales and marketing process, it allows both teams to better allign their goals and work towards the same outcomes. This type of marketing and reporting pushes teams to focus on the channels and campaigns that matter the most. Due to the analytics your teams will be reviewing, all results are objective, rather than subjective, making it difficult to take sides and instead, move forward based off the facts.
It Minimizes Costs Per Lead
When you know which of your campaigns are closing the majority of your sales, you can stop wasting your time with other marketing channels and focus solely on what's working. This in turn lowers your cost per lead. I think we can all agree that the sales and marketing VPs would be very happy about that.
It Shortens the Sales Cycle
By knowing what type of content your visitors and leads are looking for, you can trim the fat in your lead nurturing plans and provide smarter communication, which will allow leads to convert into customers faster.
It Improves Customer Experience
If the customer isn't happy, nobody is happy. By having a holistic view of your marketing and sales efforts, you are able to see where leads are dropping off and can improve in those areas. You can see which content leads to sales, and which does not. Closed loop marketing allows you to remove or strengthen your weaknesses, providing a better customer experience from both the marketing and sales teams.
It Improves ROI Analysis
Did you know less than half the marketers in the world today have a holistic view of their marketing campaigns? It's true! Because of this gamble, many CEOs believe marketing is a waste of time and money, which it absolutely is not if you're using closed loop marketing. This type of marketing shows your boss that the strategies you are developong and implementing are based off facts and analytics, not assumptions. You are able to directly point out to where your leads and customers are coming from and optimize on those campaigns and channels. By focusing on the components that work, you'll be able to increase your ROI. The more you pay attention to the results and the reasons behind them, the better you'll be able to strategize moving forward.
It Allows You to Learn More about Your Buyer Personas
If you don't know what buyer personas are and are planning on implementing closed loop marketing, it's time you learn! Simply put, a buyer persona is a semi-fictional representation of your ideal customer, and to ensure your marketing efforts are on track, it is imperative you understand who these people are. Closed loop marketing allows you to gain valuable insights about your leads because of your comprehensive view of your campaigns.
Sounds pretty great, right? We think so, and believe us, we're far from alone. Have you implemented closed loop marketing within your organization? In what other ways is it important to your sales and marketing teams?