Understanding Closed-loop Analytics for Social Media

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rajiasultana2
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Joined: Thu Mar 31, 2022 7:11 am

Understanding Closed-loop Analytics for Social Media

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In 2020, $40 billion was spent on social media advertising, a figure that is expected to grow to Whatsapp Mobile Number List more than $56 billion by 2022. As competition increases, advertising budgets increase and conversations about data usage and privacy continue to evolve; it is imperative that advertisers become more engaged in understanding attribution and proving ROI. As a social media advertiser, having this data at my fingertips allows me to make strategic optimizations that positively impact our clients' results. In this blog, we'll explain the why and how of closed-loop reporting through the lens of paid media in the hopes of enabling other social media marketers to take the leap into online attribution towards offline. What is closed-loop reporting? As an agency, Portent has focused heavily on closed-loop analytics to bridge the visibility gap between raw leads and leads that actually turned into customers. By “closing the loop” between data from our clients' CRMs and our paid media channels, we can seek out the most viable sources of qualified leads.

If you're still getting to grips with the concept of closed-loop reporting, consider starting with this webinar before diving in! Why are closed-loop reports important? Many factors are weighed before performing campaign optimization. Goals, budget, advertising costs, etc. are usually considered before pausing an ad set, refreshing ad text, or readjusting targeting. Most of the time, B2B advertisers just rely on platform data to Whatsapp Mobile Number List inform those decisions and then measure the impacts based on what's reported on Facebook or LinkedIn. By integrating a client's customer database and marketing automation platform (think Salesforce, Marketo, or HubSpot CRMs) with Google Analytics, we are able to unlock a wealth of sales data that can validate the success of your paid efforts and link Marketing or Sales Qualified Referrals to individual campaigns. One of the immediate benefits of integration is more informed budget recommendations.

By understanding which platforms and campaigns are generating the Whatsapp Mobile Number List best return on ad spend, it becomes easier to determine immediate allocation priority and whether to increase investment over the long term. Perhaps most importantly, complete online-to-offline data visibility paves the way for impactful conversations around KPI expectations. For example, we work with a client in a niche software space with a sales cycle that differs by product and can be three to eight months. On top of that, the value of a won deal can go up to six figures. By implementing closed-loop reporting, we were able to affirm that quantity does not always lead to quality, which allowed us to redefine expectations with the client regarding lead volume and CPA. ''
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