Closed-loop reporting helps your sales and marketing teams share information to make more informed, data-backed strategy decisions and process improvements, which allows you to earn more leads, sales, and revenue in the future.
Keep reading for even more information on this powerful process and how it can help your business grow!
Closed-loop reporting is the process of your sales and marketing teams sharing data and insights from their processes. In other words, your sales and marketing teams “close the loop” by keeping each other informed about which strategies and tactics drive the best results.
How does closed-loop reporting work?
Closed-loop reporting helps your business implement strategies backed by data that enable you to expand your reach, generate more leads, and earn more conversions to grow your company.
Your sales team informs your marketing team about what happened to the leads they received, helping them understand which strategies work best for lead generation and conversions.
That helps your sales team learn which tactics and messages encourage leads to convert, so they can tweak their processes to close more deals.
We can break this process down into 11 steps:
A prospect visits your website for the first time.
The prospect is given a unique identifying tracking cookie so you can track their behavior.
The prospect browses and interacts with your website.
Your software tracks and records the prospect’s website activity and communication with your team.
The prospect eventually converts into a customer or client.
Your sales team reviews the data to understand the channels your customer interacted with that encouraged them to convert.
Your sales team relays their findings to your marketing team.
Your marketing team gains a better understanding of which channels drive leads and conversions for your business.
Your marketing team improves and optimizes their strategies to implement data-driven campaigns that drive more leads and conversions.
Your sales team analyzes customer and lead data to identify any holes in your sales funnel that cause leads to drop out of a sale.
Your sales team optimizes their processes to stay engaged with your leads and send them the right messages that encourage conversions.
Analytics software is essential to help you track your audience’s behavior on your website.
Now that you know the answers to the questions “what is closed-loop reporting” and “how does closed-loop reporting work,” let’s dive into how it drives business growth.
Check out these three benefits it can bring to your business:
1. Connect your sales and marketing teams
Your sales and marketing teams must work together as one cohesive unit to help you implement sales-boosting processes and strategies. If they don’t, you’ll miss out on tons of potential leads and sales.
With closed-loop reporting, you can help your sales and marketing teams stay on the same page when it comes to driving leads and conversions.
For example, your sales team will share data and insights with your marketing team that explain which channels encouraged the lead to convert. Your sales team can also learn how leads first discovered your business, like on social media or from a search on Google.
With this information, your marketing team can better understand which strategies drive the best results for your business, so they work on improving them to drive more sales and revenue.
2. Gain deeper insights and data from your leads
To drive more sales, you need to understand more about your target audience to implement effective sales and marketing messages. That’s where closed-loop analysis and reporting come in.
When both your sales and marketing teams have access to these insights, they can work on personalizing your audience’s experiences during sales pitches and when prospects visit your website.
For example, your marketing team can create more personalized content that addresses your leads’ pain points, showing them that you understand their problems and can offer them the solutions they need.
And your sales team can personalize your leads’ experience by tailoring their emails and pitches to your lead’s unique interests or company industry, helping them close more deals.
3. Improve your return on investment (ROI)
One of the biggest benefits of closed-loop analysis and reporting is that it helps you earn a higher ROI.
Keeping your sales and marketing teams informed with valuable data and behavioral insights is key to helping them improve their processes to generate more high-quality leads, close more deals, and drive revenue.
With a closed-loop analysis, your teams can analyze the steps each of your leads took on their path toward conversion, helping you identify the channels that drive the best results.
For example, you might discover that most of your leads first discovered your business on Google from your reports.
In this case, you’ll want to improve your search engine optimization (SEO) strategy to help more members of your target audience discover your company when they search online.
And as a result, you’ll earn more web traffic, high-value leads, sales, and ultimately, a higher ROI.
Use closed-loop reporting to power up your sales with Nutshell
Nutshell is an all-in-one growth platform that gives your sales and marketing teams all the resources they need to improve their strategies to drive more revenue.