Tuesday, June 9, 2015

What is Closed Loop Reporting?

In marketing, "closing the loop" simply means that things come full circle, giving you the ability to see how marketing relates to sales and total returns. This type of reporting requires direct communication between the sales teams and the marketers, because these two branches (even though they are different!) require each other to function properly. The sales teams are able to tell the marketers where the most productive leads come from, and this helps with the natural progression of a marketing campaign. Closed loop reporting makes it possible to see what is successful and should continue, and what should be pushed to the side and not focused on as much. The data provided by this type of reporting is useful to both companies and digital marketing agencies throughout the duration of the relationship.

Who can benefit from this type of report?
Reports like these are useful to many different types of businesses and marketing agencies alike. It doesn't matter how big or small, it's always necessary to know what good the money you've put into marketing is doing, and if it is worth continuing. Marketing agencies need to know if their strategies are working as well, because their results will determine whether or not companies will continue working with them - and can shape their futures and their relevance. This reporting is a continuous cycle, as business internet marketing is a constantly changing environment - what works at one time may not work well in the future, so in order to do the best by the company, things need to evolve and flow.

What kinds of information does this type of reporting provide?
Not only does closed loop reporting give companies and marketers information about the success or failure of their marketing endeavors and objectives, but it helps to build a customer profile, too. By seeing what works - and where the clients and leads are coming from - businesses can build relationships with their clients, even in some cases creating new customer avatars and coming up with new digital marketing objectives based on leads and traffic. Closing the loop with this type of reporting can and will help companies keep operation running smoothly, giving them a greater chance of overall success. Without these reports, companies and marketing agencies could spend a great deal of time and effort on angles that are not as successful as they should be - a waste of time, effort, money and energy that could be more effectively focused elsewhere.

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