Closing the loop in business means the sharing of lead insights between sales and marketing. It promotes collaboration between the two parties via CRM systems and automated reporting. Gathering closed-loop insights that are useful is the first step in the process and that can be tricky, especially when numerous leads are arriving from multiple sources.
Without closed-loop data and reporting, budget decisions could be made based on inaccuracies and that’s a waste of resources.
Forbes contributor Kimberley A. Whitler discovered that companies in China – which relies on mobile technology more than the West – have nudged closed-loop marketing up a level by mastering consumer insights beyond the standard criteria. They have done this by focusing on first-party data which, “enables companies to understand actual behavio[u]r.”
The best ways to use this data for the benefit of both ends of the funnel is to take a page from their book and concentrate on ways to produce more customer behavioural data.
Tracking tags are highly useful when you know where to put them, closed-loop data can provide much-needed clarity. If a social media source is providing the most qualified leads then amping up the tracking of consumer activity within that forum is useful. Discover, what content is really working.
Closed-loop data is detailed enough that it also can capture real-time shifts in behaviour, including changes in pain points. Customer pain and need are often synonymous, pinpoint their frustrations by paying attention to what they’re asking, clicking, reading and downloading the most.
Additionally, the data can reveal insights that may fight against existing personas and open up an entirely new revenue stream.
We all know that a thorough use of buyer personas is essential to audience targeting. Data with both sales and marketing input can create personas that include the most current challenges they face.
Closing the loop is a process every commercial and marketing team should be utilising, it’s about using the data the right way and fuelling existing systems with the best there is.