Closed Loop Marketing Architecture Ebook

CLOSED LOOP MARKETING ARCHITECTUREEBOOK

www.revenuearchitects.com

WHAT IS IT?

• Respond dynamically to customer interests and preferences

• Personalize messaging based on data and insights to optimize conversions

• Track and measure activities, metrics and results across the revenue funnel.

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Closed Loop Marketing is a continuous process to engage customers, drive conversions, and track results across the marketing and sales process. It allows a you to:


WHERE IS IT BEING USED?

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PharmaIntegrate sales and marketing by using technology like tablets integrated with CRM to track interactions with physicians. Use this data to customize and personalize future promotional activities.

B2BTrack inbound lead generation through the funnel to measure velocity and attribute revenue to first campaigns and content, using insights to focus on programs with the greatest ROI.

Mutual Fund ComplexIntegrate customer and sales data to create a 360 degree view of the customer (investors, advisors, independent RIA, FAs) to personalize solutions based on investment objectives.

Food and BeverageUse information across the distribution network to establish routines and schedules for retailer meetings, engaging consumers, motivating sales teams, and measuring results.

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Closed Loop Marketing has been widely applied in the pharmaceutical industry but applies equally across industry sectors.


WHAT ARE THE BENEFITS?

1. Tailor and target content and messaging for your audience. Use data insights about customer behaviors, personas and preferences to tailor messaging and content at every stage of the customer lifecycle.

2. Optimize and track revenue funnel performance. Use data and analytics from marketing automation and CRM to track performance across each stage of the marketing and sales funnel. Data allows you to measure velocity, performance, tactic attribution and identify areas where you may have a ‘leaky pipe.’

3. Double your revenue. Use data to coordinate marketing and sales teams. Research shows companies with aligned marketing and sales generate 208% more revenue from marketing.1

1Source: MarketingProfs

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Closed Loop Marketing helps align marketing and sales around a unified approach to customer engagement and grow top-line revenue.


CLOSED LOOP MARKETING ARCHITECTURE

Five Technologies:• Data management• Business intelligence• Omni-channel• Marketing

automation• Salesforce

automation

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We designed the Closed Loop Marketing Architecture as a blueprint to describe the technologies and process stages for closed loop marketing and sales execution.

Six Process Stages:• Analysis• Insights• Opportunities• Campaigns• Engagement• Conversions


TECHNOLOGIES FOR CLOSED LOOP MARKETING


1. DATA MANAGEMENT

Why does it matter?: Data management is essential to gain customer insight and track performance across the lifecycle. It helps you build a 360 degree view of the customer, understanding demographics, behaviors and intents.

How can you implement it effectively?: Use marketing automation, CRM and web services to capture customer information as you engage prospects and customers. 3rd party data services as well as internal data helps build a complete customer profile. Use data to track pipeline velocity and attributions to identify the most effective tactics.

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Use data management to collect, store, and index customer information and interaction data including preferences, behaviors, demographics and predictive indicators.


2. BUSINESS INTELLIGENCE

Why does it matter? Business intelligence informs campaign strategies and tactics.

How can you implement it effectively? Often core reporting is embedded in separate marketing automation and CRM systems. Instead, BI should be a shared resource across business functions rather than in silos. Consider emerging predictive technologies and artificial intelligence tools as part of the evolution of business intelligence.

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Develop and run queries, generate reports and dashboards, build visualizations and segment data for predictive analytics and informed strategies.


3. OMNI-CHANNEL

Why does it matter?: An omni-channel approach allows you to engage customers consistently across channels and to touch customers and prospects where they are.

How can you implement it effectively?: Use your “funnel DNA”, customer preferences and the buyer lifecycle to determine your channel mix. Tailor content and campaign experiences to the channel. Identify the optimal mix of paid owned and earned media to reach and engage your audience.

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Omni-channel defines the mix of channels you use to engage customers, including your website, sales teams, social media platforms, affiliates and marketplaces.


4. MARKETING AUTOMATION

Why does it matter?: Automate tasks and activities and power personalized interactions. Platforms help integrate campaigns optimize conversions, develop customer insights, nurture, qualify and score leads and generate marketing qualified leads (MQLs).

How can you implement it effectively? Use an objective selection process to pick the right solutions. Map current marketing capabilities and functional needs and understand best practices in your industry. Integrate marketing automation with CRM to realize the closed loop vision and for closed loop reporting.

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Marketing automation helps you integrate and manage top and middle funnel customer interactions that attract your audience, engage prospects and nurture relationships.


5. SALESFORCE AUTOMATION

Why does it matter?: CRM helps manage customer relationships vital to business success, driving consistency of process, assisting in acquiring customers, deepening and expanding relationships and growing top line revenue.

How can you implement it effectively? Map and prioritize functional requirements before selecting a solution and assess each alternative objectively. Integrate salesforce automation with marketing automation for a continuous closed loop process.

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Salesforce automation enables contact management, account management, opportunity management and customer service process to retain, deepen and expand relationships.


STAGES IN THE CLOSED LOOP PROCESS


1. ANALYSIS

Why does it matter? Data analysis is a core attribute of the closed loop marketing and sales process. In order to optimize marketing and sales campaigns, identify tactics and define customer interactions, you need in-depth analysis based on explicit and implicit customer information.

How can you execute effectively? Capture data from customer interactions across the lifecycle and conduct granular analysis including segmenting data by stage, persona, intents, preferences, etc.. Develop insights and strategies based on what the data and numbers tell you, not what you think they should say.

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Analysis uses customer interaction and campaign performance data to identify trends, produce predictive insights, and identify segment engagement strategies and tactics.


2. INSIGHTS

Why does it matter? Use insights from your analysis to shape campaign strategies and 1:1 engagement tactics.

How can you execute effectively? Insights are drawn from data but also include creative thinking and marketing and sales best practices to identify ways to engage audience segments. Ensure that marketing and sales teams are aligned, particularly for account based marketing programs.

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Insights from analysis determines detailed segment strategies and value propositions for more tailored audience engagement.


3. OPPORTUNITIES

Why does it matter? Customer insights from data analysis reveals a range of potential engagement strategies and experiences. The opportunity stage transforms these insights into specific campaign and engagement strategies and programs which can prioritized, sequenced and launched.

How can you execute effectively? Craft prioritized opportunities into integrated multi-channel campaigns and engagement programs across paid, owned and earned media. Engage the channels best suited to the audience and lifecycle stage. Develop an action plan with the resources needed and plan the sequence of activities into campaign plans.

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Opportunities are prioritized and resources are mobilized to execute new and fine tune existing marketing and sales campaigns and programs.


4. CAMPAIGNS

Why does it matter? Effective campaigns engage customers through the marketing and sales funnel. Tailored interactions with customers across various touchpoints and throughout their customer decision journey encourages engagement and drives up conversions.

How can you execute effectively? Use the target customer persona, profile and preference information to customize and deliver personalized engagement at each stage of the customer journey. Take advantage of marketing automation and use content to engage with customers at every stage of they buying process. Personalize communications to optimize conversions.

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Campaigns are launched using a mix of paid, owned and earned media to deliver the right messages at the right time and through the right channel.


5. ENGAGEMENT

Why does it matter? Engagement are the “moments of truth” with customers and prospects. Sales and marketing teams align to orchestrate customer engagement for lead generation, lead nurture and sales.

How can you execute effectively? Define engagement metrics and use technology to manage and track customer engagement and respond to customer actions along the customer journey. Use lead scoring and account scoring to prioritize engagement. Collect data and insights to orchestrate next steps.

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Engagement is the orchestration and management of personalized 1:1 experiences using customer insights at both the account and personal level.


6. CONVERSIONS

Why does it matter? Micro conversions represent the incremental activities toward a potential sales transaction, like a download or form completion. Macro conversions are the major milestones along the path to sale such as sales meetings, demos, and contract commitments.

How can you execute effectively? Identify the funnel path to sale and tailor conversion opportunities and business rules across the stages of the marketing-sales funnel. Track conversion metrics and optimize and improve the weak areas in the funnel.

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Micro and macro conversions using calls-to-action (CTAs) and sales interactions are optimized and managed at every stage of the revenue funnel.


CLOSED LOOP REPORTING


CLOSED LOOP REPORTING END-TO-END

A part of the Closed Loop Marketing Architecture is tracking micro and macro conversions across the different stages of the customer lifecycle including top of the funnel (TOFU), middle of the funnel (MOFU), and bottom of the funnel (BOFU) elements.Tracking is enabled by a range of technologies and tactics that measure stage and deal velocity as well as attribution of revenue to marketing campaigns and tactics.

Click on the image for a more in-depth explanation of the revenue process funnel on our website.

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Closed Loop Reporting is used to track marketing and sales activities for more effective marketing attribution and focus on engagement tactics with the greatest ROI.


WHAT TO TRACK? - SOME METRICS

• Visitors. Are we growing the top of the funnel? (website visitors, visitor growth, keyword ranking, keyword relevance, list growth, channel performance, MQI (Marketing Qualified Inquiries) performance).

• Engagement. Are we optimizing the middle of the funnel and and engaging our visitors? Is our content and design attracting, retaining and engaging our visitors? (dwell time, content quality, bounce rates, important pages, blog post reads, MQI to MQL conversions, content performance).

• Conversions. Are we progressing leads and deals through the pipeline at the right velocity and volume? Is your sales process effective at closing deals at expected ratios? (call–to-action conversions, funnel stage conversions, stage velocity, CTR, CTOR, conversion rate optimization, CPA, close rates)

• Attribution. What tactics are working and not working? (first touch, last touch, multi-touch attribution, revenue by campaign, revenue by content, revenue from sales generated leads / marketing generated leads, MQLs converted to SAL, SALs followed-up by Sales, MQL win-loss)

• ABM. How well are we penetrating strategic accounts? (Account awareness, account coverage, account level engagement, number of active accounts, percentage of sales initiated).

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Here are some things to track across the customer lifecycle.


SOME TRACKING METHODS

• Trackable links such as UTM codes help you track online traffic through web channels including paid search, organic search, referrals, and direct traffic.

• Google Analytics and other analytical tools use Javascript tracking snippets on your website to help you track visits and sources. These analytics tools can tell you which channels drive traffic to a page as well as provide demographic, geographic and behavior data to inform how effective your pages and content are.

• UTM parameters can also be passed through offers and forms to attribute leads that are generated from campaigns like paid search to the right campaign. They can also be time stamped to measure velocity.

• Content assets can be set up as individual campaigns allowing you to analyze which content has the greatest impact on MQL generation.

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Closed Loop Reporting techniques include:


APPLY THE CLOSED LOOP MARKETING ARCHITECTURE

1. Define your funnel metrics. For each customer segment, identify the required marketing and sales mix, lead generation volumes and the mix of media, campaign strategies and tactics.

2. Deploy your “revenue system”. Select and integrate your technology stack and set up end-to-end analytics and tracking for campaigns.

3. Envision campaigns and programs. Craft experiences and launch campaigns and sales engagement activities based in customer insights and collect data along the way to inform continuous customer engagement.

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CONTACT US TO LEARN MORE

Organize campaigns and align marketing and sales for lead generation, account based marketing and sales engagement. Here are steps you can take to get started.

Let us help you engage closed loop marketing and reporting to align your marketing and sales teams and engage your customer.