Use Closed Loop Reporting to Increase Your ROI
Increase your ROI, or return of investment, by closing the loop of knowledge between your sales and marketing teams.
What is closed loop reporting?
Closed loop reporting involves tracing the origins of your sales. Which marketing methods are the most effective in gaining more sales for your business? If you can pinpoint the most cost effective advertising methods, then you can increase your ROI and gain more profit for your business in the long run. Now that we’ve answered the question “What is closed loop reporting?” we can address how to implement this tool.
Streamline your advertising campaign and spend money on what works.
Do you know the effectiveness of your business internet marketing campaign? Trace your online marketing ROI by using programs that measure analytics and track data on lead generation.
Google Analytics provides a breakdown of your website traffic sources. The most common website traffic sources include: organic search, referrals, paid search ads, email campaigns, and direct traffic.
Analyze the cost effectiveness of your marketing campaigns through using the Google Analytics URL Builder, which allows you to track modified campaigns to pinpoint which campaigns are the most successful. You can also set up and track goals, integrate phone call tracking and much more with Google Analytics.
Hubspot marketing automation software has a number of tools that will help your sales and marketing teams communicate with one another. One of their most popular tools is Hubspot’s Sources Report.
Hubspot’s Sources Report is similar to Google Analytics in that it shows the breakdown of your website traffic results and allows you to set goals for your marketing campaigns. It goes further, however, by offering robust tools for tracking lead behavior, which allows you to analyze your customer’s journey from visitor to buyer in detail. Built in CRM (customer relationship management) software allows you to track leads and determine which sources your customers are coming from. With Hubspot’s software you can track lead generation from email marketing campaigns, landing pages, blog posts, social media, and more.
Both Google Analytics and Hubspot offer integration with CRM platforms like Salesforce. While Hubspot provides a basic CRM, Salesforce is a state of the art customer relationship management software that offers a large range of reports and statistics. Salesforce is ideal for medium to large companies and corporations who need a customizable CRM solution.
Need assistance with closed loop reporting? Allow us to take an in-depth look into your current efforts and build you a roapmap of next steps to improve your sales and marketing efficiencies! Fill out the form to the right to request your assessment!