Good marketing and sales, at their core, are all about understanding and communication. That’s not limited to customers, either — it’s a crucial part of working together as a company.
If you want to get the best results possible, project after project, you’ll need marketing and sales to share data, and lots of it.
You need to know where your leads are coming from, which of your channels and campaigns are working and which aren’t, where to spend your money, and much more. Opening up a flow of information between the different points of your funnel is vital.
One of the most effective ways to do this is through closed-loop reporting. This process allows your sales team to trace a lead all the way back through the marketing process to the point where they first joined the funnel.
It allows integration between your CRM and marketing strategy, allowing you to follow leads closely and find out what makes them tick and what’s working for you.
Let’s find out more about how it works.
How Does Closed-Loop Reporting Work?
Generally speaking, sales and marketing exist in slightly different worlds. Although they’re two parts of the same process, they often don’t share certain information. Marketing is responsible for generating and nurturing leads, and once those leads are ready to buy they’re passed on to sales.
Hands washed, back to business. And marketers are left with little to no idea of whether those leads actually make a purchase or not, since they’re cut off from the relevant data.
Closed-loop reporting allows people at all stages of the funnel to see the whole picture. For example, your marketers will be able to see which leads actually resulted in a sale, allowing them to better understand where the good leads are coming from.
Without this connection, marketers have no real way of knowing which leads are likely to convert, and which aren’t.
They’re operating in the dark, unsure of exactly what’s working and what isn’t.
By using closed-loop reporting, everyone can access data on leads, gaining a clearer picture of what they’re doing and why.
Here are some things you can track more easily with closed-loop reporting:
Your marketing success: how well your overall strategy is converting leads into paying customers.
The source of your customers. Where are your buyers coming from? Closed-loop reporting allows you to see which of your channels and campaigns are resulting in the most sales.
Landing page performance: it’s one thing knowing how many people are viewing your landing page, but with closed-loop reporting, you can see how many of them actually make a purchase, too
There are lots of other areas you can track, too, like where your individual sales reps are doing well and where they’re struggling.
Closed-loop reporting platforms like HubSpot work alongside third-party CRMs to bring sales and marketing together and give both sides a fuller picture of what’s going on.
So why is this knowledge useful?
Why it’s So Useful
There are countless advantages to gaining a clearer and broader picture of what your leads are doing. Bringing together sales and marketing data helps you make better decisions and fine-tune your overall strategy to maximise conversions.
Here are some of the benefits to closed-loop reporting:
You’ll learn more about your buyers. Understanding your audience and customer base is at the heart of effective marketing. By drawing on a wider pool of data you’ll be able to paint a fuller picture of these demographics. You’ll find out where your customers come from, which ones tend to buy, and which ones are more hesitant, among many other things.
- You’ll find out what’s working and what’s not. For example, a landing page might have a high amount of traffic, but a low conversion rate. That’s a sign to look more closely and make some changes to encourage more visitors to buy. You’ll find out which of your channels are resulting in lots of sales, so you can focus your energies there.
- You’ll save time. By finding out what works and discarding what doesn’t, you’ll be able to cut much of the dead weight out of your sales process, making it drastically shorter.
- You can take what’s working for one prospect and apply it to their broader demographic.
- You’ll save money. By stripping out the things that aren’t working, you’re building a leaner and more efficient sales machine that will cost much less to run.
- You’ll rely less on trial and error, and have the knowledge to get it right the first time.
Closed-loop reporting is a better way to do marketing. It benefits everyone on the team, allowing them to make more informed decisions and gain crucial insights at every stage of the process.Don’t lose out by keeping your marketing and sales data cut off from each other. Bring them together and start seeing the big picture.