Some companies are using closed loop reporting in recording their performance and related activities within the premises. Generally, it is a method for data management which automatically provides the marketing personnel with the different information regarding the events of the company. This is continuous. So, every personnel can be aware of what they will do in order to excel in some specific field of work.
Using closed loop reporting in a certain company provides a great importance in acknowledging the value of the work. The original report including the different things that are happening inside the company will be totally documented. Furthermore, it also helps in creating an actual report for a better output. In general, this kind of management method can empower, motivate and drive every personnel towards the success of the business.
Some Things to Consider in Implementing Closed Loop Reporting
One of the great considerations that you have to take prior of the implementation of the closed loop reporting is buy-in from all the departments inside the reporting cycle. If there is a continuous flow of data and a response to that particular data, then there is an assurance that success can be achieved. One good example of this is when the sale personnel provides a lead conversion statistics going back to the marketing personnel and the marketing responded upon receiving the information, then there is a high quality of effects on the marketing leads. Thus, the overall performance of the group or organization will be as good as what they are expecting.
Select Some Specific Metrics in order to Measure and manage it
Of course, if you are developing any kind of reporting system, the first decision that you need to consider is to choose what particular statistics you will track and evaluate. Any statistics varies depending on your group or organization. You may either begin it by tracking at least 1 or 2 statistics and you may ramp up to a particular additional tracking afterwards. Some specific metrics that you may include in your tracking are the following:
· Profit per conversion
· Closed cost VS closed won
· Costs for every conversion
· Prospect lead conversion
· Lead to any customer conversion
Though the above cited metrics are very essential, it is also primordial to segment the metrics depending on the factors which are applicable to your organization. Some of the segmentations may include:
· Demographics – It constitutes the job title and the whole industry.
· Lead source – It includes the different sorts of websites or sources, email, trade show, direct mail and some others.
· Lead nurturing track – It comprises about the leads that may help in improving your leads in the future.
You can even notice that if you are working in any in-house salesforce, there is an easier means to track all the information which you need. It is because all the personnel and staffs are working on one system only. Hence, there is efficiency in any work and the outcome of it will be good enough for everybody, most especially to the company.