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Closed-loop marketing is referred to the process of marketing that depends on data & insights from closed-loop reporting. The term “closing the loop” is associated with the process of sales team, reporting to the marketing team about the status of the leads they received that helps the marketing team to evaluate their best and worst lead sources. To be an effective marketer, one should be able to link every lead or customer back to the marketing efforts that brought them here. Through this method marketers are able to prove their worth and understand how to reach their targeted audience more efficiently. The first step in closed-loop marketing begins with the visitor arriving on the website and a cookie being set on their referral source. When these visitors browses through the website, the cookie tracks the visitor’s each and every actions. The visitor then converts into a lead by filling and submitting the form used to capture leads. Finally, the prospective lead becomes a c...

Reverse marketing, as the term suggests, refers to a marketing concept wherein the customer seeks the firm for its product/service on their own and not vice-versa. It is usually done by traditional advertising methods like television ads, print ads in magazines and through online platforms. Here, companies provide valuable information to its consumers without asking them to purchase anything. Reverse marketing is used by firms to improve their brand image rather than just spreading awareness about their offerings. This approach is also used in B2B markets and supply chain management. One of the most famous ad campaigns is that of Dove Campaign for Real Beauty launched in 2004. Rather than advertising the key points of the products the campaign focused on the natural beauty of women to sell their product. As a result, their sales skyrocketed above $1 Billion and caused the brand to recreate their brand around this strategy. To start off with reverse marketing, the first ste...

Boil the Ocean refers to an impossible task taken up by an overly ambitious company or individual given the reality of your resources. This phrase is used when someone goes overboard or makes a project unnecessarily difficult. For example, a manager directs his employees to prepare a presentation for a business client. He insists the employees to prepare different versions of it in four different languages when the probability of someone speaking a different language is less or nill. Here, the manager might be accused of trying to boil the ocean with his command to prepare the presentation in different versions. In addition to the term being referred to in business situations, it is often used in group settings to highlight an out-of-control discussion. To minimize the threat of such ocean boiling in group settings practicing effective meeting and discussion management helps. Also prior to a meeting, gain agreement for your proposed meeting agenda to avoid any further ad...

Customer Acquisition Cost (CAC) is a metric used to measure the cost associated with converting a customer to buy a brand’s product or service. This includes research, marketing and advertising costs incurred on convincing the customer. A significant metric used to ascertain the value of a customer to the brand, it also considers the return on investment after acquiring those customers. CAC helps a company to fix the amount to be spent depending on the profitability of each customer i.e., to understand a customer’s worth to a company. Usually, a company’s cost of acquiring customers is said to increase as it matures and often decreases when the company reduces in size and geographical distribution of its offerings.   This metric is widely used by B2B software sales companies, startups, magazine brands, internet-based companies, etc. To calculate the cost of acquiring a customer, divide the entire cost of sales and marketing over a given period of time with the number o...