The concept of “closed loop marketing” has been around for a while and has until recently focused on the disconnect between sales and marketing.
When I think of closed loop marketing I try and think beyond just sales and marketing – I try and look at the entire business, including operations, customer care, marketing, sales, accounts etc. Then by taking the concept of closed loop marketing as it applies to bridging the sales and marketing function and applying it across the organisation with a “digital harness”.
Let me explain this concept in a bit more detail. Organizations commonly have issues trying to have one unified business intelligence platform across sales and marketing departments – marketing, usually has business intelligence data that should indicate where the low-hanging fruit is and where sales should be concentrating its efforts. But often this is not the case and data is not cross pollinated in the organization and shared correctly.
The whole situation is exacerbated with the introduction of digital marketing within organizations and the added confusion of now trying to integrate the opportunities that digital can unlock within all these departments. What I have found is that digital is generally the glue that holds it all together – the boundaries between traditional CRM have blurred into Social CRM and integrated sales and marketing functions.
Customer care and support platforms now have the ability to integrate with Social CRM platforms and social networks. A lot of the data that sits in sales and marketing departments can be effectively mined and activated via Digital.
Many companies are still doing things in an overly complicated and costly way. By focusing on bridging the gap between the organization, not in silos just focusing on sales and marketing, but by consolidating all business objectives and functions with digital at its core – the total cost of acquisition and retention will ultimately drop.
Start by focusing on unlocking opportunities within marketing and sales first, then continue with the rest of your organization – the future is converging and not only in terms of device and platform convergence but the convergence of many separate functions such as CRM and analytics.