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What is Closed Loop Marketing?

It is a process that makes ongoing sales and marketing interactions more effective and enhances the chances of closing a lead manifolds.

 

The Process of Closed Loop Marketing

  1. The communication initiates between the marketer and the lead.
  2. The lead then provides information about their requirements and preferences. A marketer may directly gather the information by means of asking questions or it can be done indirectly as well. The indirect way involves tracking the actions of the lead such as keeping tab on the pages visited on the marketer’s website, whitepapers downloaded or the information they provided while signing up for the email newsletter.
  3. Based on the information supplied by the prospect marketing communication now gets refined and is by now tailored to the needs of the prospect.
  4. With communication getting more precise, the lead also provides more accurate information about what they need. This helps marketer in refining the marketing message further and thus, paving way for improved future interactions.
  5. Ongoing interactions with the prospect help the marketer gain better insight into the prospect’s requirements and tweak the sales and marketing approach in order to improve future interaction. A closer look reveals that in the due process a closed communication loop is created-marketer to prospect and prospect back to the marketer.

This process is referred to as Closed Loop Marketing.

 

How Closed Loop Marketing helps?

 

The data gathered during customer interactions is utilized to continuously improve the marketing message which helps build trust, gain credibility and ascertain expertise. With all the required information in hand, the marketer pitches client the exact product or service that they are looking to buy. Hence, closed loop marketing can be regarded as a well targeted and effective way of marketing.

The other major benefit of closed loop marketing is that it facilitates a very well defined customer database. Segmentation of data including behavioral attributes is possible with this type of marketing methodology. Data analysis is also an integral part of closed loop marketing. Organizations analyze and compare data sets to deduce cause and effect and make changes to the approach.

 

How Closed Loop Marketing Works?

 

Consider this Scenario

The scenario created below describes how Closed Loop Marketing works in the virtual world.

There may be a company called Anonymous Widgets. On their website they have an option to subscribe to their newsletter by simply signing up with name and email address. There is a guy called John who Googles  ‘all weather widgets’ and subsequently lands on Anonymous Widgets homepage.

On Anonymous website John visits pages featuring least expensive Anonymous All Weather Widgets. Upon reviewing the featured widgets he decides to sign up for the newsletter. Anonymous Widgets keeps constant track of John’s behavior and activity like the search term he used to reach their website and the pages visited. Anonymous Widgets ties up this activity with the name and email address John uses to sign up for the newsletter. This information is then used to design a newsletter that would help John mature his decision. The company also includes helpful links to different related accessories as well as a link to a white paper which other users with similar related activity had earlier shown interest in. And when John clicks on link to the white paper he is taken to a landing page that requests him to enter basic demographic information like whether he uses these widgets professionally or recreationally. And other information like how many similar widgets he currently owns and so on. Once he has provided the information he is able to download the whitepaper.

 

Anonymous Widgets utilizes this information to improve their future marketing communications such as sending an email notification about their iPhone application to be launched soon, since they already know that the prospect used an iPhone to access their website at least once. So instead of taking an aggressive way of converting a lead into prospect with very little information at hand and bleak chances of success, you should take a gradual path for closing the deal with high rate of success.

This is the way Closed Loop Marketing works and targets leads in a precise manner increasing their chances of converting into clients.

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