Marketing has a clear mandate to prove ROI; we’ve heard this time and time again. Similarly, we’re now hearing the mantra “closing the loop” as the main way to validate our marketing spend and optimize it for future campaigns. Far too much gets written on the “Why,” yet the “How” is rarely addressed.
Closed-loop marketing typically refers to marketers’ ability to track a buyer all the way through their journey, from original lead to closed customer (all of your leads become customers, right?), and then attribute sales revenue back to the originating data sources, channels, creative assets, tactics, etc. However, in my experience, different organizations have different business models, strategies, agreements between marketing and sales for lead handoff, etc. — all of which influence the most effective points to initiate a closed loop.