Closed-loop Marketing Made Easy!
Dan Zarrella, the Guinness World Record holder for the largest webinar ever with more than 300,000 registrants for one webinar says,
‘Marketing without data is like driving with your eyes closed’
The missing link here is that many marketers collect all the required pre-sales data but overlook the gravity of collecting the post-sales data. And this is where the concept of closed-loop marketing comes in.
Closed-Loop Marketing builds on data and insights. It involves both the online marketing team and the sales team. As the phrase ‘closed-loop’ suggests, it is a cycle which starts and ends again with every new marketing campaign. Each cycle collects new data, gives deeper insights, highlights your accomplishments, and uncovers your mistakes.
If you wish to be successful in the long run, closed-loop marketing is the best way to see the complete customer journey.
Closed-loop marketing can be summarized in three fundamental sections:
#1 Compile the pre-sales and post-sales data.
#2 Build insights based on this data.
#3 Make future marketing decisions based on the insights.
Simply put, closed-loop marketing is a marketing strategy built on your past campaign data and also built on mistakes. Here, you do not waste good mistakes but learn from them. Let’s dig in deeper.
In closed-loop reporting, every time a person interacts with the company a data point is recorded. Each time they visit the website, fill out a form, attend a webinar, call from an email, and more; it’s captured.
Once the marketing group has nurtured a lead sufficiently, the person is often handed to the sales team. The loop can break at this point. So the sales team must report to the marketing team details about the leads they receive. With this information, marketing can compile the post-sales data. Marketers more fully understand where the best and worst leads come from and how the usually react once the funnel through the sales process. In other words, the sales group completes the customer tracking that began with marketing. It’s clear what happens to each lead marketing generates.
Post-sales reporting needs to tell you:
This is the ratio between how many phone calls and form fill-ups a campaign receive, how many leads booked a product or an appointment, how many canceled, how many actually paid your business. Every marketer’s life hinges on this all-important conversion rate number.
Factors behind conversion rates
It’s important to know what affected conversion rates. This tells you what drove a lead to convert into a paying customer or what led to the cancellation of an appointment. You can see what triggered the purchase or the cancellation. Does this information seem a bit tricky to track? It can be but relax we have a simple way to help you get all the data. Read on…
The most effective marketing sources and activities
Chances are your marketing team uses many techniques and various different media. For obvious reasons, you need to know which marketing efforts are the most effective.
Locations generating sales
Certain products or campaigns are bound to attract customers from a particular area or location. This is crucial information. If you can drill down to the exact location of your sales you can specifically target those cities and zip codes. You focus your efforts and budget in the best locations.
Highest inquiry time slots
The active hours of your sales team should overlap the active hours of your prospective customers. Nothing hits the bull’s eye more than prompt service and response.
These are just a few factors that need to be part of your closed-loop marketing data. There are piles of data that can be collected. Also, you can customize these reports based on your business needs and get whatever data you want.
The above points relate to general company and customer connections. For businesses that aren’t strictly online, phone calls are frequently part of the interaction. Particularly for larger purchases or for people that need to schedule appointments, phone calls still matter for businesses.
Call tracking is a tool that traces the customers’ complete journey, both online and offline. After capturing the offline phone call, Convirza then analyzes not only the words but also the tone of voice using our machine learning software, Conversation Analytics® services. Years of statistics confirm that,
86% of telephone communication is made up of ‘tone of voice’ and just 14% the words we say.
Conversation Analytics® is a powerful speech pattern recognition tool for remarkable insights. This advanced software automates listening to and responding to call behavior. Convirza offers the industry’s largest set of out-of-the-box and extensible indicators created from over 40,000 hours of data science research analyzing calls.
The extensive research helps you provide improved visibility into campaign performance, accurate identification of conversions, lead quality, and sales skills. You get all these benefits while reducing costs and eliminating the complexity of manual call listening. This data is valuable and enriches the marketing campaign insights. To learn more about Conversation Analytics® with Convirza, click here.
Collecting data is just part of closed-loop marketing.
Sir Arthur Conan Doyle’s Sherlock Holmes rightly warned,
‘Never theorize before you have data. Invariably, you end up twisting facts to suit theories instead of theories to suit facts.’
In the 21st century, with tons of data coming in every single day, we need to slightly modify his thoughts,
‘Never use unprocessed data into your business. Invariably, you will end up twisting facts to suit theories instead of theories to suit facts and ultimately make the wrong decisions.’
After collecting the mountains of data, the next stage to make sense of the information. This is where all the tracking tools, software, and technology must deliver. You need easily accessible reports that are clear and helpful. Piles of data is useless until it is organized and rolled up into analytics and summaries.
Processed data give you deeper insights into your customer behavior flows and patterns. Learn more about the customer behavioral science from this webinar recording, Everyday Behavioral Science for Phone Leads.
Accurate insights allow your team to make educated marketing decisions, which happens to be that last stage in closed-loop marketing. With processed data, marketers know what they need to attract more qualified leads. In turn, sales teams have more sales-ready leads to work with.
You can make decisions based on the right data and insights. Ideally, it is clear where to invest your time and money.
Closed-loop marketing is becoming a necessity. Beyond following customers from their first touch to their last touch, closed-loop marketing is imperative to determining ROI.
Companies invest a lot of money in sales and marketing. Closing the customer journey breakdowns marketing expenses by results. If done properly, marketers see the ROI on for any given marketing activities. Plus they see all the touches in their customer path from awareness to purchase.
Many companies use analytics to track their customers digital journey. Only call tracking can trace digital journeys from the first touch to phone call to conversion. Convirza provides real-time data and advanced call analytics to make the best marketing decisions.
Need help closing your marketing loop. It doesn’t need to be a wild ride. Contact us now!