The 411 on Closed-Loop Analytics
First thing’s first… What are closed-loop analytics? It’s the data that shows you the entire lifecycle of a customer of yours. From the first time they interact with your business, to their most recent transaction, you’ll have all the data in between.
Why are closed-loop analytics important to you, as a business owner? It will help with present and future marketing. How? Because it gives you the vital information you need that tells you what keeps a customer coming back.
When you track a customer from their first visit to becoming a loyal customer, you are able to see very clearly what works and what doesn’t. You can find out what product(s) or service(s) they keep coming back for, what marketing tactics worked, what your relationship is like with that customer, and so much more. Not only that but you can find out the actual value of a lifelong customer to your business! Once you have that information, you are better able to turn future one-time customers into loyal patrons.
If you’re not already tracking your customer and transaction data, in order to better utilize your closed-loop analytics, now is the time to get started to get ahead in your marketing game!
For more insights on marketing strategy that actually works for small business, subscribe to the FreshLime Newsletter here. Connect with Jay Bean, Founder of FreshLime and Small Business Marketing Expert on LinkedIn and Twitter. And last of all, if any of these tips have helped you or if you have anything to add please comment below. We’d love to hear from you!