02 Nov 10 things to know about Event Driven Marketing
Event Driven Marketing is the approach which determines exactly the right time to communicate with a customer (when they have a need, rather than when you want to push a product). Doing this is not easy, but the rewards of such an approach are great.
- This is a graphic to explain the Customer’s decision process based on experiencing an Event. The key thing to note is that there is a period between when an Event happens to a Customer and when they actively decide to make a purchase. During this time, they are dissatisfied with their current product but are not looking. The time for this can vary depending upon the type of Event. It is interesting to note that in this ‘window of opportunity’ whoever has recognised this Event is the only person that knows of it and therefore has a huge advantage. Once the customer has decided to make a purchase they search for alternatives (using Google, word of mouth, etc.). At this time, the results are still good but you are in competition for the business.
Further information can be found at http://shiftselling.com/
- Timing vs response rate for an Event. Research was from Abbey National, National Australia bank, Banca Antonveneta
- Banking Strategies: Jan/Feb 2004
- Churn response rates reported at EFMA CRM conferences by NAB, Banca Antonveneta and Raiffeisen bank. In the worst case (Antonveneta) churn was reduced by 50% within 6 months. The bank estimated that they saved €3.9m in the first 11 months of the project.
- Average EDM response rates from NAB, Banca Antonveneta and Union Bank of Norway. Response rates vary. NAB reported an average of 34% whereas Antonveneta reported 34.1%. At the same time, Union bank of Norway reported response rates of between 20% and 75% depending upon the Event.
- CRM State of the union research conducted for EFMA by Atos Origin 2009. www.efma.com
- Raiffeisen Bank at EFMA CRM conference 2013 www.efma.com
- Raiffeisen Bank at EFMA CRM conference 2013 www.efma.com. Almost exactly the same figures were also reported by Union Bank of Norway.
- National Australia Bank 2000
- National Australia Bank 2000. Actually the figure reported was $891m (in the first 9 months) but $890m fitted better on the graphic.