Closed-loop marketing is the first step you take between reaching out to your potential customer and closing a deal with them.
For businesses, information is power. A company can better serve its customers by gathering data about them, including their backgrounds, shopping habits, and more, thus making for a more pleasant, efficient experience.
Ultimately, closed-loop marketing is all about sales: Companies use data to direct their marketing efforts, focusing on what works while abandoning what doesn’t. Sales may not be the goal of all businesses, but the truth is that profit is the lifeblood of any (and every) business.
What is closed-loop marketing?
Closed loop marketing features data and insights as essential elements. As a whole, the term provides a helpful visual: Marketers close the loop by analyzing their customers’ journey, from their very first encounter with the brand to the final sale.
Marketers can interact with customers throughout their journey and also gain a deeper insight into what campaigns were successful: blog, website, social media, email, and so forth. In this article, we will help you with the basics of closed-loop marketing.
Why is closed-loop marketing beneficial?
Nowadays, there is a growing disconnection between marketing and sales in modern organizations. Marketing tends to cultivate demand, while sales are responsible for converting that demand into revenue – yet, there is a clear communication gap between the two teams.
Closed-loop marketing puts an end to this disconnection. Regular communication and data exchange are integral parts of closed loop marketing, linking up these two interrelated departments. Marketing teams may focus on revenue-generating campaigns while sales can learn more about the pulse of the target audience.
The other benefits of incorporating closed-loop marketing into the Pharma CRM that are the gateway to optimizing market performance are:
- Reduced – marketing costs, cost per lead, sales cycle
- Better – customer experience, conversion rate
- Informed management practices
- Accurate ROI pharma reporting
Why does the Pharma industry need closed-loop marketing?
Closed-loop marketing will illustrate how a customer found your organization. It marks the journey of a customer from a website visit to the final conversion. The report acts as a record for the next customer journey. Organizing large amounts of data into easy-to-understand reports can describe your target customers. Automation software can automate the entire process or can work in tandem with a well-managed SANeforce CRM.
Closed-loop Marketing In Pharma
Whether HCPs in hospitals or R&D employees in laboratories, the B2B pharma audience is becoming more connected, relying on multiple technologies to complete information-gathering or content consumption tasks. The use of automation and data-collection software can help pharma companies determine what content B2B pharma audiences require. The pharmaceutical industry has recognized this trend and has begun to adopt closed-loop marketing to considerable effect.
In the B2B pharma supply chain, only tailor-made content will produce a positive response from healthcare professionals and other individuals. Consequently, data today plays a more prominent role in marketing than ever, which is why closed-loop marketing exists. Further, sales representatives must concentrate on the needs of the highly qualified scientific audience, and it is easier with a closed system if it gathers as much data as possible.
Closed-loop marketing encourages marketing and sales to integrate into a data-driven environment, driving campaign performance to new heights and delivering reliable reporting results. However, before implementing this strategy, be sure to analyze the cultural and technological impacts of the process. Otherwise, the initiative could fail before you see its effect.
Fortunately, the https://saneforce.com/ covers the technical requirements of closed-loop marketing. One of the benefits of the company’s solution is, it provides a comprehensive view of marketing performance from awareness to engagement and purchase. With the right tool, you can gain a significant ROI right out of the gate.
Closed loop marketing works for businesses of all sizes and complexity. Here are six reasons why it is essential to your success.
1. Brings Sales and Marketing Teams Together
It is often seen that the sales and marketing teams are not always on the same page. It helps both teams to match their goals better and strive towards the same results by developing a holistic approach to sales and marketing. This kind of marketing and reporting drives organizations to focus on the most important channels and campaigns.
2. Reduce Costs per Lead
You will not lose your time with other marketing channels if you know which of your efforts close most of your sales and focus only on what works. An order booking software reduces your lead costs and this surely brings satisfaction to sales and marketing VPs!
3. Shortens Sales Cycle
By identifying the kind of information your visitors and guides seek, you can reduce your hindrances in lead nurturing programmes and deliver intelligent communication, allowing you to transform into customers more quickly.
4. Better Customer Experience
It establishes a two-way dialogue with the target market. By equipping your field force with such a tool (order booking software) they will be more aligned with customers and have a greater possibility of planning and implementing several marketing cycles for various goods. Convert from mass to individual communication, allowing field staff to make decisions on an individual basis. Plan, engage, evaluate, and receive real-time feedback for a better customer connection.
5. Improved ROI Analysis
It is an indicator that your strategies are based on data and analytics and not assumptions. You may directly indicate your managers and customers on these campaigns and channels and optimize them. You may enhance your ROI by concentrating on the components that work. The more attention you give to the results and the causes behind them, the more strategic you can be.
6. Save Both Time & Money
There is little time available for healthcare professionals and expiration implies that, particularly in the initial period, marketing needs to be very effective. It allows you to resolve issues at an early stage. You should be able to rapidly evaluate the efficiency in the field if your digital sales materials are effectively developed. You don’t have to wait half a year to see if the campaign succeeded. You will know straight away and may begin to respond, saving months of wasted opportunity.