What is Closed-Loop Marketing?

What is closed-loop marketing? In this Sprocket Talk video, we dive into our new series called "What Is". In this What Is, we talk about closed-loop marketing. What it is and why it is important to your company. I even share several ways you can leverage closed-loop marketing for your business. *** More Information *** Become part of the community: http://bit.ly/2TMuMkO Watch HubSpot updates: http://bit.ly/2YRhTF2 Watch HubSpot tutorials: http://bit.ly/2YQaC8m Watch Sprocket Talk Unpacked: http://bit.ly/2YUXtdY Watch more HubSpot Conversations tutorials: http://bit.ly/2YValkH Learn more about Sprocket Talk: https://sprockettalk.com Learn more about Impulse Creative: https://impulsecreative.com Learn more about HubSpot: http://bit.ly/2PuHaQh Learn about HubSpot workshops: http://bit.ly/2Z0uy8G #hubspot #hubspotcrm #sprockettalk #hubspoteducation #marketing #sales #service #business #inboundmarketing #marketingtips #contentmarketing #biztips #marketinghelp TRANSCRIPT Definition of closed-loop marketing. Closed loop marketing (CLM) is the process by which a pharmaceutical company develops marketing strategies and deploys them through one or more channels to reach their customers (the prescribers) and gain a sound understanding of what happens in the marketplace. What is closed-loop marketing? In this video, I’m going to explain exactly what Closed Loop Marketing is... and why closed loop marketing is important to your company. Bumper Video That’s right, it’s your boy George B. Thomas from Impulse Creative back with another episode of What Is! Like what you see. Want to keep learning more? Make sure you subscribe to our channel and hit that bell for instant notifications. Make sure you stick around to the end of this video where I share three ways that you can leverage closed-loop marketing at your company today! So today's topic closed-loop marketing has nothing to do with marketing your crochet projects. Those are loops, right? Wait, maybe that's knitting… Anyway! Let’s start at the beginning with a closed loop marketing definition. This marketing strategy relies on data and insights from closed-loop reporting. “Closing the loop” just means that sales teams report to marketing about what happened to the leads they got from marketing, so everyone is on the same page. Why is closed-loop marketing important for your company? No more guessing! That’s right, guessing at your business strategy is always a losing proposition. Closed-loop marketing helps you focus on the channels and campaigns that matter most. Plus it minimizes the cost-per-lead. When you know what channels and campaigns close the most sales, you can stop wasting efforts on those that don’t. BOOM… Cost savings There are more reasons… but the ones we just covered make it clear that closing the loop is good for business. How can you use closed-loop marketing for your company? Basically, you just need great communication between sales and marketing. Have someone take ownership of the process. Of course, there are closed-loop marketing software solutions, too. Connect your teams and efforts with tools that bring marketing, CRM, social media, email and everything else together. That might be HubSpot, Marketo, Salesforce… there are more than 7-thousand marketing tech solutions out there. Yep, you heard right. 7-thousand. Alright, you stuck around. Are you ready for the knowledge bombs? Well then Buckle up! Here are three ways closed-loop marketing can impact your business. You can use closed-loop marketing to make sure your buyer personas are locked in. The insights you gain from closing your loop between marketing and sales will give you the most comprehensive view of your leads and customers. Most companies assume they know their audience. With closed-loop marketing, you’ll really know them by dashing assumptions and using data! You can use closed-loop marketing to shorten the sales cycle. Identify the pivotal touch points along your buyer’s journey. Lean into those, improve them, put resources like automation into play and help shorten the sales cycle. You’ll remove the noise that may distract or slow down the funnel. Leadership will see tangible results of marketing efforts. This new way helps to see how marketing’s efforts truly impact the company because it shows which channels help make the most profit. Now that you know what closed loop marketing is and why closed loop marketing is important, make sure you are implementing it for your company’s growth success. Don’t forget to subscribe to the channel. Hit that bell as well before you go. And make sure you're being happy and helpful, human along the way.