01
May
2014

Closed-Loop Marketing & Analytics

How to Close the Loop for Optimal Marketing Performance

Closed-Loop Marketing & Analytics

 

Closed-Loop Marketing. It’s a buzzword hot on everyone’s lips these days. Even the grammarians who note its proper usage of the hyphenated adjective. So what exactly is it and how do you get it? We’re glad you asked.

 

 

Closed-Loop Analytics & Marketing: A Brief Overview

 

You know what a loop is, right? In business, closed-loop anything refers to the entire lifecycle of a customer, from start to finish. Closed-loop analytics is tracking and gaining insight into the path your customers took to close the deal, from the very first inkling of interaction with your brand, company or website, right down to the very second they convert into a customer.

 

 

While closed-loop analytics lets you see which activities are most likely to result in successful customer conversions, closed-loop marketing is all the efforts you take to ensure your company, brand or product has a presence at every outlet in that path. It lets you meet potential or recurring customers at all phases of the decision-making process so you don’t miss out on that crucial conversion opportunity.

 

 

Now that you know what it is, how do you get it?

 

 

 

Get Intimate With Your Analytics Program

 

First thing’s first: if you don’t have an analytics program tied into your website, go get one. Right now. There are a ton out there, but most will be familiar with or already use Google Analytics.

 

 

Next, learn everything your analytics program can do for you and position it as the nexus for your business. If you understand the tools that are available to you and how to implement them for full effectiveness, you’ll gain the ability to accurately track and measure all your campaigns, both online and off.

 

 

 

Establish a Baseline

 

Before you make any decisions or changes based on anything, it’s important to know where the starting line is. Start early and get in the habit of identifying and tracking key metrics from the very beginning. That will help you better understand what areas need the most work, where any holes in your strategy might exist, and what effect – if any – the changes or new strategies you implement have.

 

 

 

Work Backwards

 

Wait, huh? We’re talking about loops, which technically speaking have no beginning or end. So how the heck do we work backwards? Pick a point by starting with what you know – namely, an instance in which the thing you wanted to happen, happened. Then work backwards from that point – eventually, you’ll hone in on and be able to point to certain marketing efforts or particular actions and subsequent reactions on an individual’s part that preceded them becoming your customer.

 

 

 

Work Forwards

 

Once you’ve implemented the analytics to track the data you need to see and identified what was working to generate your desired outcomes, you can develop a marketing strategy that accurately reflects and potentially improves the success rate of your campaigns and increases sales or conversions for your business.

 

 

 

Make It Happen

 

No, really. You’re smart people, you can take it from here, right? Oh, alright then. If you insist...

 

 

 

See It In Action

 

Let’s create a system of closed-loop analytics to inform our closed-loop marketing strategy.

 

 

 

  • Establish a Baseline: We have multiple lines of business and offer 3 different types of services. We used various reports from our analytics system to gather all the organic data from Q1 to establish our baseline: Page Views, Geographic Locations, Conversion Rates, etc.
  • Work Backwards: We know from previous examples that our Filemaker Pro development business outperforms much of our other service offerings when it comes to generating real actionable data.
  • Work Forwards: Using the information above, we might devise a closed-loop marketing strategy that goes something like this:
    • Develop: To promote our Filemaker Development services, we create some useful content on our blog, giving it a unique, trackable URL.
    • Promote: We then link to that blog post from posts on other forums, social posts, and create PPC campaigns using Filemaker as a positive keyword and Skype as a negative keyword.
    • Convert: We gate a free help file behind a form that gives us the user’s name and email address before delivering the download link.
    • Nurture: We nurture new prospects that downloaded the file with a follow-up email letting them know their download grants them a free 30-day trial of our FMP developed software.
    • Acquire: Prospects LOVE the software and become paying customers.
    • Attribute: Assign customer acquisition to the visitors’ original sources.
    • Repeat

 

 

And there you have it: loops closed, leads converted, customers acquired. Now do it all over again until you become the most successful person you know.

 

Categories: Marketing Mojo

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