Insights

What is Closed-Loop Reporting and How Can it Benefit Your Bottom Line

[fa icon="calendar"] Sep 10, 2014 9:00:00 AM / by DIA Team

DIA Team

What is Closed-Loop Reporting and How Can it Benefit Your Bottom Line

To keep your sales and marketing teams working together, you need to communicate and collaborate in order to increase your leads and eventually, your sales. There are several aspects of the aligning of your two teams and key tools to supporting your efforts. We will look at how close-loop reporting plays a part of this winning combination.

What is it?

Closed-loop reporting is simply this: the symbiotic way in which both marketing and sales teams share their insights and data to ensure leads are nurtured through the first contact all the way through the sale. Data is the key to this process, and the way to measure the success of each team. When both teams see the same information, collaboration grows.

Why is it important?

This benefits both teams! The marketing team begins to understand what lead sources are most efficient, and the sales team not only appreciates the marketing portion of gaining customers but helps to fine-tune what efforts work to bring in better sales qualified leads.

What tools do you need?

Since data is the main ingredient to keep both sales and marketing teams aligned and on the same page, you need the following parts of handling the data: marketing software and CRM. The marketing software will contain the data on campaigns and necessary tools for optimization, and the CRM will manage your contact demographics.

Steps in the process

  1. How the visitor arrived at your site—both teams need to know, to monitor successful promotions & how to tailor the sale to the lead.
  2. Track which pages were visited—knowing what interests the lead helps determine what they are interested in and how to lead them through the sales funnel.
  3. Ascertain appropriate CTAs to increase conversion into SQLs, and help sales fine tune the pitch.
  4. Close the loop when the sales team informs marketing that a sale was made & which marketing channels were winners!

This alignment and partnership allows these two different teams the chance to see into the roles each other plays in the sales funnel. This collaboration will ensure that the definition of a “qualified lead” is agreed upon by both, and to facilitate the shared vision of how to improve both sales and marketing performance.

Keep both of your teams aligned with closed-loop reporting and watch your revenue increase!

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About Digital Impact Agency

Digital Impact Agency is a creative firm specializing in interactive media and inbound marketing strategies for manufacturing and technology companies, professional service firms (architectural, engineering, construction, legal and consulting), nonprofits and enterprise companies. We are a team of innovative entrepreneurs focused on creating the most strategic and effective communication channels for our clients.

Topics: enterprise inbound marketing, Sales & Marketing Alignment, marketing automation

DIA Team

Written by DIA Team