A Few Effective Ways To Use Closed-Loop Data

closed loop data

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.

Via: Forbes

Want To Recover 81% Of Lost Sales Opportunities? We Know How.

There is a giant misconception about calls and customer service. As millennial expectations seep into the commerce environment, more and more brands are relinquishing voice data in favour of clicks, shares, and views.

In fact, “61% of mobile searchers state that click to call is most important in the purchase phase of the shopping process,” states a study by Google. Customers want to talk on the phone.

With this awareness, giants like Facebook are utilising call data more with click-to-call ads on their platforms to push offline sales.
But we know what you’re thinking; what if those calls are missed? Isn’t it more comfortable to rely solely on channels like email which are automated to answer customers?

Nope. New technology has been developed to ensure that missing a call never happens again and allows businesses to lean a bit more on the value of an old friend, the telephone.

Abandonment recovery (AR)

Any customer-facing enterprise knows that communication is vital – especially in a world where most of society is firmly attached to mobile phones – missing a call is akin to losing a chunk of potential revenue. According to Freespee data, 40% of customers abandon during the first 60 seconds of a call. Worse yet, if they aren’t called back within three to four weeks, a potential buyer will never use the service again. That should never happen, particularly in the automotive sphere where margins are high and time is limited. This is where a tool like abandonment recovery comes in.

The benefits of abandonment recovery

Probably the best part of abandonment recovery solutions is the opportunity to recover every lost sales opportunity. Freespee customers have at times seen 81% recovery rates from abandonment messaging.

Integrating this sort of data into the rest of your sales and marketing stack offers pretty cool opportunities too – a Qubit study found that implementing abandonment recovery into a businesses CRM stack creates a 1.1% uplift in RPV (revenue per visitor).

Another positive of AR is the more holistic approach it brings to the brand/vendor/buyer relationship. For example, say an automotive brand isn’t sure of how customers (i.e. leads) are being managed when they leave the website and call the dealerships. A vast majority of a car salesman’s time is spent on the floor interacting with walk-ins, leaving call opportunities vulnerable. Abandonment recovery can ensure that any calls coming in during the dealership’s peak times are not ignored but that the customer is given an opportunity to reschedule the call at another time. With this process, the customer’s expectations of the brand and the dealership are managed and their experience is not broken. Both the vendor and brand can breathe a sigh of relief knowing that a vital buyer connection isn’t lost.

Freespee’s ACR – how does it work?

Obviously, we’re huge fans of abandonment recovery as we see its benefits amongst so many of our customers. That’s why we’re super happy to announce the latest update to the AR workflow.

From today, Freespee’s Abandonment Recovery workflow allows our client’s customers to reschedule time and date for a callback in the event that a call was missed or abandoned.

This puts to pasture legacy IVR systems which leave callers languishing in long call queues until finally they are connected to an agent who has little idea of how they got there or what they want to discuss.

You basically want to manage that calling customer’s experience – to allow them the opportunity to reschedule at a time that suits them. With this workflow, you are able to send callers an SMS post-abandonment (or missed call) to apologise for missing the call and requesting they set up a time to be called back.

The SMS is totally customisable and contains a link to a landing page where they can select a date and time for the callback or unsubscribe from the SMS service.

Most exciting, however, is what happens when the time of the call comes. Freespee are able to automatically connect the caller and your agent at the time of the call! This means you are able to continue tracking the outcome of the call and any subsequent conversion.

In conclusion, voice is the future of customer interactions and building a system to ensure every call is valued and coveted should be a priority for any digital business. We’ll leave with a classic film quote we wholeheartedly believe applies here, “nobody puts phone calls in a corner.”
Via: Google Think, Qubit, Freespee

To find out more about our Abandonment Recovery workflow, please speak to your Customer Success Manager or email us.