[Posted by Jeremy Viault, Product Marketing Manager, Neolane]
Increase conversions while reducing costs, collaborate more effectively with sales teams, improve customer knowledge, and better visualize the results of your marketing activities: these are among the main goals of nearly every marketer. Is there a single method that can address all of these points? Could it be closed-loop marketing?
Now that you know the mechanism of closed-loop marketing, we will enumerate its different benefits for you and your company.
1. Increase your conversion rates
Once the loop is closed, you can more easily identify which communications or channels generate the most sales. You simply have to compare which channels are the most efficient in conversions, and which content is the most relevant. This way, you are able to focus on these channels and contents to generate more leads thereafter.
2. 360° customer view
By integrating sales and marketing, closed-loop marketing provides the company with a 360° view of the customer. You will have at your disposal all the information you always dreamed of: How visitors landed on your website, which pages they consulted, when they became a lead, what is the last event that led to conversion, etc.
3. Reduce marketing costs
Now that you know which channels generate the most conversions, you can address the essential question of the allocation of marketing budget. It is easy to identify which content or channels you will invest in, and then stop spending on marketing initiatives that lack sufficient ROMI.
4. Improve customer experience and satisfaction
Thanks to personalization, it is possible to tailor content or channels depending on user preferences. Indeed, data is analyzed to identify major trends in the different groups of customers. This information will be used to adjust marketing campaigns and make them more effective. Changes introduced during this monitoring phase will shorten the sales cycle and optimize the customer journey. The customer saves search time, reading time, and increases his certainty of having made the right purchase.
5. More effective lead management
Closed-loop marketing improves lead management by bringing both lead generation players closer: marketing, which is involved in lead generation, and sales, which are liable for the follow-up. If some generated leads don’t convert into customers, the company will have access to reliable data to identify failures in the lead management process.
6. Better ROI understanding
It is often difficult for marketing departments to define what will be the return on investment of their marketing efforts. With closed-loop marketing, you know exactly which initial channel has brought the sale, what are the campaigns that generate most conversions, etc. Each conversion is associated with its initial channel, so it will be simpler for the company to better understand what refers each channel used.
7. CLM+B2B+IP tracking=Winning formula?
For B2B websites, it is even more difficult to identify visitors since only a small percentage of visitors are identified via form filling for with papers download for example. The purpose of this step is to identify visitors who show a strong interest, thanks to their browsing (e.g., visit the price page) but have not yet converted. With the collection of IP address and some services associating the IP to the company, you can identify which companies are visiting your website and collect some basic data about them. Thus, you will be able to adapt your communication and content to the company type (size, sector, etc…) to better meet their expectations. Indeed, we do not address in the same way to a SMB or a large international group.
These are theoretically the main benefits of this method. If you have implemented closed-loop marketing, what were the benefits that you observed?