No matter how complicated or difficult setting up closed loop marketing may initially seem, the efforts are definitely worth the results. Closed loop marketing uses information from closed loop reporting, which simply means your sales team reports back to your marketing team on what happened to the leads they received.
Marketing, in turn, can use the info to pinpoint the best and worst lead sources and initiatives for creating leads that ultimately convert and become customers. The closed loop marketing process can be broken down into four different steps:
- Visitor arrives on your site, where a cookie is set on the visitor and the initial source that brought them there.
- Visitor browses your site, with the cookie tracking all actions on the site.
- Visitor converts into a lead by submitting a lead capture form.
- Lead becomes a customer, and you get rundown on all website actions and initial source of the new customer.
With HubSpot's features, tools and integration capabilities with customer relationship management platforms, implementing closed loop marketing isn't as challenging as originally thought of. Here is what you can expect when using HubSpot for closed loop marketing.
Reachable Goals and Expectations
Closed loop marketing lets you review past conversion rates for visitors-to-leads and leads-to-customers, which allows you to establish tangible goals and expectations moving forward. You'll also be able to set goals within HubSpot dashboard to compare your current conversion rates with last month’s rates or last year's rates, then establish the number of leads per day you’ll need to hit your target leads per month.
Better Insights on Your Target Audience
HubSpot closed loop reporting lets you track the initial source of all visitors, along with every action they take on your website. You’ll see what activities visitors engaged in from the first visit onward, along with the final conversion event that led them to the sale.
Not only does this info help you build target personas, but it helps you identify the needs and challenges your prospects face along their journey so you can enhance your lead nurturing process.
Lower Cost per Lead
Since HubSpot closed loop marketing analytics let you pinpoint your strongest offers and lead sources, you can adjust your inbound marketing budget accordingly. You’ll be able to invest your resources in the most fruitful marketing channels without wasting money on those that yield low results. You’ll also be able to take your most successful offers to trade shows and events, adjusting them to fit your in-person audience.
Improved Response Time to Leads
Combine HubSpot with a customer relationship management platform such as Salesforce, and you can receive notifications when a visitor converts into a lead in your CRM. Designate a team member to follow up on new leads within an hour of the notification, and you’re making a fabulous first impression while opening the avenue of communication for subsequent interactions.
Increased Conversion Rates
HubSpot closed loop marketing reports show you which website pages visitors viewed right before they transformed into leads or customers. This lets you identify the strongest pages on your site that you can then use as models for success.
Determine why those pages are so effective, and then use what you’ve learned to adjust poorly performing pages and enhance other inbound marketing components.
Shorter Sales Cycle
The more you learn about your leads, the better you can target them with relevant communication. The result is in an overall shorter sales cycle, decreasing the amount of time it takes for a lead to become a customer.
When you see a prospect with certain characteristics take a series of actions that transforms the prospect into a customer, you can likewise use that path as a model of actions for a larger segment of that same demographic profile.
For example, if prospect type C visited your pricing page after downloading a specific offer and then became a customer, you may want to encourage other type C prospects to check out your pricing page right after they download that same content.
Better Customer Relations
When closed loop marketing puts new leads right into your CRM, you’ll have a wealth of information about your new leads stored in an easily accessible location. This eliminates the risk of losing pertinent info while allowing you to tailor your interactions based on their basic profile and past actions.
Improved Reporting and Clearer Results
One of the top benefits of HubSpot closed loop marketing is the comprehensive reports you can generate. You no longer have to guess if your various marketing channels, offers and website pages are working or not. You’ll have the evidence right in front of you.
HubSpot closed loop marketing has the power to arm you with the information you need to streamline your inbound marketing for success. And if you’re still concerned about the closed loop setup, don’t forget how handsomely rewarded your efforts can be with improved customer relations and sales.